Because the mortgage giant\u2019s former CEO Franklin Raines was trying to make yet another corrupt buck from his government perch.\u00a0 After concluding his five year run as chief executive, Raines agreed to pay a nearly $25 million fine for Enron-style accounting gimmicks that netted he and other officers millions more in compensation.<\/p>\n
Now, World Net Daily<\/em> is reporting that Raines and others applied twice for the same residential cap-and-trade patent<\/a>; the first time on behalf of Fannie Mae, the second time for themselves as private \u201cinventors.\u201d\u00a0 Since the same people applied both times the second application supersedes the first, meaning any profits from the patent go not to Fannie Mae, but Raines & Co.<\/p>\n These distinctions matter because Raines \u2013 acting in his capacity as head of Fannie Mae \u2013 initially claimed to apply for the patent in order to give the mortgage backer a strong position in encouraging more \u201cgreen\u201d housing.\u00a0 That claim proved phony when his second application guaranteed him a windfall if \u201ccomprehensive reform\u201d ever came in the form of cap-and-trade legislation.<\/p>\n Sound familiar?\u00a0 CFIF readers will recall a recent column discussing the same kind of self-enrichment in Obama\u2019s Energy Department<\/a>, and another analyzing the government\u2019s inability to run any enterprise<\/a> \u2013 and specifically Fannie Mae \u2013 like a business.<\/p>\n Who knew we\u2019d get an example that combined them so soon?<\/p>\n","protected":false},"excerpt":{"rendered":" Because the mortgage giant\u2019s former CEO Franklin Raines was trying to make yet another corrupt buck from his government perch.\u00a0 After concluding his five year run as chief executive, Raines agreed to pay a nearly $25 million fine for Enron-style accounting gimmicks that netted he and other officers millions more in compensation. Now, World Net […]<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[25,351,1441,1174,1440,1442],"class_list":["post-5810","post","type-post","status-publish","format-standard","hentry","category-posts","tag-cap-and-trade","tag-corruption","tag-department-of-energy","tag-fannie-mae","tag-franklin-raines","tag-patent"],"_links":{"self":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/5810","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/comments?post=5810"}],"version-history":[{"count":2,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/5810\/revisions"}],"predecessor-version":[{"id":5812,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/5810\/revisions\/5812"}],"wp:attachment":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/media?parent=5810"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/categories?post=5810"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/tags?post=5810"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}