Freddie, Fannie Funded Jesse Jackson’s Pet Projects
Keriann Hopkins, Cybercast News Service, July 22, 2008
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Mortgage giants Freddie Mac and Fannie Mae have come under fire for making contributions to programs headed by the Rev. Jesse Jackson at a time when their own survival is at stake.
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The NLPC says the management teams of both companies made sizeable contributions to the Rainbow/PUSH Coalition and Citizenship Education Fund Annual Conference, Jackson’s main fundraising event of the year. The conference took place June 28 through July 2 in Chicago.
According to the conference program, obtained by an NLPC staff member who attended the event, Freddie Mac, as a “Platinum Sponsor,” paid $150,000. Fannie Mae paid $100,000 to be listed as a “Diamond Sponsor.”
Both Freddie Mac (The Federal Home Loan Mortgage Corporation) and Fannie Mae (The Federal National Mortgage Association) are private corporations chartered by Congress and responsible to the federal government.
The NLPC noted that the contributions came at a time when the value of the companies’ shares had declined by approximately 85 percent.
Last Saturday, meanwhile, the Treasury Department announced it would offer a line of credit to ensure the survival of each company. Both have been hurt by the collapse of the nation’s sub-prime mortgage market.
{snip}
The NLPC [National Legal and Policy Center (NLPC), Peter Flaherty, founder and president] has criticized the companies for funding Jackson’s projects since 1998, the first year that Freddie Mac contributed. Flaherty said the contributions came after Jackson accused Freddie Mac of racial discrimination and encouraged major shareholders to sell stock in the company.
“Freddie Mac began financial support for Jackson’s organizations, and his criticism of Freddie Mac stopped,” the NCLP said.
After Freddie Mac signed a $1 million contract for Rainbow/PUSH to run an “Economic Literacy” program, Jackson’s nonprofit coalition turned around and charged churches $1,000 to enroll in the program, the NCLP said.
Freddie Mac also pledged to earmark $1 billion in mortgage loans specifically for minorities.
In 2003, an independent report commissioned by the Freddie Mac board criticized the company’s accounting practices, singling out 13 improper transactions involving Ron Blaylock, Jesse Jackson’s longtime financial backer. According to the report, Blaylock received fees of $250,000 for making some phone calls.
{snip}
Calls to both Freddie Mac and Fannie Mae were not returned. The Rev. Jesse Jackson, the sole spokesman for Rainbow/PUSH Coalition, did not return calls before deadline.
(Posted on July 30, 2008)
Comments
So Freddie and Fannie Mae also helped to prop-up Jesse Jackson’s black Fanny? Now I’ve seen everthing. No wonder Jackson never wants to get off his fanny and get a real, honest job!!!!
Posted by White is Beautiful Robert at 7:01 PM on July 30
Who is to blame here, the Rev. Jackson or the people who cater to his racial blackmail? Even FoxNews has started to interview him on occasion, while skipping over the hard and direct questions. Jackson is just harvesting white liberal guilt and taking it to the bank. It is really an easy scam to pull off so why work when you can blame Michael Richards and Don Imus for racism while your homeboys blow each other away in record numbers, and even Bill Clinton toots your horn. But even with that, the damage is done and Jackson has set the pattern for the next generation of black whiners and blamers, while the black lumpenproles fall deeper and deeper behind their Latino and Asian competitors. Who wants to bet that the next real confrontation will be between the Mexicans and the blacks for power in the urban centers and in the Democratic Party?
Posted by Rocco at 7:43 PM on July 30
NOW I know just why the government is bailing these bozo’s out….they are all thick as thieves….and black as night…full of sin…and guess who is gonna pay the tab…US the hardworking, underpaid taxpayers…pay for the rich to get outta any jam they decide to get into…but they won’t help even our white kids through college…we are nothing but workers in the beehive!!
Posted by lydia at 7:49 PM on July 30
Jackson like Sharpton, is not a Reverend. Can anyone ever remember them speaking in religous terms? Never! They are both blackmailers and shakedown artists, who have bilked a fortune out of countless coorporations across America. It’s amazing they have never been called out on their actions, and how they are still given a voice by the media.
Posted by at 8:35 PM on July 30
Actually the very existence of Jacksons organization and its continued shenanigans, is a measure of how far down, how low this nation has been taken. No sound nation would allow this stuff to go on. One can only shake ones head when contemplating it all.
Posted by Bobby at 9:27 PM on July 30
All the more ironic given around whom much of this whole so-called “mortgage-crisis” revolves. The country may well fall apart…but we can always be sure non-whites get their handouts can’t we?!
Posted by HH at 9:57 PM on July 30
Can anyone tell me what the heck “Rainbow/push coalition means? I’ve wondered for some time and never had an answer. I know it’s something instigated by Jesse Jackson, but the meaning of the name escapes me. Thanks
Posted by June at 10:29 PM on July 30
I am sick of hearing these big comapnies paying out money to these race hustlers. Whats worse is that the founders of both these companies were probably white. Why not make a donation to your own race, give Stormfront or CofCC or even ARMEN some money. Giveing money to them NAACP, La Raza, Rainpush racist is like giveing money to your kids killer. They are helping to kill off the future for your kids, yet you continue to sponser these bigots.
I will pray that both Fannie & Freddie collapse. I am sorry for my prayers to who ever decent white person this may affect if at all. Race traitors and the sponsers of racist against white Americans, need to be punished.
Posted by Thoughts of another era at 10:47 PM on July 30
Didn’t the band keep playing as the Titanic was sinking?
Posted by idareya at 10:59 PM on July 30
Jesse Jackson is one of the greatest theives/shakedown artists of all time. His greed knows no boundaries. If there were any justice in the world, he would be rotting in prison now alongside Al Sharpton.
Can anyone actually say what the Rainbow/PUSH coalition does or what they have accomplished? Just one little thing—just one …
Posted by kitty at 11:05 PM on July 30
The idea of appearing to offend, disrespect, or discriminate against blacks has these institutions jumping through hoops to appease Mr. Jackson. Extortion it seems is highly profitable.
Now that’s black power.
Posted by sbuffalonative at 11:17 PM on July 30
The Citizens Education Fund? That scam was exposed in the book shakedown. To continue to fund Jackson using taxpayer dollars is nothing short of fraud. Those responsible should go to prison.
Posted by at 12:09 AM on July 31
Franklin Raines, head of Fannie mae till he resigned in a legal jam, was a Bro. Draw your conclusions.
Posted by Machifer at 1:43 PM on July 31
Isn’t this going to be the 2nd time the fed has bailed these organizations out of trouble of their own making?
Posted by Skip at 4:34 PM on August 3
Jacksons rainbow coalition is composed of monochromatic shades of black and brown. The pot at the end of that rainbow is filled with fools gold. How many more fools are going to continue make this shakedown artist rich?
Posted by at 12:30 PM on August 4