Rep. Chaffetz and Issa Want to Know Why Fannie Mae Holds a “Cap and Trade” Patent

Chaffetz and Issa Seek Information on Fannie Mae Executives Inventing New Cap & Trade System

May 14, 2010 9:47 AM

 

Washington, DC—Today, Rep. Chaffetz (R-UT), along with Rep. Issa (R-CA) sent a letter to David Kappos, the Director of the U.S. Patent and Trademark Office, as well as Michael Williams, President and CEO of Fannie Mae, seeking information concerning a patent issued to Fannie Mae regarding a residential Cap and Trade system.

 

 On June 7, 2005, the U.S. Patent and Trademark Office (USPTO) issued Patent No. 6,904,336 for a “System and Method for Residential Emissions Trading.” The patent was assigned to the Federal National Mortgage Association (“Fannie Mae”) and CO2e.com, LLC of New York. The patent lists former Fannie Mae Chairman and Chief Executive Officer Franklin D. Raines as the primary inventor. Former Fannie Mae executives Scott Lesmes and Robert Sahadi are also listed as inventors.   

 

“I have serious questions about why Fannie Mae, back in 2005, was working on a Cap and Trade scheme,” said Rep. Chaffetz. “Why would they be spending their resources on something that is well outside of the scope of Fannie Mae’s charter? We want to see all the information relating to the patents issued to these ‘inventive’ former Fannie Mae executives?”

 

“Having ventured far beyond sub-prime lending policies, Fannie Mae appears to have served as a full-blown liberal think tank for crony-capitalist ideas,” said Rep. Issa. “While the crony-capitalist Democrats who ran Fannie Mae like Franklin Raines and Jim Johnson used these kinds of ideas to enrich themselves, it was the American taxpayers who were left holding the bag after they failed.  It’s disturbing that Fannie Mae executives were positioning themselves in 2005 for financial gain from an Obama Administration cap-and-trade system, but given the huge amount of campaign contributions Fannie Mae poured over President Obama it should be no surprise.”

 

http://chaffetz.house.gov/Letter.pdf

 

Link to

patent: http://www.google.com/patents?id=ePQVAAAAEBAJ&printsec=abstract&zoom=4&source=gbs_overview_r&cad=0#v=onepage&q&f=false

 

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http://chaffetz.house.gov/2010/05/chaffetz-and-issa-seek-information-on-fannie-mae-executives-inventing-new-cap-trade-system.shtml

Fannie Mae says that the Democrats are “Family” and their “Conscience”

 

     While Senator Barack Obama has enjoyed a few points extra in the polls as he extolls the Republicans and the Bush Administration as the villains of our present economic crisis, which is linked to the troubles in Fannie Mae and Freddie Mac, it seems that the Senator was learning real quick how to work the Washington system.

     As Mr. Mudd explains, as the CEO of Fannie Mae, he knows that there are troubles ahead (stated in 2005), but with the “Family” of Democrats, and those within the Congressional Black Caucus, he knows that these fine leaders will continue to be their “Conscience”, enabling Fannie Mae to continue to be the largest provider of loans for the “American Dream” to minorities.

    Now, Barack Obama blames Bush, McCain, and the Republicans for the mortgage crisis, the subprime mortgage disaster, and the subsequent fallout to other financial markets as a result. The subprime market can be traced backed to the “prosperous” Clinton era, and the push by community organizers to make loans available to those who might not qualify in traditional markets.

     On top of being deeply embedded in the blame for the mortgae crisis, Sen Obama is touting that his plans are THE PLANS for the nation’s economic recovery. One of Obama’s key ECONOMIC ADVISORS is Franklin Raines, the former CEO of …….  FANNIE MAE, who, on the backs of every American, he earned $90 MILLION Dollars in approximately 5 years at FANNIE MAE.

     We are to believe that Obama can fix our economy on the words of the man who can be attributed to singlehandedly aiming Fannie Mae toward a path of destruction!!!