New Ad Opens a Can of Worms

After putting an ad out last night that targeted Obama's connection to former Fannie Mae CEO, Franklin Raines, (a connection denied by both Obama and Raines), McCain has upped the ante this morning with another, similar ad. This one links Obama to Jim Johnson, the one-time Fannie Mae exec who was tapped to lead Obama's VP search team.

"Fannie cooked the books and Johnson made millions," the ad says before connecting him to Obama.

Not long after Obama picked Johnson back in June, media reports began surfacing that Johnson had ties to mortgages lender Countrywide. Team Obama defended Johnson for days -- until he resigned from the committee, supposedly of his volition.

But as The Trail points out, this may be a can of worms McCain shouldn't open:

...McCain is playing with fire, because his campaign also has deep ties to Fannie Mae and Freddie Mac. Rick Davis, McCain's campaign manager, was president of the Homeownership Alliance, which advocates the expansion of homeownership through low-interest mortgages funded by Fannie and Freddie. Arthur B. Culvahouse Jr., who headed McCain's vice presidential vetting panel, was a lobbyist for Fannie Mae. Mark Buse, a longtime McCain aide, lobbied for Freddie Mac before returning to McCain's Senate staff.

Both teams have ties to former executives and lobbyists, and it's a little bewildering that either side would be willing to venture onto such shaky ground.

-- Thomas Pierce

11:05 AM ET | 09-19-2008 | permalink

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