Obama Wants To Know, “What’s Wrong With This Picture?”

And, so do the American people.

Here is the roster presented by the video, in brief:

Ebbers, Worldcom: 25 years in prison

Ken Lay, Enron: Convicted on 10 counts, died before serving sentence

Jeff Skilling, Enron: 24 years in prison

Andrew Fastow, Enron: 10 years in prison

Dennis Koslowski, Tyco: 8 years in prison

Mark Schwartz, Tyco: 8 years in prison

So how about the officers of Fannie Mae, who conducted similar kinds of fraud in their financial statements in order to pad bonuses and keep regulators from discovering their precarious position until it was too late? Franklin Raines never faced criminal charges, and instead settled a civil suit with a $2 million payoff – which came from Fannie Mae’s insurance company. Jim Johnson didn’t even have to do that much.

And where are they now? The Washington Post reported twice that Raines was advising the Barack Obama campaign, although they denied it. Jim Johnson still advises the Obama campaign and had briefly led the search for a running mate. Supposedly the FBI has begun a criminal probe into the actions of Fannie Mae management over the years, but we’ll see if that proceeds.

The damage done by the people connected to the Fannie Mae/Freddie Mac crisis is exponential, compared to the Enron/Worlcom/Tyco scandals.  The punishment should likewise be given exponentially.

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