"The welfare of humanity is always the alibi of tyrants" - Albert Camus

Saturday, March 26, 2011

Man Made Disaster Jamie Gorelick To Be Nominated As FBI Chief

At the heels of the news that socialist Heather Higginbottom was nominated to head the OMB, we now learn that Jamie Gorelick is reportedly about to be nominated to head the FBI by Obama.

Suffice it to say that this is akin to putting the fox in charge of guarding the hen house. 
Here is a short refresher of her 'proud' past:

As  Deputy Attorney General under Bill Clinton from 1994 to 1997 Jamie Gorelick wrote the memo that created the now infamous “Gorelick Wall.”  (Justice Dept. was put in charge of all anti-terror efforts by the Clinton Administration) 

Okay, to be perfectly fair, she arguably placed the last few bricks and cemented the wall with her memorandum which explicitly stated that they would “go beyond what is legally required, [to] prevent any risk of creating an unwarranted appearance that FISA is being used to avoid procedural safeguards which would apply in a criminal investigation.”  The Clinton Administration's near obsession to treat terrorism as a law enforcement issue was arguably the thrust behind this memo. Consequently, the "Gorelick Wall" barred anti-terror investigators from accessing the computer of Zacarias Moussaoui, the 20th hijacker, already in custody on an immigration violation, before the attacks occurred.

Despite attempts by the left to dismiss the role of the Gorelick Wall in not being able to discover the 9/11 plot in time to prevent it, some in the FBI certainly foresaw what could happen as an enraged FBI investigator wrote just a few months before 9/11 "Whatever has happened to this — someday someone will die — and wall or not — the public will not understand why we were not more effective in throwing every resource we had at certain problems…..especially since the biggest threat to us UBL [Usama bin Laden], is getting the most protection."

Following her role as Deputy A.G. under Clinton, Gorelick moved where many Democrats eventually moved to as a reward (to get rich) for their service.  Even though she had no previous training nor experience in finance, Gorelick was appointed Vice Chairman of Federal National Mortgage Association (Fannie Mae) from 1997 to 2003. She served alongside former Clinton Administration official Franklin Raines (another scandal ridden Democrat).  During her tenure, Fannie Mae developed a $10 billion accounting scandal when bogus tranactions helped FNMA hit earnings targets for 1998, which triggered bonuses for top executives including nearly $800,000 to Gorelick.

Also, during Gorelick’s tenure Fannie Mae began to bundle CRA fueled subprime loans, which she was instrumental in pushing, into securitized financial instruments.  Securities made from bundles of guaranteed mortgages were to contribute to the economic collapse in 2008.

“Fannie Mae will buy CRA loans from lenders’ portfolios; we’ll package them into securities; we’ll purchase CRA mortgages at the point of origination; and we’ll create customized CRA-targeted securities,” she said in 2001. “This expanded approach has improved liquidity in the secondary market for CRA product, and has helped our lenders leverage even more CRA lending. Lenders now have the flexibility to use their own, customized loan products.”
In remarks before the American Bankers Association on Oct. 30, 2000, Gorelick explained explicitly how the process would work and what Fannie Mae would do to make it feasible for banks to lend to low-income applicants.

“We will take CRA loans off your hands–we will buy them from your portfolios, or package them into securities–so you have fresh cash to make more CRA loans,” she said. “Some people have assumed we don’t buy tough loans. Let me correct that misimpression right now. We want your CRA loans because they help us meet our housing goals.”

Oh, and on the criminal front, lets not forget her involvement in the "Friends of Angelo" sweetheart loans affair while still at Fannie Mae.  Yes, along with Senator Dodd and other prominent mostly Democrat politicians, she also received one of those low interest loans from Countrywide that you and I could not have.

In summary, Gorelick not only helped to close (did not necessarily cause because Clinton foreign policy was even more culpable for that) America’s eyes to the coming of the 9/11 attacks, but served on Fannie Mae Board during scandalous times all the while working towards ends that would eventually help bring the housing market down.  These affairs, together, cost the U.S. economy several trillions of dollars.

I am not alleging that Mrs. Gorelick is a Marxist like so many of Obama's appointees are.  She belongs to the camp of the rest of Obama appointees: the incompetent crony capitalists. 

There goes the FBI.  The dismantling continues.

1 comment:

Pack Rat said...

Simply a continuation of amateur year at the Capitol.

One can hope that there are some Senators that have enough of a spine left that they can stand up against this one.