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FW: 3 men who helped pull down Wall Street - Where they are now


Subject: FW: 3 men who helped pull down Wall Street - Where they are now
 



Subject: 3 men who helped pull down Wall Street - Where they are now



 
Where is the outrage? Why aren’t the Occupy Wall Street protesters clamoring for these people to be punished for bringing down our entire economy? (Answer: They are all Democrats who are favorites of Obama!)     
   
The 3 men who helped pull down Wall  Street...

Be sure to read the "where they are now" at the end  !!


Here's a quick look into the three former Fannie  Mae executives who 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 irregularities in Fannie Mae's accounting  activities. At the time of his departure The Wall Street  Journal <http://www.wsj.com/
 <http://www.wsj.com/> 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/
 <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.

Net windfall . . . $190  million!

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 <http://www.ofheo.gov/media/pdf/FNMSPECIALEXAM.PDF
<http://www.ofheo.gov/media/pdf/FNMSPECIALEXAM.PDF> 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 his Chief Economic Advisor.

TIM HOWARD?  Howard is a  Chief Economic Advisor to Obama under Franklin Raines.

JIM  JOHNSON?  Johnson was hired as a Senior Obama  Finance Advisor and was selected to run Obama's Vice Presidential  Search Committee.

6 comments:

Anonymous said...

Where is the outrage? Why aren’t the Occupy Wall Street protesters clamoring for these people to be punished for bringing down our entire economy?

Are you assholes really not paying attention? These are exactly the kinds of people that OWS is mad at. Maybe if you didn't spend so much time demonizing the OWS people you might have a clue as to what they are actually protesting about.

(Answer: They are all Democrats who are favorites of Obama!)

Bullshit. Some were Democrats, most were not, and the overall trend was highly Republican: less regulation, less oversight, less caution, less honesty, all in the name of MORE MONEY. That's pretty much as Republican as you can get.

FRANKLIN RAINES? Raines works for the Obama Campaign as his Chief Economic Advisor.

TIM HOWARD? Howard is a Chief Economic Advisor to Obama under Franklin Raines.

JIM JOHNSON? Johnson was hired as a Senior Obama Finance Advisor and was selected to run Obama's Vice Presidential Search Committee.


False. False. And False. Its just amazing the capacity Republcians have for telling and accepting outright lies. I know it shouldn't be amazing after so many years, but I just can't grasp it. How is it that you fuckers lie so much? How?

Ken said...

http://www.snopes.com/politics/obama/fanniemae.asp

Thx 4 Fish said...

Anon:
The hugely successful implementation of Republican economic policies over the last 30 years have been disastrous, and have crippled and corrupted our entire political, social and economic system. The Republicans had a choice in 2008 when things went bad, they could accept that changes needed to be made in their thinking and in their governing, or they could double down on the bad policies with worse rhetoric. They chose the latter. Lies and more outrageous lies are ALL they have now.

gruaud said...

Great comments, every one.

Ken said...

http://www.factcheck.org/2008/10/obamas-economic-advisers/


Fact Check.Org like Snopes one of those left wing sites you know the kind that always document where there facts come from that’s how you know there left wing.

Shaik said...

Outstanding post! I highly appreciate, such as great stuff here.

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