Need a Vice-Presidential selection in a hurry?  Introducing Barack Obama’s “volunteer” chief Veep vetter James Johnson!
James Johnson got friendly loans from subprime lender Countrywide Financial Corp. – which Obama has frequently targeted for its lending practices and allegedly excessive CEO compensation. At least four of the loans were issued while Johnson was employed either as the CEO or an outside consultant for Fannie Mae. Multi-functional!
But wait! There’s more!
[L]ook at the Office of Federal Housing Enterprise Oversight’s May 2006 report on mismanagement and corruption inside Fannie Mae, and you’ll see some interesting things about Johnson. Investigators found that Fannie Mae had hidden a substantial amount of Johnson’s 1998 compensation from the public, reporting that it was between $6 million and $7 million when it fact it was $21 million.
Multi-millions in undisclosed CEO compensation! Isn’t that amazing!? But wait… there’s more!
He sits on the boards of no fewer than six corporations, and is chairman of the compensation committees of five of them. That’s a full plate for anyone in these times of increased scrutiny of boards’ actions. Only 350 of the nation’s 50,000 corporate directors sit on four boards, and most are content with one.ÂÂ
But that’s not all that makes Johnson’s board work stand out. When Johnson joins a board, executive compensation controversies often follow. The executive-pay practices of five of the companies where he serves have been criticized by two research groups on corporate governance, mostly for being insufficiently tied to performance. In other words, the presence of the legendary executive on a board may be shaping up as a warning sign for investors.
So easy to use! Hey, James Johnson — be back to pick you up later!
Comment by Eric Holder on 6/10 @ 5:22 pm #
I’d pardon him.
Comment by maggie katzen on 6/10 @ 5:28 pm #
well, it’s not like he’s doing anything important. just helping pick out the potential vice-president. nothing to see here.
Comment by SarahW on 6/10 @ 5:30 pm #
Hey, James Johnson  be back to pick you up later! in my magic bus!
Comment by Aldo on 6/10 @ 5:33 pm #
In other words, the presence of the legendary executive on a board may be shaping up as a warning sign for investors.
May we infer that Johnson’s (totally volunteer and unoffial and arms length) presence on Obama’s campaign is a warning sign for voters?
Comment by Jack Klompus on 6/10 @ 5:46 pm #
I love Mr. Microphone.
Comment by Big Bang Hunter (pumping you up) on 6/10 @ 5:51 pm #
- Well hes going to need to hone his VP picking skills. His first effort out of the box told him and everyone Obama could go fuck himself. After that sort of start, everything should be all down”hill” from here.
- Maybe he’d be safe with Kucinich. Now theres a guy with no strange friends.
Comment by Big D on 6/10 @ 6:06 pm #
And the steady drip of normal politics goes on… With every passing week we see more examples that Barack is nothing more than a normal politician, a far cry from the “Transcendant” persona he has tried to build.
Comment by JoeEgo on 6/10 @ 6:25 pm #
Fair disclosure: my wife works for the loan servicing division of Countrywide; my mortgage is with Countrywide.
I feel the need to dispute the descriptor “subprime lender Countrywide Financial Corp.” They made plenty of subprime loans, but they weren’t alone – or the largest contributor to the problem. Countrywide loan brokers/salesmen may have engaged in some shady and/or fraudulent practices, but we don’t need to get into how fault falls on them or the homebuyers. The company still has a massive amount of normal loans to service and I’m sure it could remain profitable on its own but for the scandals and likely lawsuits.
I honestly believe Countrywide’s problems stem from being THE brand name in home loans, and being primarily a residential mortgage company. Every politician and lawyer wants a whack because the public knows the name and believes “the corporations” hurt the little guy and caused this huge mess. Obama mentioned Countrywide because they’re a big name and they’re highly visible. It’s not like Mozilo did anything Obama or his friends wouldn’t do.
Outrageous executive compensation isn’t highly out of the ordinary, and in this case I’m sure it was to pay off the top execs to get them out of the way for BofA’s take over. At the end of this whole thing, I’d still rather have my loan with a Mozilo-less Countrywide than with what will simply be a new division within BofA’s mortgage banking unit.
Comment by Rick Ballard on 6/10 @ 6:25 pm #
And even more!
Whoddaythunk Soros was connected?
Comment by JD on 6/10 @ 6:27 pm #
Has Baracky thrown this guy under the back of the bus yet?
Comment by dre on 6/10 @ 6:27 pm #
Karl,
Ant comment on this:
More @ Belmont Club
Comment by Big D on 6/10 @ 6:27 pm #
What, is everyone on vacation?
Let me synopsize then:
Thor – Makes the claim that Karl didn’t make his point, while not actually referencing anything. Goes on to his normal sexual references.
Cynn – Denounces everyone here as unworthy of debate while not ever offering any debatable points.
Nish – Well, what can you say? Always good for a laugh…Ahh to be young and stupid again!
Comment by dre on 6/10 @ 6:28 pm #
Ant = Any
Comment by JimK on 6/10 @ 6:40 pm #
It’s still just a “distraction”. Nothing to see here, move along.
Comment by Big D on 6/10 @ 6:53 pm #
#14
Jim,
I don’t think that strategy will work anymore. It worked fine in the primary and will probably work still with the 18-24 demographic, but not with the rest of us. With every new revelation, the shine comes off the halo. Not good for the “Hope and Change” candidate.
Comment by daleyrocks on 6/10 @ 6:54 pm #
How does this help school districts to raise money to purchase supplies and to pay their teachers?
Comment by Big D on 6/10 @ 6:55 pm #
Jim,
You were being sarcastic, right?
Comment by Big D on 6/10 @ 7:00 pm #
School districts? How can you worry about that when there are spotted owls and polar bears suffering from carbon footprints? I am sick with worry about the snail darter. what would we do without them?
Comment by Karl on 6/10 @ 7:14 pm #
dre,
1. The “Chicago combine” is a phrase that goes back a long way. The participation of people like Rezko is new, but not fundamentally different.
2. Although I’ll be doing “Chicago Way” posts from time to time, my impression to date is that the Rezko stuff really is Whitewater-esque, politically — so much of a rabbit hole that people can’t follow it unless they get obsessive. It’s important stuff, but I haven’t seen a way to mainstream it yet.
Comment by Big D on 6/10 @ 7:23 pm #
Karl,
PW is a bright spot of my day. I don’t comment much, but I read your posts often. Keep up the good fight! Thanks
Comment by Pablo on 6/10 @ 7:44 pm #
Oh shit. The bus has high centered, and none of these people lifting the wheels of change off the ground are the people I knew. Can we maybe get Al Sharpton to stand on the back bumper?
Comment by Mikey NTH on 6/10 @ 7:53 pm #
When you lose the vote of a seventy+ year old retired school teacher like my dad before April, then the Democrats are in big trouble. The damage is deep and it is significant, Sen. Obama cannot pick up any more out of the black voters block; the youth block is utterly unreliable; thus the union and senior citizen block has to be confirmed. And at least one senior and union member is out of the Democrat’s column. Anecdote is not data, but my guess is there are a heck of a lot of quiet people turning away from the Obama Bandwagon.
Comment by Sdferr on 6/10 @ 7:58 pm #
Anecdote is datum. I hold out hope that very many good black folks will not vote for this pretender, since they see he pretends.
Comment by Mikey NTH on 6/10 @ 7:58 pm #
Pablo – he needs to see Iowahawk to make a monster tire bus. Otherwise, he ain’t going to clear anything. But a monster tire campaign bus would appeal to those in teh ‘bitter and clingy’ areas of the country. (Especially if Sen. Obama came off the bus, cracked a beer, and said “Hold my beer, I want to try something.” And then went ditch-surfing behind an ATV.)
Comment by Sdferr on 6/10 @ 8:00 pm #
Don’t you guys think Baracky has simply abandoned the bus altogether and moved on the Gulfstream?
Comment by Pablo on 6/10 @ 8:04 pm #
Damn, Mikey. I think you’re right. Ixnay on the onstermay iretay usbay.
Comment by Sdferr on 6/10 @ 8:08 pm #
Does anybody know how Burge’s vetters are doing on their Goldstein research? I mean, have they even gotten around to digging in the couch yet?
Comment by Mikey NTH on 6/10 @ 8:08 pm #
Well, Sdferr, dad isn’t black (anglo-scots we are), but as a former union member and history teacher he keeps very clued into politics, and the Rev. Wright thing set him off worse than I have seen him in years. Ruffled a lot of feathers, it did – religiously voting type of feathers. I think the last time dad voted Republican was when Nixon was up against McGovern.
McCain is not a perfect conservative, but for my dad he is the right man (not too liberal, not to conservative) – he works hard, does what he believes is right, and his life is testament to his love of country. I don’t know who said it, but ‘when John McCain walks by, flags wave’. Dad doesn’t approve of the Iraq War, but now that we are in it we win it. And there are a lot of guys like dad around – and they vote. Religously.
Comment by Pablo on 6/10 @ 8:09 pm #
How does this help Michelle Obama’s children? It’s a distraction!
Comment by Sdferr on 6/10 @ 8:11 pm #
Dude, I wasn’t referring to your dad, merely to the hope that this “…cannot pick up any more out of the black voters block…” already too sizable number will fall.
Comment by Sdferr on 6/10 @ 8:19 pm #
How does this help Michelle Obama’s children? Well, hmmm, if Michelle Obama’s children are a touch hyperactive, then maybe the I.Hawk inspectors can find a little something to chill them down. On the other hand, if they’re feeling depressed cause they haven’t seen their dad in a coons age, maybe a little sumpin-sumpin to perk em up? Unless those greedy vetters are looking to keep everything they find for themselves, yo.
Comment by Mikey NTH on 6/10 @ 8:19 pm #
Yeah , Pablo, I’ll keep that down. But imagine if he did that. He might have so much fun he’d change attitudes.*
*(Once at Camp Dearborn we were cleaning out the DPW Yard and found these old ‘kayaks’ that were of aluminum construction. We fastened one to the back of a Ranger pick-up and did a rope to hold on to and went ’surfing’ through the yard – sparks and asphalt stones flying. Way stupid, way dangerous, way fun – and surprisingly for us no alcohol was involved.)
Comment by Karl on 6/10 @ 8:21 pm #
Big D,
Thanks for the kind words. It was obvious from your summation of others that you’ve been visiting. Except that your summation of nishi was in proper English. ;-)
Comment by Mikey NTH on 6/10 @ 8:27 pm #
I lost a comment – Sdferr – I apologize; I was using your comment as a stepping-stone to elaboration.
I’m sorry I did the comment wrong.
Comment by Mikey NTH on 6/10 @ 8:30 pm #
Sdferr – a ‘coon’s age’?
Tsk, tsk, tsk.
Try ‘once in a blue moon’. I mean, really!
Heh.
Comment by Sdferr on 6/10 @ 8:30 pm #
No need for apologos Mikey. I was a bit quick on the draw there.
Comment by Sdferr on 6/10 @ 8:34 pm #
I got coons living under my house you know, so I feel em. Everyday. They keep the feral cats away, so that’s a plus. On the other hand, they’re a squabbling bunch of critters, always making with the noisy fights and such. Bandits.
Comment by Mikey NTH on 6/10 @ 8:44 pm #
Whew! Thanks, Sdferr!
Karl – from where I sit (on the patio) using the best grammar that I know does two things. It lets me get my ideas across with less work on the part of the reader; and it demonstrates my respect for the reader. I am not asking the reader to first translate my writing before trying to understand my meaning. (Hi, Jeff!). Matoko can write properly, she has done so. Her use of text-messaging teeny-bopper style is indicative of the contempt she has for the people here. I think that she does not care what people think of her ideas as their opinions are beneath her. A clear communication style indicates respect for the reader or the listener; they are not dismissed out of hand, but are seen as worthy of the author’s time and trouble.
My few cents.
Comment by happyfeet on 6/10 @ 10:39 pm #
nishi is neat. Just kinda mean sometimes. But this whole Baracky veep thing… I wish he’d just pick one already. Baracky needs to tone down the drama queenyness of his campaign I think. I really can’t imagine his vp being heralded by the media as anything but a brilliant and bold and changey choice, so I can’t really see how it matters who he picks from his list. McCain’s choice probably matters a whole lot more, but lately I’ve decided this is just a referendum on Baracky. Mostly cause I don’t like to think about McCain. I will vote for him. End of discussion.
I was doing fine but then since I gave him some money this McCain person called me and was all chipper and go go McCain and I intensely wanted to brain him with a blunt, heavy object. I’ve been in a bad mood ever since about the whole McCain thing.
Comment by B Moe on 6/10 @ 10:44 pm #
I gave money to Fred and he quit a week later and I got on about 3 or 4 email lists. B No Moe Money from here.
Comment by happyfeet on 6/11 @ 4:01 am #
Fred quit like the day after I gave him money. I was kinda hoping maybe that trick would work again. No luck so far.
Comment by N. O'Brain on 6/11 @ 4:25 am #
Anecdote may not be data, but the Democrats base an awful lot of policy on it.
Comment by McGehee on 6/11 @ 5:23 am #
BLUE-IST!!!
</pale blue Scottish person>
Comment by McGehee on 6/11 @ 5:24 am #
What would he have left? More to the point, who would he have left? The drama queenyness is what keeps nishtoon and thorhead on the bus.
Comment by ccs on 6/11 @ 5:55 am #
Mikey NTH,
Is this the kind of bus you’re looking for?
Comment by Mikey NTH on 6/11 @ 6:23 am #
Yeah, that would work perfect.
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[...] is a story with the potential to dwarf that of Obama’s ex-Veep vetter, James Johnson. But it would require the media to do some legwork to uncover whether — and to what extent [...]
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