>
> 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 c onceding 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 billion.
>
>
> Raines left with a "golden parachute valued at 0
> 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 accountin g 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
> 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 manipu late 1998 earnings to trigger
> bonuses. Raines
> and Howard resigned under pressure in late 2004.
>
>
> Howard's Golden Parachute was estimated at
> 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) 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 million and million
> when it fact it was 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
> 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 Co
> mmittee
>
>
>
>
>
> 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 ?
Most people don't care, Donn. Sad but true. I mean in spite of this, Obama continues to rise in the polls. I just don't get it.LISTENING TO LORSTERS BABBLING. I CAN SEE WHY HE'S RISING IN THE POLLSDONN , You really need to check your facts before putting
YOU WANT ME TO BRING IN THEIR BANK BOOKS? HILLHONEY STOP TALKING FOOLISH FOR A CHANGE.
No I want you to prove that they are high ranking economic advisors for Barak Obama. Cause it just ain't so!DONN , I do think that you have proven that the "miss- facts" that youPROVE IT, HILLHONEY
Don't need to, DONN. You're the one making the allegations.Clearly a partisan video - but plenty of clips from CSPAN with many of the 'players' and their own words: