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Press Release - McCain-Palin 2008 Launches New TV Ad: "Advice"

September 18, 2008

ARLINGTON, VA -- Today, McCain-Palin 2008 released its latest television ad, entitled "Advice." The ad highlights who Barack Obama is seeking advice from on mortgage and housing policy. Unfortunately for the American people, one of those advisers is Franklin Raines who led Fannie Mae when "extensive financial fraud" was committed to enrich Fannie executives. The ad will be televised nationally.

VIEW THE AD HERE:http://www.youtube.com/watch?v=SYI0mHWQeD8

Script For "Advice" (TV :30)

JOHN MCCAIN: I'm John McCain and I approve this message.

ANNCR: Obama has no background in economics.

Who advises him?

The Post says it's Franklin Raines, for "advice on mortgage and housing policy."

Shocking.

Under Raines, Fannie Mae committed "extensive financial fraud."

Raines made millions.

Fannie Mae collapsed.

Taxpayers? Stuck with the bill.

Barack Obama.

Bad advice. Bad instincts. Not ready to lead.

AD FACTS: Script For "Advice" (TV :30)

JOHN MCCAIN: I'm John McCain and I approve this message. ANNCR: Obama has no background in economics. Who advises him? The Post says it's Franklin Raines, for "advice on mortgage and housing policy." Shocking.

  • The Obama Campaign Has Solicited Franklin Raines, Who "Stepped Down As Fannie Mae's Chief Executive Under The Shadow Of A $6.3 Billion Accounting Scandal," For "Advice On Mortgage And Housing Policy." "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." (Anita Huslin, "On The Outside Now, Watching Fannie Falter," The Washington Post, 7/16/08)
  • The Washington Post: "Two Members Of Mr. Obama's Political Circle, James A. Johnson And Franklin D. Raines, Are Former Chief Executives Of Fannie Mae." (Editorial, "Tough Decision Coming," The Washington Post, 8/28/08)

ANNCR: Under Raines, Fannie Mae committed "extensive financial fraud." Raines made millions. Fannie Mae collapsed. Taxpayers? Stuck with the bill. Barack Obama. Bad advice. Bad instincts. Not ready to lead.

  • Under Franklin Raines' Leadership, Fannie Mae Committed "Extensive Financial Fraud" And Was Forced To Pay A $400 Million Civil Penalty. "In a May report, the Securities and Exchange Commission and the Office of Federal Housing Enterprise Oversight found that Fannie Mae under Raines perpetrated 'extensive financial fraud' so that executives could collect big bonuses. There have been no criminal charges, but the conduct of Raines and other senior Fannie executives 'was inconsistent with the values of responsibility, accountability, and integrity,' the agencies said. Fannie paid a $400 million civil penalty this year to the SEC and OFHEO." (Jay Hancock, Op-Ed, "Raines Claiming Accountability Isn't Enough," The [Baltimore] Sun, 12/10/06)
  • Franklin Raines Received $114,000 Monthly Pension Benefit. "While disclosing the number and current value of stock options Raines was allowed to keep when he retired, as well as his $114,000 monthly pension benefit, Fannie Mae did not disclose any estimates of how much these benefits would ultimately cost shareholders." (Terence O'Hara, "Study Of Fannie Mae Cites 'Perverse' Executive-Pay Policy," The Washington Post, 3/31/05)
  • Franklin Raines' Retirement Package From Fannie Mae Was Estimated To Be Worth As Much As $25 Million. "Raines was 55 when he retired, and the authors estimated that his retirement package could be worth as much as $25 million to him and his wife." (Terence O'Hara, "Study Of Fannie Mae Cites 'Perverse' Executive-Pay Policy," The Washington Post, 3/31/05)

John McCain, Press Release - McCain-Palin 2008 Launches New TV Ad: "Advice" Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/291976

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