Obama`s Vice Presidential Selection Committee Creates Controversy
By: Tommy Elder, Jr.
As presumed Democratic Party Presidential Nominee Barack Obama prepares for the Fall Campaign- his Vice Presidential Selection Committee comes under fire. Leslie Wayne of New York Times reports that James A. Johnson, the former chairman of the Mortgage group Fannie Mae, created a swirl of controversy. Some Republicans and their presumed presidential choice- Senator John McCain condemned Mr. Johnson for allegedly accepting ``favorable rates on three home mortgages totaling $ 1.7 million.``
Some observers contend that Mr. Johnson`s friendship with Countrywide Financial Corporation`s chief executive assisted him in securing special rates for three home mortgages totaling a sum of $ 1.7 million. Additionally, Mr. James Johnson participated in some contentious executive compensation rulings during the past few years. He also sat on the boards of five corporations where the companies distributed generous compensation packages to their leaders. One of the noted companies, the United Health Group, a Minnesota Corporation where Mr. Johnson headed the compensation committee serves as an example.
Currently, James A. Johnson operates as one of the three people overseeing the selection of potential running mates for Senator Obama. Concerning Mr. Johnson`s appointment of Mr. Charles M. Elson, head of the Weinberg Center for Corporate Governance at the University of Delaware said- `Johnson found himself in the middle of the controversy that spurred the introduction of the Say on Pay Bill.` Elison continued- ``Given that Mr. Obama is leading the effort to rein in such excesses `that makes it more strange.`
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