Not to be outdone, the "Too big to fail" banks piled in, each creating its own brand of mortgage investments, each more toxic than its predecessor. [9], In the 1972 Democratic Party presidential primaries, Johnson started as the national campaign coordinator for Senator Edmund Muskie, whose primary campaign came to an end despite early victories in Iowa and Illinois. Brown previously served as Fannie Mae’s Senior Vice President and Deputy Chief Financial Officer from May 2017, when she joined Fannie Mae, to August 2018. He stayed out of presidential politics while at Fannie Mae but returned to it after leaving the company, helping Democratic candidates with their vice-presidential selection, debate negotiations and transition planning. “Senator,” Mr. Bentsen said, “I served with Jack Kennedy. Since 2011, he had been chairman of the advisory council of the Stanford Center on Longevity, which seeks to implement technological advances to help older people live healthy and rewarding lives. From 1990 to 2000, the company's stock grew 500 percent. Mr. Johnson stepped down in 1999, but there has long been a debate about whether he was responsible for creating the culture that led to Fannie Mae’s failure. James Arthur Johnson was born on Dec. 24, 1943, in Benson, Minn., a small town along the Chippewa River where his Norwegian grandparents had settled. And as chairman of the Brookings Institution, the liberal research group, he recruited scholars and writers to study demographic trends in urban areas and the intersection of race and public policy. Ms. Johnson served in Fannie Mae’s Multifamily business as Senior Vice President for loans, securities, credit pricing and modeling, and as Vice President in our Capital Markets group with responsibility for trading multifamily loans and securities from 2009 to 2013. Mr. Johnson addressing the news media in 1983, when he was running former Vice President Walter Mondale’s presidential campaign. Fannie provided more than $650 billion in liquidity to the residential mortgage m In the oral history, Mr. Johnson skirted the controversies of his tenure at Fannie Mae. Mr. Johnson himself made an estimated $100 million in eight years with the company. Johnson was also a member of the Steering Committee of the Bilderberg Group and participated in all of their conferences since 1998 except in 1999 and 2004. [1] They separated in 2010[15][45] and subsequently divorced. Tilson said Fannie Mae shares should be up 50% following Mnuchin’s comments. [8] He was later a faculty member at Princeton University. in political science in 1966,[7] and a Master of Public Affairs degree from the Princeton School of Public and International Affairs at Princeton University in 1968. Indeed, throughout his career Mr. Johnson supported racial and economic equality, starting with his participation in the 1965 civil rights march from Selma to Montgomery, Ala., while he was in college. Still, he ran some of the most influential institutions in the nation’s capital. This enabled top executives, including Johnson and his successor, Franklin Raines, to receive substantial bonuses in 1998. Mr. Frater was appointed Chief Executive Officer of Fannie Mae in March 2019, and prior to that time, he served as Fannie Mae’s Interim Chief Executive Officer beginning in October 2018. Mr. Johnson briefly led the vice-presidential selection process for Senator Barack Obama in 2008, but he stepped down after The Wall Street Journal reported that he had received preferential loan rates from Countrywide Financial, the mortgage company at the center of the subprime lending crisis. After leaving Fannie Mae, Mr. Johnson joined the boards of several companies, including Goldman Sachs and Target. “He and I both were from Minnesota,” Mr. Mondale recalled in a phone interview, “and we spoke the same language.”. Ben Smith at Politico reported: Former Fannie Mae chairman Jim Johnson was dumped from Obama’s vice presidential search team, but he’s still playing a behind-the-scenes role on the campaign. In fairness to Mr. Johnson, the vast majority of losses racked up by Fannie were the results of loans bought after he departed. After leading Fannie Mae from 1991 to 1998, Johnson became a board member of the investment bank Goldman Sachs as well as several other companies including Target Corporation and UnitedHealth Group. Within two blocks, there were 14 houses filled with his aunts, uncles and cousins. During that time, he was the campaign manager for Walter Mondale's unsuccessful 1984 presidential bid. There was speculation that, had Kerry won, Johnson might have been named Kerry's chief of staff, or Secretary of the Treasury. [2][3] He was the son of Adeline, a schoolteacher, and Alfred I. Johnson, who was a member of the Minnesota House of Representatives from 1941 to 1958, and served as speaker of the house in 1955 and 1957. His father, Alfred Ingvald Johnson, owned a grocery store and was a real estate broker. The New Deal deposit insurance safety net that worked so well when limited to deposits in heavily regulated banks that paid fees into an insurance fund was also being perverted. See Kimberly H Johnson's compensation, career history, education, & memberships. James A. Johnson in 2004, when he led the vice-presidential search for Senator John Kerry’s campaign for the White House. James A. Johnson (December 24, 1943 – October 18, 2020)[1] was an American businessman, Democratic Party political figure, and chairman and chief executive officer of Fannie Mae. "[20], Johnson was one of the first outside directors and the longest-serving board member of the investment bank Goldman Sachs. He proved an aggressive lobbyist for Fannie Mae — making strategic financial donations to congressional regulators, hiring former public officials from both parties and paying for academic studies that blunted criticism of some of the company’s riskier financial practices. I knew Jack Kennedy. He died on Oct. 18 at his home in Washington. [44], Johnson received an Honorary Doctor of Laws from Colby College in 1997, an Honorary Doctor of Humane Letters from Howard University in 1999, and Doctor of Laws from Skidmore College in 2002[9] and the University of Minnesota in 2006. James A. Johnson, Democratic Power Broker, Dies at 76. Mr. Johnson was the “anonymous architect of the public-private homeownership drive that almost destroyed the economy in 2008,” Gretchen Morgenson, then a business journalist at The New York Times, and Joshua Rosner, a financial analyst, wrote in “Reckless Endangerment” (2011), which explored the origins of the financial crisis. Jim Parrott spent several years in the Obama White House as a senior adviser at the ... Trump re-tweeted an infographic that suggests the net worth sweep was illegal. Read Full Summary After this adjustment, Fannie Mae showed a cash net … In addition to his son, Mr. Johnson is survived by his wife, Heather Muir Kirby, a managing director at Deutsche Bank; a sister, Marilyn LaMourea; and a grandson. He was long gone before the subprime mortgage crisis hit, but he was faulted for encouraging practices that contributed to the 2008 housing meltdown. Johnson was born on December 24, 1943, in Benson, Minnesota. They sold the company to Shearson Lehman Brothers in 1985, after which Johnson served as a managing director at Lehman Brothers. [1], American businessman and political figure, Princeton School of Public and International Affairs, 1972 Democratic Party presidential primaries, Office of Federal Housing Enterprise Oversight, "James A. Johnson, executive who transformed Fannie Mae into political powerhouse, dies at 76", "Obama turns to trusted political insider Jim Johnson for key campaign role", "Democratic Party Power Broker James A. Johnson Dies at 76", "U. of Minnesota Faces Inquiry Spurred by Radicalism Dispute; Legislature Acts After Professor Stirs Protests by Calling for Diversity of Opinion—Tenure Policy Assayed", "Feared and fearless: A Q&A with journalist Gretchen Morgenson, watchdog of Wall Street and Washington", "Advocates for equity, free speech are 2019 Humphrey Leadership Awardees", "A Quick and Quiet Search to Fill the Democratic Ticket", "Muskie and McCarthy Entered In Illinois Primary on March 21", "Mondale Will Seek $100,000 to Explore Prospects for 1976", "Politics; for a Mondale Friend, One Question Lingers", "President Clinton Names Six Members to the Board of Trustees of the John F. Kennedy Center for the Performing Arts", "Goldman Sachs Director Johnson Opposed by Buffett-Linked Fund", Report of Findings to Date - Special Examination of Fannie Mae, "High Pay at Fannie Mae For the Well-Connected", Report of the Special Examination of Fannie Mae, "Fannie Mae's Johnson, a 'Pied Piper,' Led U.S. Off Cliff Books", "How 'Reckless' Greed Contributed To Financial Crisis", "There's a new pay czar approving how much Goldman Sachs' top brass gets paid", "Obama Picks Caroline Kennedy, 2 Others for VP Search (Update2)", "Johnson Steps Down from Obama VP Search", "McCain Attacks Obama on Ties to Former Fannie Mae CEOs", "Arts Briefing: Highlights; New Kennedy Center Chairman", "John Thornton to Succeed James A. Johnson as Chairman of the Brookings Board", "James (Jim) A. Johnson, Council Chairman", "Awards for exemplary achievements in the built environment", "After 25 years of marriage, Washington power couple Maxine Isaacs and Jim Johnson separate", https://en.wikipedia.org/w/index.php?title=James_A._Johnson_(businessman)&oldid=992035755, Members of the Steering Committee of the Bilderberg Group, Princeton School of Public and International Affairs alumni, Short description is different from Wikidata, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License, This page was last edited on 3 December 2020, at 03:37. [1], Johnson died on October 18, 2020, at his home in Washington, D.C., at age 76; he had suffered from a neurological condition in the time leading up to his death. Former Senator Tom Daschle, a… Hugh R. Frater is Chief Executive Officer, Director of the Company. [31][32] He continued to assist in efforts to recruit former Hillary Clinton supporters to the Obama campaign. Mr. Johnson left in 1990 to join Fannie Mae as vice chairman; he became chairman and chief executive in 1991. “Jim Johnson was clearly the reason the senator was prepared for that exchange,” Jack Martin, a longtime Bentsen aide who was in the room at the time, said in an interview. In 2008 he briefly served on a team that included former Deputy Attorney General Eric Holder (later the attorney general), right, to help Barack Obama choose a running mate. Using what Bove calls “aggressive calculations” for net income, he estimates that Fannie Mae’s common shares are worth $1.68, while Freddie Mac’s common shares are worth $1.50. [33] On September 19, 2008, the John McCain campaign released an ad critical of Obama for his connections to Johnson and for appointing him to the vice presidential search committee. Morgenson described him in an NPR interview as "corporate America's founding father of regulation manipulation". They added that Mr. Johnson was “especially adept at manipulating lawmakers” and “eviscerating regulators.”. In June 2008, Conde Nast Portfolio reported that several influential lawmakers and politicians, including Senate Banking Committee Chairman Christopher Dodd, Senate Budget Committee Chairman Kent Conrad, and former Fannie Mae CEO Jim Johnson, received favorable mortgage financing from Countrywide by virtue of being "Friends of Angelo". Prior to joining Fannie Mae, Ms. Brown served in a variety of roles at Morgan Stanley from 1999 to April 2017, including as Global Treasurer from 2014 to April 2017 and as Head of Investor Relations from 2010 to 2014. Figures.The former Chairman of failed mortgage giant Fannie Mae is advising the community organizer on economics.Didn’t we just go through this? A non-cash loan loss reserve of $5.5 Billion needs to be added back. Johnson and Fannie Mae were not alone in loading taxpayers with financial risks. Fannie Mae and Freddie Mac continue to suffer losses three years after being taken under government conservatorship. Fannie's annual salary is between $30 - 39,999; properties and other assets push Fannie's net worth over $50,000 - $99,999. [15], An Office of Federal Housing Enterprise Oversight (OFHEO) report[22] from September 2004 found that, during Johnson's tenure as CEO, Fannie Mae had improperly deferred $200 million in expenses. None became president, but Mr. Johnson maintained a reputation as a pragmatic, shrewd and trusted insider. Mr. Johnson returned to politics to manage Mr. Mondale’s ill-fated campaign for president in 1984. He was the campaign chairman for Walter Mondale's unsuccessful 1984 presidential bid and chaired the vice presidential selection committee for the presidential campaign of John Kerry. Mr. Mondale said in the interview that his landslide loss of 49 states to President Ronald Reagan was no reflection on Mr. Johnson. [25] [35][36][37] He was also chairman of the Brookings Institution (1994–2003)[38] and continued thereafter to serve on the Advisory Council of the Brookings Institution's Hamilton Project. He also shared a piece of advice that he had received while running Fannie Mae: “Never say you’re in the secondary mortgage market; say you’re in the American dream business.”. [15] After selling Public Strategies to Shearson Lehman Brothers in 1985,[16] Johnson was a managing director at Lehman Brothers from 1985 to 1990. In 1988, James A. Johnson, a Democratic operative, was helping Senator Lloyd Bentsen, the Democratic vice-presidential nominee, prepare for his debate with Senator Dan Quayle, his Republican opponent. When Mr. Quayle said onstage that he had as much experience in Congress as Kennedy had when he sought the presidency, Mr. Bentsen pounced, producing one of the most memorable debate moments in American political history. [23] A 2006 OFHEO report[24] found that Fannie Mae had substantially under-reported Johnson's compensation. “It's clear that investors don't yet fully appreciate the implications of this ruling. The man responsible for the change was James Johnson, a close aide to Vice President Walter Mondale who came to Fannie Mae in 1990. [7], Johnson's first marriage was to Katherine Marshall. A pillar of the Washington establishment, Mr. Johnson would parlay his extensive political skills into a second career in finance and emerge as a major power broker who simultaneously led three prominent institutions: Fannie Mae, the Kennedy Center and the Brookings Institution. When Mr. Mondale was elected vice president in 1976, Mr. Johnson became his executive assistant. Kirby, a Democratic sage with a degree in political science was “ especially at. 31 ] [ 21 ] in 1974, Mondale considered a run in the interview that his landslide loss $... 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