Jesse Jackson has long been in the business of extortion to collect money for his pet company “Rainbow/PUSH Coalition”. His normal mode of operation is to threaten companies with organized boycotts against the company’s products/services until the company makes a substantial “contribution” to Rainbow/PUSH.
This is extortion, and I believe Jesse Jackson is a criminal. He has single handedly done more to hurt race relations in this country than any other person.
But today’s news is not just about Jesse Jackson. It’s about his willingness to accept money from both Fannie Mae and Freddie Mac during the HEIGHT of their meltdowns. (By the way, those meltdowns continue to this day.)
Between June 28 and July 2, Jesse Jackson and Rainbow/PUSH sponsored a conference in Chicago called “Citizenship Annual Fund Educational Conference”. Both Fannie Mae and Freddie Mac were involved in this conference in exchange for contributions of $100,000 and $150,000 respectively.
Note that as of the day prior to the start of this conference, Fannie Mae had already lost over 2/3 of its market value in the previous 12 months. So why would these companies, already facing massive losses, give away such large amounts of money to Jesse Jackson?
They knew of Jesse Jackson’s extortion tendencies, and had already fallen victim. Rather than act on principle, the CEO’s of those companies chose to give away the rapidly evaporating equity of their shareholders rather than falling prey to one of Jesse Jackson’s racially-motivated extortions.
Freddie Mac began contributing to Rainbow/PUSH in 1998. Why? Jesse Jackson accused (not proved, but merely accused) Freddie Mac of racial discrimination and began publicly encouraging major shareholders to sell their stock in the company.
Soon thereafter, Jesse Jackson’s criticism abruptly ended as his extortion had taken effect. Freddie Mac quietly signed an agreement with Rainbow/PUSH to provide the questionable organization with $1 MILLION to run “Economic Literacy” programs. Jackson later began running such programs, but only for churches who would pay him $1,000 to do so.
One can be confident that the recent 6-digit contributions made by Fannie Mae and Freddie Mac were made in equal part due to the foolish decision making of the CEO’s of the companies, along with their fear that Jesse Jackson would again resort to extortion to pay his own bills.
And because of that, the health of Fannie Mae, Freddie Mac, and the U.S. mortgage market is weakened.
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11 Comments So Far»
Jesse Jackson is the Godfather of the black Doms, he has done more to harm them then help. He takes for his own benefit and only gives lip service back. Why don’t more black people see him for what he is?
Allow me to be very clear about this: This post was about Jesse Jackson and how he’s further destroying Fannie Mae and Freddie Mac. It is not a forum for criticizing black people. I’m not sure that you were doing that, but for anyone else who considers posting a comment, don’t even think about trashing any race as a unit. I won’t stand for it. — Bryan Ellis
I read the book Shakedown: Exposing the Real Jesse Jackson a few years ago. If that book is even 1% true then “black America” should be outraged. Jesse Jackson uses them. It really is sad.
Well, seems to me we can’t talk about Jesse Jackson unless we bring race into the conversation.
Possibly, but the discussion had better focus on Jesse Jackson’s activities and not blacks as an ethnic group. My interest is in further exposing his tendencies towards extortion and how it effects the real estate market in this instance. — Bryan Ellis
His associate, Franklin Rains, the first black man to head a Fortune 500 company, was directly responsible for Fannie paying the largest fine ($400 million) in Securities and Exchange Commission history. Rains himself coughed up a paltry settlement but maybe enough to piss him off enough that, directing Jesse Jackson from the wings, it’s payback time.
If race relations really got better in this country, ol’ Jesse’d be out of a job.
That’s true. — Bryan Ellis
Now, let me get this straight: There has been, within the last 8 years, numerous (50 plus)books written accounting and detailing the Bush/Cheney Administration’s treatment of favoring multinational corporations in the give away of billions of dollars of American taxpayer money thru no bid contracts, tax relief and reductions for the “super rich”, proof of other forms of “cronyism”, and the leaking and the breaching of security issues that put certain Americans in physical jepordy, the loss of international prestige,allowing the worse natural disaster to hit U.S. soil in the form of Katrina and its terrible aftermath, as well as the lying to the public to “prove” the right of aggression against a soverign country, and the current bankruptcy of America now and into the future……AND you find it in your heart to blame Jesse Jackson for geting $150,000 from Freddie Mac and calling him a “Criminal” and the one person to do the most damage to race relations in America???!!! How old are you and what is your perspective on “race relations in America” and how did you get it?
You’re a whole lot dumber than I could have imagined …or you are creating ’sensationalism”/controversy that caters to a certain group of people (Rush Lembaughism)and turn others off. Most people will disregard everything you say, even meaningful valid stuff, after they get a taste of your slanted view. As much as I’m trying not to, it’s happening to me.
“Most people will disregard everything you say” < --That's an interesting opinion. I have traffic statistics for this website to demonstrate that nobody is tuning me out. Just the opposite in fact. Yes, Jesse Jackson is a criminal. The other points you've mentioned may be true or false but are completely unrelated to Jesse Jackson, so for now let's stay on point: Are you contending that I'm WRONG to point out that Jackson is collecting 6-figure sums from those companies during the height of their collapse? Am I WRONG to point out that Jesse Jackson has extorted 7-digit sums from Freddie Mac in the past? Let's start by establishing FACTS if you'd like to have a discussion. Thanks! -- Bryan Ellis
You know Brian, you’ve really lost it now. Jesse Jackson is certainly no saint, but to call him a criminal is insane. I do believe that Jesse looks out for Jesse first, but that man has done some good for a lot of people. Certainly a lot more than you’ll ever do for anyone.
So Fannie and Freddie gave his outfit a $100k. So what? These are billion dollar companies we’re talking about. Them giving Jesse a $100k is not going to affect the real estate market. You would have to be completely dillusional, and lacking of any financial or economic knowledge to think so.
You’re right. It’s foolish of me to think that the wasting of more than a million dollars (read the entire story) is significant. Any economic luminary, such as yourself, would readily agree that a million dollars can be wasted with no ill effects. Thank you for clearing that up. — Bryan Ellis
As far as your comment about Frank Raines, he was completely setup. He was made to take the fall for something that was not entirely his fault. He was the CEO/Chairman, so I don’t disagree with him getting fired. But how is it that the CFO, who is primarily responsible for the accounting and finances of the company, walks away unscathed? Not only does he walk away unscathed, but he then takes over as CEO/Chairman.
I made no comments about Frank Raines. Facts are an annoying thing, aren’t they? — Bryan Ellis
Brian, I used to think that in your own sort of juvenile and immature way, that you were making an attempt to foster intelligent debate. But your post about Jesse Jackson, shows this site for what it really is. An outlet for you (and people like you) to bash Democrats and minorities, and promote your racist and selfish Right Wing views. This posting about Jesse more than proves that, as there was nothing constructive about your post. You post had nothing to do with real estate investing, only accusing a celebrated minister of extorsion.
Ah, there we have it. You’ve now accused me of being a racist. Let’s see how well this goes for you, my simple minded friend. Why don’t you point out what I’ve done that makes me a racist? Then what we’ll do is compare your points to the dictionary. By the way, here’s the definition of “racist” according to dictionary.com:
So which definition of “racist” are you using? And what evidence are you using? The fact is that you’re intellectually vacant and rely on calling people racists when you disagree with them. That’s ok. That’s your defense mechanism. But understand this, Anthony: Your criticisms do not a fact make. — Bryan Ellis
Do you have any idea how many not-for-profit agencies that Fannie and Freddie contribute to? I’m sure you don’t, and you probably don’t care. Nor does anyone else. You only care that they gave money to a Black preacher that you don’t like. That’s pathetic on your part.
You didn’t read the post did you? I didn’t criticize because the money was given to a “Black preacher”. I criticized because they allowed Jesse Jackson to commit extortion against them during a time when the federal government - using my and your tax dollars - was busy drafting a bailout which would fund the extorted money. Learn to read, big guy. — Bryan Ellis
This will be my last post to your Right Wing, racist and ignorant website. I’m sure I won’t be missed, as I won’t miss you or your cronies. I’ll look for a more intelligent and open forum to voice my opinions. Actually I may come back and make one more post: after Barrack Obama wins the Presidential election. Oh happy day!
I bet you think I don’t like Obama because he’s black. Come on, Anthony - do tell! Is that why I don’t like him? And you’re wrong about another thing: I’ll miss your comments quite a bit. In fact, if you’d like to write guest columns here expressing your views, that will be fine. Understand that you’ll be subjected to public criticism just as I am, but I’d welcome the opportunity to have a dissenting voice. — Bryan Ellis
I agree….He is a wolf in sheep’s clothing…comes across as a Savior but has his own agenda.
Next, someone’s going to invoke Hitler, and the conversation will be over.
http://www.kentimmerman.com/shakedown.htm
Well, Brian, you really created wild fire of controversy, and even tried to keep the race card out of the deal.
First, this is not the first time that I have heard about Mr. Jackson and the way he receives his income. You would have served youself better by not making Mr. Jackson the only target.
It is to bad that there is not some way of keeping people from wasting our tax dollars.
Second, I agree with Chas on the lack of pointing out that the “cronyizm” exist big time in our government both at local level as in white house.
None of this is right and needs to be stopped. The Dem’s want to raise taxes and I feel that our government on all levels needs to cut the FAT and elimate programs and services that are not needed, not raise taxes.
And I will keep my true feelings of J Jackson to myself.
Just don’t get me started about the Al Sharpton…my blood is already boiling (for several years now) about Jesse Jackson.
Brian, you started this as a good web site to get some otherwise hard to find real estate info and it seems now you are turning it into just a place for you and others to comment about just about everything. First it was on the Presdiental candidates, now Jesse Jackson. What next? And I know you can relate just about everything to real estate, like how each candidate will effect the real estate market, or how Jesse Jackson getting 100K will hurt Fannie Mae or Freddie Mac. But if you are going to start putting everything on this site because in some way it relates to real estate……..then count me out!
While I certainly would hate to see you go, I have no intention of changing the style of this website. It’s the fastest growing real estate website on the internet for a reason. It’s certainly true that there are some controversial topics here, but I won’t shy away from controversy. And if a story relates to the real estate market, as every single post here does, then it’s suitable material. — Bryan Ellis
Hey Bryan,
I appreciate most of the real estate stuff that you send us. However, I believe that you are somewhat over the top with your Jesse Jackson “rant.” I am black and a staunch Republican my entire life. I have never been a fan of Jesse Jackson. I can understand how you are upset that Jesse Jackson collected thousands of dollars from Freddie Mac and Fanny Mae. You call it extortion. What about the members of Congress Republican and Democrat demand largesse from all of those companies that want to feed at the public trough. Isn’t that also extortion?
While I think that extortion probably is the wrong word, you’ll get no argument from me on the premise of your statement. — Bryan Ellis
Please don’t think that Jesse Jackson speaks for all black people. He does not.
I don’t think that. And I don’t think I implied it either. If anyone feels I did make such an implication, here’s the clarification: I don’t think Jesse Jackson speaks for all black people. — Bryan Ellis
He has done some good with the money he has collected. Just as President Bush whom I voted for twice does not speak for all Americans; however, he represents the American people. Until recently the media had decided that there can only be four or five black leaders at a time. Whites are never put in this position. There is a diversity within the black community just as in the white community.
I completely agree with you. In fact, there’s nothing you’ve said here with which I disagree. Nor is there anything in your comments to disclaim or refute my comments. I think we’re on the same page, overall. — Bryan Ellis
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