The Jim Johnson thing has burst open today, with John McCain hitting Obama for it, and Obama calling the story “overblown and irrelevant” without actually addressing any part of it. The two sides are fighting about Johnson’s ties with Countrywide, where we don’t know whether or not he did anything wrong. So why not discuss Johnson’s time at Fannie Mae, where the company hid his true compensation from federal regulators? And federal regulators were not pleased about it — it’s right there in a 2006 report from the Office of Federal Housing Enterprise Oversight.