re: Raines & FNM ["Is this statement false?"]
No.
google.com
And what pisses me off the most... is the SOB didn't even have to sleep with Barney Frank to get it.
There are plenty of people on both sides of the aisle to blame on this one... but, Franklin Raines was the CEO, he reaped the greatest financial rewards of anyone, and he COOKED THE BOOKS for great personal gain, and that false picture of Fannie's health led to the final blow off top and ultimate meltdown... for which you and I, and our children -- will pay for.
So why isn't the book cookin' piece of shit in jail?
...political connections.
And those connections aren't from the Republican side.
From the prior linked post:
Raines left with a “golden parachute valued at $240 Million in benefits. (Salary, stock, options, pension, benefits)
The Goverment filed suit against Raines when the depth of the accounting scandle became clear.
housingdoom.com
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.
["Again, Raines did EXACTLY the same thing Ken Lay and Jeff Skilling did at Enron, and what Bernie Ebbers did at
World Com. But while they sit in jail (Lay's dead) Raines campaigned and raised money for Obama"]
The Notice explains how they (Raines) 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.
nytimes.com
nytimes.com
query.nytimes.com
The Court ordered Raines to return $50 Million Dollars he received in bonuses based on the mis-stated Fannie Mae profits.
WHERE IS RAINES NOW ?
Raines works for the Obama Campaign as Chief Economic Advisor.
en.wikipedia.org
youtube.com
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