Tens of millions in Obama donations under FEC review

The National Review references Kenneth Timmerman's blockbuster report on illegal campaign donations to the Obama campaign.

The FEC has compiled a separate database of potentially questionable overseas donations [to the Obama campaign] that contains more than 11,500 contributions totaling $33.8 million. More than 520 listed their "state" as "IR," often an abbreviation for Iran. Another 63 listed it as "UK," the United Kingdom.

More than 1,400 of the overseas entries clearly were U.S. diplomats or military personnel, who gave an APO address overseas. Their total contributions came to just $201,680. But others came from places as far afield as Abu Dhabi, Addis Ababa, Beijing, Fallujah, Florence, Italy, and a wide selection of towns and cities in France.

Until recently, the Obama Web site allowed a contributor to select the country where he resided from the entire membership of the United Nations, including such friendly places as North Korea and the Islamic Republic of Iran. Unlike McCain's or Sen. Hillary Clinton's online donation pages, the Obama site did not ask for proof of citizenship until just recently....

In July and August, the head of the Nigeria's stock market held a series of pro-Obama fundraisers in Lagos, Nigeria's largest city. The events attracted local Nigerian business owners. At one event, a table for eight at one fundraising dinner went for $16,800. Nigerian press reports claimed sponsors raked in an estimated $900,000. The sponsors said the fundraisers were held to help Nigerians attend the Democratic convention in Denver. But the Nigerian press expressed skepticism of that claim, and the Nigerian public anti-fraud commission is now investigating the matter.

In June, Libyan leader Moammar Gadhafi gave a public speech praising Obama, claiming foreign nationals were donating to his campaign. "All the people in the Arab and Islamic world and in Africa applauded this man," the Libyan leader said. "They welcomed him and prayed for him and for his success, and they may have even been involved in legitimate contribution campaigns to enable him to win the American presidency..."

[O]n July 31 that donors from the Gaza strip had contributed $33,000 to the Obama campaign through bulk purchases of T-shirts they had shipped to Gaza.... A pair of Palestinian brothers named Hosam and Monir Edwan contributed more than $31,300 to the Obama campaign in October and November 2007, FEC records show. Their largesse attracted the attention of the FEC almost immediately. In an April 15, 2008, report that examined the Obama campaign's year-end figures for 2007, the FEC asked that some of these contributions be reassigned. The Obama camp complied sluggishly, prompting a more detailed admonishment form the FEC on July 30. The Edwan brothers listed their address as "GA," as in Georgia, although they entered "Gaza" or "Rafah Refugee camp" as their city of residence on most of the online contribution forms.... The latest Obama campaign filing shows that $891.11 still has not been refunded to the Edwan brothers, despite repeated FEC warnings and campaign claims that all the money was refunded in December.

A ...review of the Obama campaign finance filings found that the FEC had asked for the redesignation or refund of 53,828 donations, totaling just under $30 million.

But none involves the donors who never appear in the Obama campaign reports, which the [Center for Responsive Politics] estimates at nearly half the $426.8 million the Obama campaign has raised to date.

Hat tip: Larwyn.

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I wonder if Richard Cohen's gonna put some ice on that?

B just sent this letter to the Editor of the Washington Post (hint: it ain't ever gonna see newsprint).

Mr. Cohen,

I enjoyed your column in today's Washington Post  and was particularly taken by your statement that "[h]ard times are hard on truth."   By this measure, The Washington Post  must be enduring some very hard times indeed.

While the Post treats its readers to articles about an advisor for John McCain lobbying for Fannie Mae and Freddie Mac, the paper makes no mention of the fact that Barack Obama received more money from lobbyists and employees of Fannie Mae and Freddie Mac than any other member of Congress, except for Christopher Dodd. http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html . And it took Senator Obama only three years to raise more money from these institutions that many of his colleagues were able to raise in ten years.

Similarly, the Post  (and most of its columnists) tell readers that the current financial debacle is the result of deregulation of the financial services market, suggesting that the problems we currently face are properly placed at the doorstep of President Bush and conservative philosophy.  But The Washington Post  fails to mention efforts by the Bush Administration to rein in Fannie Mae and Freddie Mac.  For example, the Federal Housing Enterprise Regulatory Reform Act of 2005 (S. 190), of which Senator McCain and three other Republicans were co-sponsors, would have regulated the secondary mortgages market and placed Fannie Mae and Freddie Mac under tighter regulatory oversight.  http://thomas.loc.gov/cgi-bin/query/D?c109:1:./temp/~c1094zZ77z::  The bill went nowhere.  It was reintroduced in 2007 (S. 1100) and referred to the Senate Banking Committee chaired by Senator Dodd. Again, the bill went nowhere.   Despite these and other well-intentioned efforts to address the current crisis before it actually became a crisis, The Washington Post  (and most of its columnists) apparently do not want to burden their readers with such facts.

Instead, readers of the Post are treated to a puff piece about Barney Frank, claiming that he is the "real deal" and that his "sense of urgency" in solving the current financial crisis is "palpable."  Libby Copeland, "Rep. Barney Frank Dives Right in on the Bailout," Washington Post  (Sept. 27, 2008).  Yet, the Post  makes no mention of Rep. Frank's persistent opposition to efforts to tighten regulation of Fannie Mae and Freddie Mac that would have avoided, or at least lessened the disaster that our economy is currently facing.  In fact, in 2003 during debate on H.R. 2575—THE SECONDARY MORTGAGE MARKET ENTERPRISES REGULATORY IMPROVEMENT ACT, which would have created a "strengthened regulator" for Fannie Mae and Freddie Mac, this is what Rep. Frank had to say: "I think it is clear that Fannie Mae and Freddie Mac are sufficiently secure so they are in no great danger... I don't think we face a crisis; I don't think that we have an impending disaster. ...Fannie Mae and Freddie Mac do very good work, and they are not endangering the fiscal health of this country."  http://commdocs.house.gov/committees/bank/hba92628.000/hba92628_0f.htm.  Obviously, Mr. Frank was wrong (as were other prominent Democrats leading the "financial recovery" effort, including Senator Dodd), but you wouldn't know that from reading The Washington Post .

People buy newspapers to get the truth, in both good times and bad.  When people can't get the truth, they look to other sources of information, which likely explains the continued decline in subscribership to The Washington Post. 

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Slow-motion live-blogging the Mortgage Meltdown

Those crazy, whacky Internet news archives really have the 'progressives' running wild.

• Los Angeles Times: Fannie Mae Moves to Loosen Home Loan Credit Rules; Finance: The agency will encourage lenders to give mortgages to people with blemished records., October 1, 1999:

The nation's largest provider of mortgage funds, moving to increase homeownership among minorities and low-income citizens, unveiled a program Thursday to loosen lending standards for people with "slightly impaired" credit...


It is designed to provide homeownership opportunities for "many borrowers whose credit is just a notch below" qualifying for a loan, said Franklin Raines, Fannie Mae's chairman and chief executive.

• US Newswire: Cuomo Announces Action to Provide $2.4 Trillion in Mortgages for Affordable Housing for 28.1 Million Families, July 30, 1999:

[Clinton administration] Housing and Urban Development (HUD) Secretary Andrew Cuomo today announced a policy to require the nation's two largest housing finance companies [Fannie Mae and Freddie Mac] to buy $2.4 trillion in mortgages over the next 10 years to provide affordable housing for about 28.1 million low- and moderate-income families.


Cuomo said the historic action by HUD raises the required percentage of mortgage loans for low- and moderate-income families that finance companies Fannie Mae and Freddie Mac must buy from the current 42 percent of their total purchases to a new high of 50 percent -- a 19 percent increase -- in the year 2001.

• Associated Press: PROSPECT OF FOR-PROFIT MARKETS RAISES FEARS OF CONFLICT OF INTEREST, July 30 1999:

Concern among securities industry watchdogs is growing as the two largest U.S. stock markets move closer to for-profit status. The fear is they will have difficulty separating their regulatory obligations from their desire to make money.

• The Kansas City Star: Behind the boom in minority homeownership, June 12, 1999:

It's one of the hidden success stories of the Clinton era. In the great housing boom of the 1990s, black and Latino homeownership has surged to the highest level ever recorded. The number of blacks owning their own home is now increasing nearly three times as fast as the number of whites; the number of Latino homeowners is growing nearly five times as fast as that of whites. These numbers are dramatic enough to deserve more detail...

• PressWire: CUOMO issues higher FHA home mortgage loan limits for communities to increase homeownership, October 20 1998:

Housing and Urban Development Secretary Andrew Cuomo today announced higher Federal Housing Administration home mortgage loan limits for communities around the nation, implementing a Clinton Administration initiative that will enable thousands more American families to become homeowners each year.


"These higher loan limits will unlock the door to homeownership for hard-working families, transforming homeownership from an impossible dream into a sweet reality," Cuomo said...

• New York Times: Homebuyers Who Need Help , January 23, 1998:

The Clinton Administration wants to raise the limit on home mortgages insured by the Federal Housing Administration from roughly $170,000 to $220,000. By insuring mortgages made by private lenders, the F.H.A. makes the loans risk-free, a bountiful gift to mortgage lenders and real estate agents throughout the country...

James Wolcott and his blinkered apologists could not be reached for comment.

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2009 RX-8 with the R3 Sport Package

The Truth About Cars reviews the 2009 Mazda RX-8 (R3 Sport Package):

...here’s the cincher: $32k. For the same price as the aforementioned awful MINI Cooper Clubman S, you can have one of the world’s finest-handling sports cars. Don’t misunderstand me. I’m not saying that the RX-8 R3 handles well for a $32k car. I’m saying it handles better than a $320k car. Or, more importantly, whatever you’re driving.

Pretty strong comments.

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Instapundit: The MSM fix is in

Not exactly a scoop, but interesting nonetheless. Glenn Reynolds:

A READER AT A MAJOR NEWSROOM EMAILS: "Off the record, every suspicion you have about MSM being in the tank for O is true. We have a team of 4 people going thru dumpsters in Alaska and 4 in arizona. Not a single one looking into Acorn, Ayers or Freddiemae. Editor refuses to publish anything that would jeopardize election for O, and betting you dollars to donuts same is true at NYT, others. People cheer when CNN or NBC run another Palin-mocking but raising any reasonable inquiry into obama is derided or flat out ignored. The fix is in, and its working." I asked permission to reprint without attribution and it was granted.

UPDATE: The Anchoress hears similar things. And reader Eric Schubert: "The Edwards debacle was proof enough of where the heart of the MSM lies, and lack of curiousity of the press about Edwards probably cost Hillary the nomination. And that shameful episode offers a warning to the MSM. What if Obama does have a skeleton in his closet (such as a shady deal or outright bribe) that is revealed after he wins the election? While the chance of this scenario is remote, imagine the backlash against the MSM if it could be shown that a reasonable investigation by the MSM would have easily revealed this secret to the public prior to the election?"

ANOTHER UPDATE: Rand Simberg isn't so sure: "Where was the backlash against this about Bill Clinton in 1992? They just seem to continue to get away with it." Well, yes and no. Their reputation and readership/viewership keep falling. And layoffs keep happening. I think they're willing to pull out all the stops because they realize this is the last election where they have a chance at swinging things this way. No point saving your credibility for the future when you don't have a future, I guess . . . .

Yep! It's time for the obligatory New York Times stock chart:

You know, even after a tough day, nothing lifts my spirits like this chart!

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Google trading goes nuts at the end o' the day

Checking my portfolio this afternoon, I noticed Google (NASDAQ:GOOG) had dropped 80 points in the last few minutes of trading! MarketWatch reports that NASDAQ is canceling certain bizarre Google trades:

Nasdaq said Tuesday afternoon that it has cancelled certain trades made on shares of Google Inc. (320.50-60.50-15.88% 5:39pm 09/30/2008 minutes before the closing bell Tuesday. In a statement, the exchange said it will cancel all trades on the stock at or above $425.29 and at or below $400.52 that were executed between 3:57 and 4:02 Eastern. The exchange also said it will be adjusting the Nasdaq Official Closing Cross (NOCP) and all trades executed in the cross to $400.52. The decision came after data late in the trading session seemed to indicate that shares of Google - which were trading up about 8% for most of the session - fell between 10-16% in the final minutes before the closing bell. The statement from Nasdaq did not gie [sic] a reason for the other trades.

Only three letters suffice: WTF? Here's the latest chart from Yahoo.

It shows after-hours trading occurring at $411, which seems a bit more like it.

Of course: what the heck really happened?

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What McCain needs to do right now

Introducing Secretary of the Treasury:

Governor Mitt Romney, proven turnaround specialist.

Get to steppin' John. Name him.


Then contrast him with Obama's economic advisers: Franklin Raines and Jim Johnson, the crack Fannie Mae management team that left in a cloud of accounting scandals, subprime rot and undeserved bonuses.

Update: Linked by Vanity Fair's James ("Extra Lipitor with those Nachos") Wolcott -- renowned "misogynist and antisemite" who calls the idea "desperate and dumbass." Though not nearly as desperate and dumbass as naming disgraced Fannie Mae executives your economic advisers.

Update II: Wolcott's apologists are still hysterically claiming that Franklin Raines never advised Obama. For the 162nd time:

• The Washington Post, 7/16/08: “In the four years since he stepped down as Fannie Mae’s chief executive under the shadow of a $6.3 billion accounting scandal, Franklin D. Raines has been quietly constructing a new life for himself. He has shaved eight points off his golf handicap, taken a corner office in Steve Case’s D.C. conglomeration of finance, entertainment and health-care companies and more recently, taken calls from Barack Obama’s presidential campaign seeking his advice on mortgage and housing policy matters.”
• The Washington Post, 8/28/08: “In the current crisis, their biggest backers have been Democrats such as Senate Banking Committee Chairman Christopher J. Dodd (Conn.) and House Financial Services Committee Chairman Barney Frank (Mass.). Two members of Mr. Obama’s political circle, James A. Johnson and Franklin D. Raines, are former chief executives of Fannie Mae.“

Remember: these weren't lobbyists, they were running the show at Fannie Mae.

* * *
Of course, real Obama backers may need to report this post to the Missouri Truth Squad.


I've got some board games to play while I wait for the authorities to show up.

Linked by: American Digest. Thanks!

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