Joined Jan 27, 2008
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Here is a quick look into 3 former Fannie Mae executives who have brought down Wall Street.
Franklin Raines was a Chairman and Chief Executive Officer at Fannie Mae. Raines was forced to retire from his position with Fannie Mae when auditing discovered severe irregulaties in Fannie Mae’s accounting activities. At the time of his departure The Wall Street Journal noted, ‘ Raines, who long defended the company’s accounting despite mounting evidence that it wasn’t proper, issued a statement late Tuesday conceding that ‘mistakes were made’ and saying he would assume responsibility as he had earlier promised. News reports indicate the company was under growing pressure from regulators to shake up its management in the wake of findings that the company’s books ran afoul of generally accepted accounting principles for four years.’ Fannie Mae had to reduce its surplus by $9 billion.
Raines left with a ‘golden parachute valued at $240 Million in benefits. The Government filed suit against Raines when the depth of the accounting scandal became clear. http://housingdoom.com/2006/12/18/fannie-charges/ . The Government noted, ‘The 101 charges reveal how the individuals improperly manipulated earnings to maximize their bonuses, while knowingly neglecting accounting systems and internal controls, misapplying over twenty accounting principles and misleading the regulator and the public. The Notice explains how they submitted six years of misleading and inaccurate accounting statements a nd inaccurate capital reports that enabled them to grow Fannie Mae in an unsafe and unsound manner.’ These charges were made in 2006. The Court ordered Raines to return $50 Million Dollars he received in bonuses based on the miss-stated Fannie Mae profits.
Tim Howard – Was the Chief Financial Officer of Fannie Mae. Howard ‘was a strong internal proponent of using accounting strategies that would ensure a ‘stable pattern of earnings’ at Fannie. In everyday English – he was cooking the books. The Government Investigation determined that, ‘Chief Financial Officer, Tim Howard, failed to provide adequate oversight to key control and reporting functions within Fannie Mae,’
On June 16, 2006, Rep. Richard Baker, R-La., asked the Justice Department to investigate his allegations that two former Fannie Mae executives lied to Congress in October 2004 when they denied manipulating the mortgage-finance giant’s income statement to achieve management pay bonuses. Investigations by federal regulators and the company’s board of directors since concluded that management did manipulate 1998 earn ings to trigger bonuses. Raines and Howard resigned under pressure in late 2004.
Howard’s Golden Parachute was estimated at $20 Million!
Jim Johnson – A former executive at Lehman Brothers and who was later forced from his position as Fannie Mae CEO. A look at the Office of Federal Housing Enterprise Oversight’s May 2006 report on mismanagement and corruption inside Fannie Mae, and you’ll see some interesting things about Johnson. Investigators found that Fannie Mae had hidden a substantial amount of Johnson’s 1998 compensation from the public, reporting that it was between $6 million and $7 million when it fact it was $21 million.’ Johnson is currently under investigation for taking illegal loans from Countrywide while serving as CEO of Fannie Mae.
Johnson’s Golden Parachute was estimated at $28 Million.
WHERE ARE THEY NOW?
FRANKLIN RAINES – Raines works for the Obama Campaign as Chief Economic Advisor
TIM HOWARD – Howard is also a Chief Economic Advisor to Obama
JIM JOHNSON – Johnson is Senior Obama Finance Advisor and was selected to run Obama’s Vice Presidential Search Committee
OBAMA PLANS ON CLEANING UP THE MESS –
Would you trust the men who tore Wall Street down to build the New Wall Street?
Question: What is America’s first line of missile interceptor defense that protects the entire United States?
Answer: 49th Missile Defense Battalion of Alaska National Guard.
Question: What is the ONLY National Guard unit on permanent active duty?
Answer: 49th Missile Defense Battalion of Alaska National Guard
Question: Who is the Commander in Chief of the 49th Missile Defense Battalion of Alaska National Guard?
Answer: Governor Sarah Palin, Alaska
Question: What U.S. governor is routinely briefed on highly classified military issues, homeland security, and counter terrorism?
Answer: Governor Sarah Palin, Alaska
Question: What U.S. governor has a higher classified security rating than either candidate of the Democrat Party?
Answer: Governor Sarah Palin, Alaska
According to the Washington Post, she first met with McCain in February, but nobody ever found out. This is a woman used to keeping secrets. She can be entrusted with our national security, because she already is.
Now you DO know!
Eat a dick, I like my guns, maybe you should get rid of your fucking dirty filthy cars and computers that just pollute. Douche.
How is Obama going to do SH*T if the democrats already have full charge of congress and haven’t done anything?
Democrats got us in this mess when they made banks give loans to people who can’t afford them! TOO much government regulation screwed us and now you all want more?
It doesn’t matter, we are doomed. Wait for 12/21/2012
“Democrats got us in this mess when they made banks give loans to people who can’t afford them! TOO much government regulation screwed us and now you all want more?”
Wow, what a tool. You’re a fucking idiot.
Couldn’t agree more w/ your thoughts.. Its too bad we can’t have an independent party to vote for as i believe this country needs a political revolution. why only democrats and republicans?? i think if there was a 3rd option, everyone would be suprised at how many people would not vote for the democrats or republicans as both parties are utterly fucked up…
Dude,
Dont matter how many racists are out there. Obuma’s got it. Look – democrats vote democrat, and GOPs vote GOP. They dont give a shitake mushroom what the race of the candidate is. No white democrat is gonna switch party lines. And black dems will come out in droves. Mark my words – Obuma for the next 8 years.