Jim attended the University of Minnesota, where he was elected student body president in his sophomore year. The blog post cites Jim Parrott, ... that the newly unsealed documents point out that in 2012 just before the Net Worth Sweep began, Fannie Mae ... Remembering Former Fannie Mae CEO James A. Johnson. [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. 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. 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. 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. After Mr. Mondale’s term ended in 1981 with President Jimmy Carter’s re-election defeat, Mr. Johnson formed Public Strategies, a political consulting firm, with Richard C. Holbrooke, who became a top diplomat in several Democratic administrations. [12] In 1974, Mondale considered a run in the 1976 presidential primaries with an exploratory committee which Johnson helped create. Appointed as chief executive of Fannie Mae in 1991, Johnson … Before working for Fannie Mae, Johnson co-founded the private consulting firm Public Strategies with diplomat Richard Holbrooke. He also aided in several presidential runs. Let’s not forget that, ... “Under Johnson, Fannie Mae led the way in encouraging loose lending practices among the banks whose loans the company bought. [39][40] Since 2011, he has been chairman of the Advisory Council for the Stanford University Center on Longevity. [29] However, Johnson soon became a source of controversy when it was reported that he had received $7 million in cut-rate mortgage loans directly from Angelo Mozilo, the CEO of Countrywide Financial, a company implicated in the U.S. subprime mortgage crisis. The man responsible for the change was James Johnson, a close aide to Vice President Walter Mondale who came to Fannie Mae in 1990. From 1990 to 2000, the company's stock grew 500 percent. 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. 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. Fannie Mae and Freddie Mac continue to suffer losses three years after being taken under government conservatorship. A 2006 OFHEO report found that Fannie Mae had substantially under-reported Johnson's compensation. Originally reported as $6–7 million, Johnson actually received approximately $21 million. As chairman and chief executive, he led Fannie Mae to record profits; its net income more than tripled to $3.91 billion in 1999, the year after he retired. Read Full Summary [2], While a student at the University of Minnesota, Johnson began his political career as a volunteer on the 1968 presidential campaign of Eugene McCarthy. 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. [30] Johnson resigned from the vice presidential search committee on June 11, 2008, stating that he had done nothing wrong but did not want to distract attention from Obama's "historical effort". James A. Johnson, Democratic Power Broker, Dies at 76. [10] From 1973 to 1976, Johnson served as director of public affairs at the Dayton-Hudson Corporation (now Target Corporation). This enabled top executives, including Johnson and his successor, Franklin Raines, to receive substantial bonuses in 1998. He was also chairman of both the Kennedy Center for the Arts and the Brookings Institution. Jack Kennedy was a friend of mine. Within two blocks, there were 14 houses filled with his aunts, uncles and cousins. His father, Alfred Ingvald Johnson, owned a grocery store and was a real estate broker. [12][14], In 1981, Johnson co-founded Public Strategies, a private consulting firm, with diplomat Richard Holbrooke. [12][13] In 1976, he was deputy director of Mondale's vice-presidential campaign[12] and was executive assistant to the Vice President during the entire Carter Administration. His son, Alfred, said the cause was complications of a neurological disease. Mr. Mondale said in the interview that his landslide loss of 49 states to President Ronald Reagan was no reflection on Mr. Johnson. He died on Oct. 18 at his home in Washington. 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. [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. With funding from the Fannie Mae Foundation, he started the think tank’s Center on Urban and Metropolitan Policy, now the Metropolitan Policy Program. Hugh Frater biography. 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. From 1999, when the company went public, until May 2018, he served as chairman of the compensation committee at Goldman Sachs. 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. A member of the Democratic-Farmer-Labor Party, the elder Mr. Johnson was elected to the state legislature and became speaker of the House in the late 1950s. He underwrote free programming to make the arts more accessible to people who couldn’t afford Kennedy Center tickets. Fannie Mae generated $.5 Billion in cash adjusted for non-cash items. [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. “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 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. Once called “the chairman of the universe,” he led Fannie Mae, the Kennedy Center and the Brookings Institution. [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. 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. In part as a result of those changes, Fannie’s net income more than tripled from $1.17 billion in 1990 to $3.91 billion in 1999, the year after Mr. Johnson retired. [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. Fannie's annual salary is between $30 - 39,999; properties and other assets push Fannie's net worth over $50,000 - $99,999. Johnson and Fannie Mae were not alone in loading taxpayers with financial risks. When people would ask, he said in a 2016 oral history, he would say, “I do some kind of combination of public policy, politics, government, philanthropy and business.”, At another juncture, he explained his work this way: “I talk.”, In April 2004, as he declined to divulge details of the vice-presidential search he was leading for the soon-to-be Democratic presidential nominee, Senator John Kerry, he told The New York Times, “I would discreetly characterize myself as discreet.”. 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