Chaffetz and Issa Seek Information on Fannie Mae Executives Inventing New Cap & Trade System

Chaffetz.house.gov ^ | 05/14/10 | Chaffetz/Issa

[Painesright]

Washington, DC—Today, Rep. Chaffetz (R-UT), along with Rep. Issa (R-CA) sent a letter to David Kappos, the Director of the U.S. Patent and Trademark Office, as well as Michael Williams, President and CEO of Fannie Mae, seeking information concerning a patent issued to Fannie Mae regarding a residential Cap and Trade system.

On June 7, 2005, the U.S. Patent and Trademark Office (USPTO) issued Patent No. 6,904,336 for a “System and Method for Residential Emissions Trading.” The patent was assigned to the Federal National Mortgage Association (“Fannie Mae”) and CO2e.com, LLC of New York. The patent lists former Fannie Mae Chairman and Chief Executive Officer Franklin D. Raines as the primary inventor. Former Fannie Mae executives Scott Lesmes and Robert Sahadi are also listed as inventors.

“I have serious questions about why Fannie Mae, back in 2005, was working on a Cap and Trade scheme,” said Rep. Chaffetz. “Why would they be spending their resources on something that is well outside of the scope of Fannie Mae’s charter? We want to see all the information relating to the patents issued to these ‘inventive’ former Fannie Mae executives?”

“Having ventured far beyond sub-prime lending policies, Fannie Mae appears to have served as a full-blown liberal think tank for crony-capitalist ideas,” said Rep. Issa. “While the crony-capitalist Democrats who ran Fannie Mae like Franklin Raines and Jim Johnson used these kinds of ideas to enrich themselves, it was the American taxpayers who were left holding the bag after they failed. It’s disturbing that Fannie Mae executives were positioning themselves in 2005 for financial gain from an Obama Administration cap-and-trade system, but given the huge amount of campaign contributions Fannie Mae poured over President Obama it should be no surprise.”

[Painesright]

Glenn Beck talked about this letter on his show this am.

Hopefully he'll also cover it on his show tonight.

The HEAT is on...

Now that's Global Warming I can believe in!

Bahwahwahwahwah! Love it! Go, Glenn, go!

[Painesright]

Here is live link to the letter.

http://chaffetz.house.gov/Letter.pdf

[onyx]

Glenn’s got two good friends in Congress and we like both of these guys!

[MozarkDawg]

This is fantastic news to hear -- as Glenn reminds people, the chairman of a Congressional committee has subpoena power ... and as RM, Issa is right there ready to be chairman come November. As I said on the earlier CCX threads, when the burglars were nabbed breaking into the Watergate complex, Nixon did not resign the next day, it took months of Congressional hearings and the chance information regarding the taping system that Thompson got from Butterfield.

These people have been so arrogant in their corruption, they really have counted on power-in-perpetuity to guarantee their success, didn't they?

[Liz]

Glenn Beck said on his radio show he believes Fannie Mae is the bank for Crime Inc.

La Cosa Nostra looks like American Idol compared to the ciminal element in the current Gangster Government we are saddled with.

REFERENCE Carlton Bartels was the most important, addition to the CCX roster. As CEO of CO2e, Bartels developed and delivered a system for facilitating and managing the actual carbon trades. Just three weeks after filing for a patent, Bartels was killed on 9/11. Bartels’ death opened the door for a new CCX partner, the oddest fit of them all: Fannie Mae.

In a move still unexplained, the quasi-governmental mortgage agency, led by CEO Franklin Raines, purchased the rights to the system from Bartel’s widow. A patent on the invention was granted to Raines and Fannie Mae on November 7, 2006, ironically, the day after the Democrats regained control of Congress.

According to the Washington Examiner's Barbara Hollingsworth, the patent covers both the “cap” and “trade” parts of Obama’s top domestic energy initiative and gives Fannie Mae proprietary control over the automated trading system used by Sandor’s CCX.

===============================================

REFERENCE Franklin Raines' Letter to Shareholders----From 2003 Fannie Mae Annual Report

EXCERPT Ten years ago, for example, the typical conforming mortgage required a down payment of 10 to 20 percent, and low-down payment mortgages were considered too risky. But then we helped to standardize the 3 to 5 percent down payment loan, brought it to global capital markets, and made it available to lenders and communities nationwide. Now low-down payment loans are commonplace. And we just adopted a new variance in our underwriting standards that will make the $500 down payment loan widely available as well...

In 1994, we pledged to provide $1 trillion in capital to ten million underserved families by the end of 2000. Thanks to our housing and industry partners, we met that goal early. Then in 2000, we launched our American Dream Commitment, a pledge to provide $2 trillion in capital to 18 million underserved families by the year 2010, including $400 billion targeted specifically for minority families (later raised to $700 billion in response to President Bush’s Minority Homeownership Initiative).

After four of the strongest years in housing and mortgage finance history, we’ve already surpassed the top-line goals of this commitment. But our work is far from complete.

So in January 2004, we announced our Expanded American Dream Commitment and pledged significant new resources to tackle America’s toughest housing challenges. Our new commitment has three main goals.

First, we will expand access to homeownership for six million first-time home buyers in the next ten years, including 1.8 million minority first-time home buyers.We also will help raise the national minority homeownership rate from 49 percent to 55 percent, with the ultimate goal of closing it entirely.

Second, we will help new and long-term homeowners stay in their homes through a series of initiatives, and commit $15 billion to preserve affordable rental housing and $1.5 billion to support the revitalization of public housing communities.

==========================================

The Government filed suit against F/M head Franklin Raines when the depth of the F/M accounting scandal became clear. READ IT HERE http://housingdoom.com/2006/12/18/fannie-charges/

The Government noted, "The 101 charges reveal how the individuals improperly manipulated earnings to maximize their bonuses, while knowingly neglecting accounting systems and internal controls, misapplying over twenty accounting principles and misleading the regulator and the public. The Notice explains how they submitted six years of misleading and inaccurate accounting statements and inaccurate capital reports that enabled them to grow Fannie Mae in an unsafe and unsound manner."

These charges were made in 2006. The Court ordered Raines to return $50 Million Dollars he received in bonuses based on the mis-stated Fannie Mae profits. (Did Raines ever return the money?)

Franklin Raines looted and pillaged Fannie Mae as Clinton's appointee. Raines famously bought into the climate control scam w/ F/M funds. Now he's hooked up with Ohaha who organized the Chicago Climate Exchange.

========================================

Ex-Fannie CEO Raines should be behind bars for life. He is a crook of the worst kind.

[Diogenesis]

The $10 Trillion Climate Fraud (Cap-And-Trade and CCX)
Cap-And-Trade: While senators froth over Goldman Sachs and derivatives, a
climate trading scheme being run out of the Chicago Climate Exchange would
make Bernie Madoff blush. Its trail leads to the White House.”

---

“Fannie Mae Chief Executive Officer Franklin Raines, two of his top underlings and select
individuals in the "green" movement were inventing a patented system to trade residential carbon credits.
Patent No. 6904336 was approved by the U.S. Patent and Trade Office on Nov. 7, 2006 --
the day after Democrats took control of Congress. Former Sen. John Sununu, R-N.H.,
criticized the award at the time, pointing out that it had "nothing to do with Fannie Mae's charter, nothing to do with making mortgages more affordable."

"It wasn't about mortgages. It was about greenbacks. The patent, which Fannie Mae confirmed it still owns with Cantor Fitzgerald subsidiary CO2e.com, gives the mortgage giant a lock on the fledgling carbon trading market, thus also giving it a major financial stake in the success of cap-and-trade legislation."

---

“Here comes the next bubble -- carbon trading
Forget CDOs and other inventions of the great credit bubble. That’s all old hat.
Investment bankers are moving on to an area of securities trading that is potentially even
more lucrative, and what’s more, even has a social value – saving the planet.
….According to Mr Schapiro, carbon trading is now the fastest growing commodities
market on earth. Since Kyoto signatories bought in to the cap and trade concept in 2005,
there have been more than $300bn carbon transactions, prompting several investment
banks, including Goldman Sachs and Barclays, to set up their own carbon trading desks.
But that’s just the start. If President Obama and his supporters can institute a cap-and-
trade system in the United States – and that’s a big if for this increasingly marooned
presidency – demand could explode into a $2 to $3 trillion market.

And here’s the great thing about it. Unlike traditional commodities markets, which will
eventually involve delivery to someone in physical form, the carbon market is based on
lack of delivery of an invisible substance to no-one. Since the market revolves around
creating carbon credits, or finding carbon reduction projects whose benefits can then be
sold to those with a surplus of emissions, it is entirely intangible.

“Carbon developers”, many of them employed by large multinationals, travel the world
in search of carbon reduction projects to sell, while firms of carbon accountants have been
established to verify on the United Nations’ behalf that those reductions are real.
The whole thing, though well intentioned, looks wide open to abuse and scams. “

[maggief]

BUMP!

[steelyourfaith]

Glenn Beck TV Show episode videos exposing the nexus of anthropogenic global warming, Obama, Joyce Foundation, Chicago Climate Exchange, Cap 'n' Trade, Crime Inc., Global Governance, Maurice Strong:

 

• Cap-And-Trade, Obama, Joyce Foundation & CCX April 26, 2010

• Chicago Climate Exchange/Crime, Inc. April 29, 2010

• Crime, Inc. - The Second Chapter May 5, 2010

• The Great American Power Grab May 12, 2010

• Gat Ready For Something Big.. May 13, 2010

 

Beam me to Planet Gore !

[OafOfOffice]

I have a friend who worked for the Federal reserve. In 1998 they were alerted there would be no more redlining. He said at the time they knew it was going to be horrible. I have tried to get in touch with him as he travels to ask more questions. Things I would like to know is where did the order come from and why did fed reserve take orders from Clinton admin.

It would be around this time. Americans were set up. It was the biggest redistribution of wealth ever. Think about it. We had to rescue all these people who could not afford their homes. They lost something too. They lost their dream of owning and any money they put into the home. Some just flat out were greedy of course. We rescued the greedy too.

Who gained from this? People like Raines, Obama and their scammers. No underserved citizens came out of this unscathed. Yet trillions have been taken from the same citizens and their children. I have heard it could be 12 trillion by the time this is over.

So, if you are going to be a thief and steal from taxpayers, you better work for the government. Enron, Ty or other white collar crimes will be prosecuted. If in bed with gvmt like Goldman Sachs you might be called on the carpet but given a check or more promises on the way out.

In the paper today, Ca AG Brown (running for further distruction of California Governor), found out one of the gentleman handling CalPers pensions had a huge kickback scheme going on. 3 other people were involved but two are completely left out of any charges. Brown is making it a civil case and not criminal. WHAT????

Why? Because Big Labor, SEIU has their people all over the inside of CalPers and their handprints are all over this mess. Brown is in the pocket of Big Labor and ACORN. He expects them to get him elected this year. He will not do what is right for the people once again.

Ca retiree pensions are what Ahnold says is choking California and not illegal costs. Now their own people are looting from the members.

http://www.signonsandiego.com/news/2010/may/14/in-denial-still/

[onyx]

This is mine and Issa’s hometown newspaper.

[Liz]

AG Brown (running for Governor----for the further destruction of California), found out one of the gentleman handling CalPers pensions had a huge kickback scheme going on. 3 other people were involved but two are completely left out of any charges. Brown is making it a civil case and not criminal.

Why? Because Big Labor, SEIU has their people all over the inside of CalPers and their handprints are all over this mess. Brown is in the pocket of Big Labor and ACORN. He expects them to get him elected this year. He will not do what is right for the people once again. Ca retiree pensions are what Ahnold says is choking California and not illegal costs. Now their own people are looting from the members. http://www.signonsandiego.com/news/2010/may/14/in-denial-still/

Gubernatorial candidate Jerry Brown spent much of a weekend Democratic convention framing the battle over the governorship in populist terms, with himself as the champion of ordinary people against super-rich financial manipulators ............

Brown told cheering Democrats; "State employees, those greedy
bastards, were making more money than me, the friggin governor."

California govt employee salaries (does not include pensions and benefits)

Special Nurse $350,000+
Municipal railway manager:$325,000+
Administrative services department head $280,000+

State college workers salaries:
JEFF TEDFORD UC BERKELEY HEAD COACH-INTERCOLG ATHLETICS $2,831,654
PHILIP E LEBOIT UC SAN FRANCISCO PROF OF CLIN___-MEDCOMP-A $1,979,362
TIMOTHY H MCCALMONT UC SAN FRANCISCO PROF OF CLIN___-MEDCOMP-A $1,945,717
RONALD W BUSUTTIL UC LOS ANGELES PROFESSOR-MEDCOMP-A $1,570,897
RICHARD J SHEMIN UC LOS ANGELES PROFESSOR-MEDCOMP-A $1,195,837
KHALIL M TABSH UC LOS ANGELES HS CLIN PROF-MEDCOMP-A $1,048,891
BEN BRAUN UC BERKELEY HEAD COACH-INTERCOLG ATHLETICS $998,569
http://www.sacbee.com/1098/story/1669273.html

====================================

California debt may be half a trillion dollars: They knew in 11/29/09..........and earlier.
Dan Walters, Sacramento Bee, 11/29/09
FR Posted by SmithL

Just days before Gov. Arnold Schwarzenegger and legislators finalized a water package, including an $11.1 billion bond issue, state Treasurer Bill Lockyer warned them not to do it. California is already deeply in debt, Lockyer warned, has huge budget deficits and can't afford another big bond issue. "The days of blithely heaping more and more debt burden on the general fund are over – at least they should be," Lockyer said.

The earmark-laden bond issue, the package's single most controversial element, raises an interesting question: Just how deeply in debt are our state and local governments? The answer: No one knows for certain, since debt is scattered through myriad agencies in many forms, but well over a half-trillion dollars is a fair estimate.

Lockyer's warning pertained to the state's "general obligation debt," which currently stands at $59 billion, and there are an additional $50-plus billion in general obligation bonds that have not yet been sold.

The biggest chunks of debt, however, are the unfunded obligations for pensions and health care of retired public employees. (Excerpt) Read more at sacbee.com ...

The government's "money machine" to buy votes was engineered in the 1970s when California's legislature cleared the way for public-employee unions to organize and bargain.

Then-Gov. Jerry Brown signed a crucial bill in 1978 that gave public workers, already protected under civil service, collective bargaining rights on top of that. Such legislation created far more than mere bargaining power. It also gave the unions access to dues money that could be deployed to reward friends in the legislature as well as beating back reform efforts at the ballot box.

"Wasn't my fault," Brown told cheering Democrats.

[OafOfOffice]

Issa is taking them on all over the place. He is on twitter and very open if he is online. What a guy. You are lucky to have him represent you.

If I have a issue I send it to him and he usually answers. I give him all the backup research. I am sure many others do also.

[onyx]

GOOD on you. He’s dedicated and honest.

[OafOfOffice]

Do you follow him on twitter?

DarrellIssa My Oversight teammate Rep. Luetkemeyer on his #transparency work & why you deserve openness from Washington http://tinyurl.com/2aj48fm

DarrellIssa Our MMS sleuthing (video http://tinyurl.com/322tdvw & report http://tinyurl.com/27rrgxh) was onto something: http://tinyurl.com/27oc74o @nyt

DarrellIssa @steelhawk Thanks steelhawk. We’re working hard to hold the White House accountable every day. AG Holder’s nonanswers were revealing, no?

DarrellIssa Another brick (AG Eric Holder) in the @JoeSestak stonewall: http://bit.ly/9tfjAm. Doesn’t this WH “what, me worry?” attitude bother you?

Solid RT @PeterRoskam just text-voted to cut $600 million from the Federal Budget. WATCH: http://bit.ly/9UdAnn

I laid out the @JoeSestak WH bribe charge facts for AG Holder in my opening statement: http://bit.ly/aqzxwQ Stay tuned for his answers...

[OafOfOffice]

Don’t miss this youtube. It will make you smile big time.

http://www.youtube.com/watch?v=gsdqfVA3fqk

[onyx]

No, I don’t have time to follow anyone on twitter, but thank you for posting those to me.

[Liz]

Beautiful-—thanks for the link.

[thouworm]

bookmark

[Arizona Carolyn]

I really like Chaffetz, some speculate he will challenge Hatch in 2012.