Now we should take a moment to wonder just where Obama was when his friend and one time campaign advisor Franklin Raines, a former Chairman and C.E.O of Fannie Mae when the Securities & Exchange Commission’s chief accountant ruled that Fannie had improperly accounted for hedging transactions in its trillion-dollar portfolio of derivatives. The SEC eventually ordered Fannie to correct its books wiping out at least $6.3 billion of previously reported profit for years 2001-2004.