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| Name: |
water_watcher
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| Subject: |
Who brought down Wall Street
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Date:
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10/2/2008 6:50:54 PM
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Here is a quick look into 3 former Fannie Mae executives who have brought down Wall Street. Where are they now ... see the answer at the bottom.
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.
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 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 hired as a Senior Obama Finance Advisor and was selected to run Obama's Vice Presidential Search Committee
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| Name: |
UncleSam
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| Subject: |
Not true
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Date:
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10/3/2008 1:20:27 AM
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I got this same email, and checked into it. (Myth Buster, why am I doing your job?) Turns out that none of it is completely true, most of it contains the barest hint of once being almost true, and part of it is a bald-faced lie.
"Although at least some of these men have had connections to the Obama campaign at one time or another, none of them has (or apparently ever had) ongoing roles with that campaign as chief economic advisors.
>>>Franklin Raines has had some dealings with the Obama campaign, but he never held any actual position within the campaign, and his involvement with it was not nearly as substantial as implied here. As the Washington Post reported when a McCain campaign commercial attempted to link Raines with the Democratic candidate, the whole substance of the connection between the two men was that Raines "had gotten a couple of calls from the Obama campaign" in which they talked about "general housing and economy issues."
>>>In May 2008, Senator Obama (who at the time was the Democratic Party's presumptive presidential nominee) tapped Johnson to lead the group that was vetting potential vice-presidential running mates for him. Johnson resigned from that position a month later after news accounts surfaced that he had received more than $2 million in home loans at below average market rates from Countrywide Financial (a partner of Fannie Mae).
>>>Tim Howard, the former CFO (chief financial officer) of Fannie Mae, was caught up in the same accounting scandal that undid Franklin Raines, and (like Raines) resigned from the company in 2004. We haven't yet found any substantive connection between Tim Howard and the Obama campaign, however, much less any information supporting the claim that Howard is (or was) a "Chief Economic Advisor to Obama."
URL: Believe it or not
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| Name: |
lamont
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| Subject: |
Yeah......
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Date:
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10/3/2008 8:36:09 AM
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| Name: |
lamont
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| Subject: |
Yeah......
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Date:
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10/3/2008 8:37:12 AM
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All coincidental I'm sure.
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| Name: |
MartiniMan
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| Subject: |
More bodies under the bus
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Date:
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10/3/2008 11:13:56 AM
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This is getting to be a disturbing trend.
Obama closely associates himself with an unrepentant terrorist and he is "just some guy that lives in my neighborhood". Read what Kurtz and Freddoso have written and you will see what a liar Obama is.
He spends 20 years in the pews of an America-hating, venom spewing racist preacher, could no more disown him than he could his father, and then ejects him the moment he becomes a true political liability.
Speaks affectionately of his grandmother and then accuses her of being a "typical white person" that is afraid of young black men (as is Jesse Jackson by the way).
Takes loans and works out sweetheart deals with Rezko (now in prison) when it benefited him and now that he no longer needs that part of the CHicago machine he "distances" himself form him.
Associates with the Fannie and Freddie crowd (Johnson through Raines) but now that their abomination has come to light he is "distancing" himself from them and minimizing their roles in his campaign.
Two very disturbing trends: 1) who this guy chooses to associate with when it is financially or politically expedient which goes to his judgment, or lack thereof; and 2) how easily and effortlessly he throws them under the bus once he no longer needs them or they become a liability. Once again, the mainstream media is AWOL because they are part of the Obama campaign. If Obama were a Republican he would have never gotten into the Senate, let alone running for President. And that is an indisputable, undeniable, rock-solid fact!!!
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| Name: |
Talullahhound
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| Subject: |
More bodies under the bus
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Date:
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10/3/2008 2:54:36 PM
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MartiniMan, I think you are begining to outdo yourself. You are becoming rabid.
Just think, in a few weeks when Obama wins, you'll be able to get one of those nice bumper stickers that says "Don't blame me, I didn't vote for him."
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| Name: |
water_watcher
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| Subject: |
More bodies under the bus
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Date:
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10/3/2008 6:20:44 PM
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You are good. Seriously. Excellent post. Thank you.
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| Name: |
MartiniMan
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| Subject: |
If the truth makes me rabid
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Date:
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10/9/2008 5:07:35 PM
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then I accept the adjective. It's funny, you don't have anything to say in opposition to these facts but to call me names. That's OK, I can live with that.
As for what I will do if Obama is elected, it will be exactly what I did before. I will run my business to the best of my ability, God willing I will continue to earn a very good living to support my family, I will try to create more jobs (at 240 and counting in 10 years) given the consequences of the anticipated tax and spend liberalism and I will do everything in my power to avoid paying one penny in taxes more than I have to. Thats what creative accountants and lawyers are for. I will go to Church each Sunday, raise my children to be virtuous, respect life from conception to natural death and contribute to society rather than be dependent on government and I will support conservative principals and free markets. In short I will continue to do what I do and enjoy life to its fullest.
Believe me, the people that will be hurt are the middle class when jobs are lost but I will be just fine. If Pelosi and Reid are any indicator of what another wacky liberal in the White House will be like it will be an interesting, entertaining and damaging four years.
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