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Despite their accounting problems and dire warnings of crisis, these "government sponsored enterprises" with the full support of liberals in Congress and their special-interest community organizing friends such as ACORN pushed for more subprime lending for their politically-correct constituencies. And calculating financial institutions (too many of which had corrupt relationships with these very same politicians) were happy to play along. Now the entire country is facing a financial disaster.

Any lessons learned? Not in this town. Fannie Mae and Freddie Mac are raring to reinvigorate the ruinous business of subprime loans to those who can't handle them. And the latest version of the bailout would take "profits" in the bailout scheme from the taxpayer and give them to government programs designed to push yet more risky mortgage loans and related programs controlled by liberal activist groups.

Your Judicial Watch plans to investigate some of the corruption issues I've raised above. Both parties deserve scrutiny. (The FBI, a day late and a dollar short, is investigating, too.) Accountability will be our watchword. I'll let you know what we find in future installments of the Update...

Documents Uncovered by Judicial Watch Shed Light on Barack and Michelle Obama's Shady Connections

During his presidential campaign Barack Obama has attempted to cast himself as an outsider, someone who is above corruption and politics as usual. As I've written in this space before, Obama's suspicious connections suggest otherwise. Our investigators were in Chicago and uncovered documents that provide some interesting details regarding the nature of these connections.

Here are just a few highlights.

Judicial Watch obtained documents that detail the long-term and close relationship between Barack Obama and leftist domestic terrorist William Ayers. (Obama has seriously misled the public in this regard.) According to the documents, Obama served as Chairman of the Annenberg Challenge, (web site) a school program designed by Ayers, for eight years (1995-2002). The documents include a fundraising letter signed by Obama requesting a $22,500 grant noting, "we [meaning the Annenberg Challenge] are launched." Ayers is reported to have been the power running this group and Obama needs to better explain his contacts with him.

Judicial Watch uncovered documents that further establish Obama's connection to convicted felon Antoin "Tony" Rezko. (web site) Documents show Barack Obama supported a housing development project known as Cottage View Terrace, which yielded $900,000 in developers' fees for Rezko and Obama's employer, lawyer Allison Davis. (The project application states, "State Senator Barack Obama has provided support.") Rezko, who was involved in Obama's home purchase, was recently convicted on 16 counts of fraud and money laundering, has personally donated at least $21,000 to Obama's campaigns, and raised over two hundred thousand dollars in additional support.

Judicial Watch uncovered documents that raise questions about Michelle Obama and the Rezko land deal as well. One document that lists the number of community institutions involved with the Cottage View Terrace project includes The University of Chicago. In 1998, Michelle Obama was working for the University of Chicago as Associate Dean of Student Services. She was also in charge of developing the University's Community Service Center. The University wrote three letters in which it "enthusiastically supports" the project. The university supported other Rezko projects as well. (web site)

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