Here is a quick look into 3 former Fannie Mae executives who have brought down Wall Street and are associated with Barry:
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 and 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. So he got to keep $190 million, who says crime doesn't pay.
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 earnings 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 who was later forced from his position as Fannie Mae CEO. Take 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 was hired as a Senior Obama Finance Advisor and was selected to run Obama's Vice Presidential Search Committee. He later resigned when the personal loans from Countywide became public.
IF OBAMA PLANS ON CLEANING UP THE MESS - HIS ADVISORS HAVE THE EXPERTISE - THEY MADE THE MESS IN THE FIRST PLACE. Would you trust the men who tore Wall Street down to build the New Wall Street ?
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4 comments:
Mark:
You just cut + paste the RNC talking points! None of your threesome will be serving in the next administration.
Expect to see (Ann Arbor's own) Gene Sperling, Laura Tyson, Robert Rubin and Larry Summers very involved in the Obama Administration, just to name a few.
Paul Volker and Warren Buffett will be at the ready to offer rock solid advice.
"No Drama" Obama is the steady hand, rather than an erratic old warrior far outside of his area of expertise.
Just goes to his lack of judgement again in who he choses to associate himself with. Now he is changing his story again about Bill Ayers. Before he was just a guy who lived in the neighborhood. Now Barry claims he was associated with him but he didn't know anything about his past. This new claim is more ridiculous than his previous lies.
Just like he sat in Reverend Wright's church for 20 years and never heard him say anything inflammatory.
So what has Barry done in his life to lead you to believe he has more economic savvy than John McCain? "The steady hand" where did you come up with that joke? I am still waiting for your answer for what he has done since he was elected to the Senate that qualifies him to be the President.
Obama is qualified to be president because he prevailed in the grueling primary contest that put him where he is today. (Frankly, he's done little else since taking office)
Your girl Palin simply had to answer the phone and say yes to get where she is. Serious Republicans are not happy with the choice. The born-again base is delighted with the imprudent pick.
If you have paid attention the past couple of weeks you'd have seen one candidate behaving erratically and cynically (he tried to scuttle the rescue just so he could save it) and the other maintaining a poised, steady course. I wonder if the voters have noticed? :)
Barry won the nomination because in the Primaries voter turnout is not that great and it is usually the Zealots who do cast their votes. The extreme left wing has become a commanding force in the Democratic party and like the ultra socialist better to ram their anti American agenda home.
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