The Wall Street Mess and Obama

[fishbum]

More arousing info for you.





Here is a quick look into 3 former Fannie Mae executives who have
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 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


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?

[DJD]

Been hearing this on and off now. Doesn't surprise me in the least. If this would have been Repubs who ran this then the story would be Headlined daily but as you see Barry and his fans controlled the damage. This is "change" for sure but in the wrong direction. Barry is dirty...

[MsgMills]

Barry's got to be dirty, since he sold drugs to the people of Chicago to earn his money. A snake will lie with a snake and wait for the mouse to come by......Only thing is I see him as the snake that he is and try and let everyone I know and come into contact with know about his true self.....I finally opened my wife's eyes to not vote Democrat this election year......

[DJD]

Barry's got to be dirty, since he sold drugs to the people of Chicago to earn his money. A snake will lie with a snake and wait for the mouse to come by......Only thing is I see him as the snake that he is and try and let everyone I know and come into contact with know about his true self.....I finally opened my wife's eyes to not vote Democrat this election year......

Great job man!! What did you bribe her with er...uh... nevermind.