You think Obama is some kind of pillar of change? Think again!!!

DaveH

**Here is a quick look into 3 former Fannie Mae executives who have brought down Wall Street.
**
Franklin Raineswas 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 ho w 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 the m 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 d etermined 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 Congressin 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 m ismanagement 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
*

weshole

So they can fuck up our country and bring it down just like they brought down their buisinesses.

? This user is from outside of this forum

DaveH;239107 wrote:
****


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
*

umm....all false....stop drinking the hannity koolaid http://www.snopes.com/politics/obama/fanniemae.asp

Parker

so you say "all false" and link it to a lefty website? c'mon chuck.....

? This user is from outside of this forum

since when is snopes lefty?

? This user is from outside of this forum

http://en.wikipedia.org/wiki/List_of_Barack_Obama_presidential_campaign_staff_members,_2008

Yes, it is wikipedia, but at least it has multiple sources to back up everything that is listed. The only name I find on the list of his advisors is Johnson, who is no longer with the campaign.

thrash

when people pass around specifics that are wrong like this they take ammo away from the general argument which IS accurate. that argument is roughly this:

The democrats, Obama included, have worked at every opportunity to extend the CRA system and resist reform OR oversight to CRA and Fannie/Freddie.

Fargostreet.com

You think Obama is some kind of pillar of change? Think again!!!