Bush Chooses McCain National Finance Chairman To Take Over Fannie Mae

The federal government has announced that it will be bailing out Fannie Mae and Freddie Mac, two government-sponsored enterprises that “own or guarantee almost half of the country’s $12 trillion in outstanding home mortgage debt,” making it potentially the “largest financial bailout” in U.S. history. As part of the deal, both the CEOs of Fannie and Freddie were fired.

The Bush administration has named a close ally of Sen. John McCain (R-AZ) to take over Fannie Mae. Herbert Allison has worked at Merrill Lynch and TIAA-CREF. However, he also served as McCain’s 2000 national finance chairman.

On Feb. 27, 2000, the Austin-American Statesman noted the close relationship between McCain and Allison, saying that they “regularly” talked:

Rest of the article/blog @ Link: http://thinkprogress.org/2008/09/08/mccain-herbert-allison/

but at least this crony might now SOMETHING about what he is supposed to do...

That's the worst person in the world I could think of.