One of the few good things going for Obama..

D

darryl

His apparent, stronger (than McCains) desire to go after corporate corruption. I guess not...

Three former Fannie Mae executives

Here is a quick look into 3 former Fannie Mae executives who have helped to bring 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.
DoomWatch - Former Fannie Mae Executives Charged | Housing Doom .
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
Click to expand...

Cliffs:
-Chief Economic Advisers for the Obama Campaign: Franklin Raines, Tim Howard

Spoiler

-Senior Financial Adviser selected to run Obama's VP search committee: Jim Johnson

Spoiler
 
yeah, and obama received more money in two years from the mortgage giants than all the other senators except for 1 (dodd....)

oh and john kerry was # 3...


and these are the people asking for 700B to give to them now... lollollollollol
 
why do they both publicly state how they are going after corporate corruption but they both support the bill to bail out the investment banks

am I misunderstanding something?
 
Murrell said:
why do they both publicly state how they are going after corporate corruption but they both support the bill to bail out the investment banks

am I misunderstanding something?
Click to expand...

I'd bail my friends out too if I could do it with other people's money.
 
Murrell said:
why do they both publicly state how they are going after corporate corruption but they both support the bill to bail out the investment banks

am I misunderstanding something?
Click to expand...

I can tell you why obama does - because they've given him 120k+ in the last 3 years.


I'm not sure why mccain is, I'm disappointed in him.
 
Murrell said:
someone give me a serious response please
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our responses aren't serious?

they're bailing out the people who have supported their campaigns - its how it fucking works. they don't call the lobbyists for nothing, and said lobbyists don't give them money just because they're feeling generous.
 
I'm 100% serious. That's exactly what I see as their primary motivation.

Fixing LIBOR reporting and bank to bank transactions is just a secondary benefit.
 
I doubt any of TW's reasonable democrats will respond to this because they know it's hypocritical.
 
Fool said:
I doubt any of TW's reasonable democrats will respond to this because they know it's hypocritical.
Click to expand...

yeah it just fucking blows my mind. i thought it was way too obvious to be true anyway. elessar i misread your post my bad dude
 
Murrell said:
why do they both publicly state how they are going after corporate corruption but they both support the bill to bail out the investment banks

am I misunderstanding something?
Click to expand...
Yes. I'm not sure whether they talk about going after corporate corruption, but let's say they do. I don't think the institutions targetted by this plan have any particularly strong correlation with corruption. Also, the goal is to get companies to extend credit to each other again, in hopes of lessening the economic distress of the whole country.
 
" One of the few good things going for Obama.."

He's got 16 million fucking threads on TW about him. I don't give a shit about your opinion
 
we can expect another week or two of the GOP obsession with fannie mac...

(they wont talk about how Mccain's campaign manager, Rick Davis, has been the top lobbyist for Fannie Mac and was still getting paid by them $15,000 a month until the govt took over and shut it down)


newsflash: independents dont appear to be buying into more GOP smears and distortions...

2zdum9t.gif
 
TseTse said:
we can expect another week or two of the GOP obsession with fannie mac...

(they wont talk about how Mccain's campaign manager, Rick Davis, has been the top lobbyist for Fannie Mac and was still getting paid by them $15,000 a month until the govt took over and shut it down)


newsflash: independents dont appear to be buying into more GOP smears and distortions...

2zdum9t.gif
Click to expand...

yeah and the dem's wont talk about how much money dodd, obama, and kerry have received from them either.
 
Yes we saw the chart already TseTse, and it'll probably be different in a week by your own admission.
 
I don't know that i've heard him stump about corporate corruption. Corporate greed, yes. I'm probably wrong here, tho.

Personally, I don't think Obama is Jesus. It's just that McCain is a psycho case/doddering idiot. But then, i'm an independent, not a democrat.
 
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