Fannie Mae’s Involvement in Global Warming Caper

The infamously corrupt Fannie Mae — a black hole into which our money continues to flow by the $billions, even after its instrumental role in causing the 2008 financial collapse — may have found a way to make itself profitable. It has carved out a niche in the biggest swindle in the history of the human race, the global warming hoax:

On June 7, 2005, the U.S. Patent and Trademark Office (USPTO) issued Patent No. 6,904,336 for a “System and Method for Residential Emissions Trading.” The patent was assigned to the Federal National Mortgage Association (“Fannie Mae”) and CO2e.com, LLC of New York. The patent lists former Fannie Mae Chairman and Chief Executive Officer Franklin D. Raines as the primary inventor.

Rep. Darrell Issa (R-CA) comments:

“Having ventured far beyond sub-prime lending policies, Fannie Mae appears to have served as a full-blown liberal think tank for crony-capitalist ideas. While the crony-capitalist Democrats who ran Fannie Mae like Franklin Raines and Jim Johnson used these kinds of ideas to enrich themselves, it was the American taxpayers who were left holding the bag after they failed. It’s disturbing that Fannie Mae executives were positioning themselves in 2005 for financial gain from an Obama Administration cap-and-trade system, but given the huge amount of campaign contributions Fannie Mae poured over President Obama it should be no surprise.”

Readers will remember Franklin Raines as the Obama advisor who walked away from Fanny Mae’s collapse with $90 million sticking out of his pocket. The comparably slimy Jim Johnson, head of B. Hussein’s Vice Presidential search team, was involved in highly questionable loans from Countrywide Financial.

With the foxes in charge of the henhouse, it should come as no surprise that Fannie Mae will continue to soak up massive amounts of our money, as our corrupt socialist rulers steer us toward a second collapse. It recently requested another $10.6 billion handout from the federal government.

“Government-sponsored enterprises” like Fannie Mae — a transitional step between the free market and communism — are supposedly protecting us from sinister capitalists.

franklin raines
Raines is out of there, but the looting by Obama’s friends continues.

On a tip from Nancz. Cross-posted at Moonbattery.

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