Obama’s Staff Part Of Economic Problems!

October 7, 2008 at 9:47 pm Leave a comment

I apologize for the format of this post, but this information was sent to me in an email, and I wanted to forward this everyone.

> > 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 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. Rich ard 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 is a former executive at
> > Lehman Brothers 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 ?

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