Seems that there's a guy in the Obama campaign named Jim Johnson. Johnson heads the team searching for a suitable VP to run alongside Obama. He's quite a big deal and snuggles up close to the phat money men like Angelo Mozilo who heads Countrywide Bank.
Countrywide bank made Obama see red during the Democratic primary campaign. Mark Penn, who worked for Hillary, had also represented Countrwide band. Oh, how Obama railed at Hillary Clinton for her "ties to Countrywide."
Countrywide, you see, made a lot of money from the subprime mortgage mess before it became a mess. Before that, it was just a lot of easy, fast flowing money at high rates of interest. Market rates, some would say.
But Jim Johnson--he was a friend of Angelo's ever since his days with Fanny Mae because Fanny Mae was one of Countrywides' best customers when it came to buying mortgage debt from Angelo. That's when Angelo returned the favor by giving Johnson favorable loan rates to the tune of $7 million dollars eventually. Uhhh, that was not at "market rate."
So the story got picked up by the Wall Street Journal, you know, that weird paper that actually understands the labyrinth of financial connections where politics and business converge in Obama's "new style of politics?"
Obama says the matter is "overblown," and would like it to blow over. Actually, there are many, many things which Obama and friends expect will blow over. Perhaps they would blow over, too, if only Obama werent' so damned hypcritical and prissy and solipsistic. All he'd have to do is act now to fire the guy. What the hell! Obama's a Harvard lawyer, isn't he? A professor and all. Surely, he doesn't need to get his Johnson caught in a zipper through a matter of a mere interpretation of economics, does he?