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Old 03-23-2011, 10:43 AM  
The Mad Crapper The Mad Crapper is offline
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Gorelick on B.O.'s list to head FBI



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Clinton Official Involved in Controversies Stemming From 9/11 and Subprime Loan Crisis Reportedly Shortlisted to Run FBI Wednesday, March 23, 2011
By Chris Neefus


(CNSNews.com) – The Obama administration reportedly is considering former Clinton administration official Jamie Gorelick, among others, to become the next director of the Federal Bureau of Investigation (FBI).

The Wall Street Journal’s Evan Perez first reported the news last week, citing “U.S. officials” familiar with the situation.

Gorelick served as vice chairman of the Federal National Mortgage Association (Fannie Mae) when the government-sponsored enterprise began bundling subprime loans into securitized financial instruments. Prior to that, she served as deputy attorney general in the Clinton Justice Department under then-Attorney General Janet Reno from 1994 to 1997.

In 1997 President Bill Clinton appointed Gorelick to Fannie Mae, where former Clinton budget director Franklin D. Raines was also serving as chairman.

In 2001, Gorelick announced that Fannie was buying subprime loans encouraged by the Community Reinvestment Act (CRA) and bundling them as securitized financial instrument--the same securities that ultimately plagued the balance sheets of financial institutions such as Bear Stearns and Lehman Brothers once the housing market suffered a downward correction 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.”

Since then, Fannie Mae and its counterpart, Freddie Mac, have both seen dramatic balance sheet problems and their stocks trade below a dollar. Gorelick, however, left the company in 2003, having reportedly collected about $26 million in salary, benefits and bonuses.

But Gorelick is perhaps best known for her 1995 memo, written when she was deputy attorney general, that later became known as “Gorelick’s Wall,” a policy prescription limiting the flow of information between intelligence gatherers and criminal investigators that some believe helped allow the September 11, 2001 attacks on the World Trade Center to go unchallenged.

Gorelick wrote the memo, “Instructions on Separation of Certain Foreign Counterintelligence and Criminal Investigations,” in order to set guidelines for concurrent investigations into the 1993 World Trade Center bombing by both criminal investigators and intelligence officers within the Department of Justice.

Rules stemming from the Foreign Intelligence Surveillance Act (FISA), under which the intelligence community was operating as part of its investigation, stipulates that information may only be gathered by way of surveillance for the primary purpose of intelligence, not to contribute to a criminal case under which defendants have more constitutional protections.

http://cnsnews.com/news/article/clin...-911-controver
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Old 03-23-2011, 10:47 AM   #2
chiefsnorth chiefsnorth is offline
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Old 03-23-2011, 11:16 AM   #3
Jaric Jaric is offline
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Makes sense. Hire a criminal to catch criminals. I think I saw that plotline on some flash in the pan CBS series that lasted less than a season.

I mean, it obviously worked on television, so what could go wrong?
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Old 03-23-2011, 11:32 AM   #4
patteeu patteeu is offline
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Isn't Bill Ayers available?
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Old 03-23-2011, 12:12 PM   #5
Graystoke Graystoke is offline
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Gorelick...hmm is that Al's version of a porn?
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