It turns out that Jim Johnson was not the man Barack Obama thought he knew. The presumptive Democratic Presidential nominee threw the former Fannie Mae CEO over the side as his Vice Presidential vetter yesterday, only a day after he'd said that Mr. Johnson was only "tangentially related" to his campaign and that criticism was a "game that can be played."

Mr. Johnson was cast off after the Journal disclosed that he had received sweetheart loans from Countrywide Financial – the very firm that Mr. Obama has specifically...