To: GROUND ZERO™ who wrote (59718 ) 11/4/2011 6:18:47 PM From: Oblivious 4 Recommendations Read Replies (2) | Respond to These bastards should have been stripped of everything and sent to prison. It's far worse than Enron which didn't cost the taxpayers anything but these three cost taxpayers billions. It's no surprise they are now employed in Obama's cesspool . Here's a quick look into the three former Fannie Mae executives who brought down Wall Street...and where they are now! 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. $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." The Court ordered Raines to return $50 Million Dollars he received in bonuses based on the miss-stated Fannie Mae profits. His Net windfall . . . $190 million! 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 . Mae," 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 ended up with an estimated $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 $28 Million ! FRANKLIN RAINES? Raines works for the Obama Campaign as his Chief Economic Advisor. TIM HOWARD? Howard is a Chief Economic Advisor to Obama under Franklin Raines. JIM JOHNSON? Johnson was hired as a Senior Obama Finance Advisor and was selected to run Obama's Vice Presidential Search Committee.
