The Corner

Obama, Jim Johnson, and Change We Can Believe In

On Obama veep-searcher Jim Johnson’s lucrative Fannie Mae tenure, as outlined in a federal report on the Fannie Mae scandal, a reader writes:

I was an auditor for Deloitte & Touche and I was on the Fannie Mae engagement which discovered the problems that required Fannie Mae to restate $11 billion.  The one aspect of the engagement that I saw as a problem was that we were prohibited from investigating/re-auditing past the four year window which would have had us look further into Jim Johnson’s reign…[I was refused] when I tried to request some support for accounting entries that dated back to then.  What also surprised me, I believe that Jim Johnson, Franklin Raines and Jamie Gorelick all got to keep the bonuses they received for a job well done.  Fannie Mae’s $11 billion restatement made Enron’s $600 million restatement seem like petty cash.

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