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 irregularities 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 pofits.
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
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 – SINCE THEY MADE THE MESS IN THE FIRST PLACE!
SO, THE QUESTION YOU NEED TO ASK YOURSELF IS:
Would you trust the men who tore Wall Street down
to build the New Wall Street?????
With the Elections Just Two Weeks Away…
GOA’s Voter Guide is now more user-friendly than ever!
Gun Owners of America E-Mail Alert
8001 Forbes Place, Suite 102, Springfield, VA 22151
Phone: 703-321-8585 / FAX: 703-321-8408 http://www.gunowners.org
Tuesday, October 21, 2008
The GOA Political Victory Fund website is now hosting GOA’s voter guide ratings. If you haven’t checked out the ratings for the candidates who are running for Congress in your state, now is the time to do so.
You can go to http://www.goapvf.org to check out the new face lift.
Congressional and presidential ratings are all in one place now, and users will find the information they’re looking for in a much timelier manner.
The election is now just two weeks away! And while most candidates are running from the gun issue, GOA’s ratings hold their feet to the fire.
You owe it to yourself to check out the record of those who are trying to represent you in Congress, and to encourage others you know to check out the ratings as well.
GOA hopes you will make use of this valuable tool and share it with yourfamily and friends. Please distribute this e-mail far and wide. Thank you!
Are You A Bitter Clinger?– 3XL Now Available
Who is a Bitter Clinger? According to Sen. Barack Obama, who was recorded unawares at a San Francisco fundraiser, bitter clingers are
voters who are bitter because of their economic frustration and so cling bitterly to their Bibles and their guns.
If you are a bitter clinger, Gun Owners of America has a T-shirt for you!
You can proudly proclaim your membership in this class of people so looked down upon by the elites in our country.
To see the Bitter Clinger T-shirt, and for ordering information, go to:
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