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> FreddieMac/FannieMae Takeover, Govt. takeover of 7 trillion debt!
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Fionna Machumhail 
Posted: 30-Sep-2008, 02:30 PM
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Hmmmm. Go figure.

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Patch 
Posted: 30-Sep-2008, 04:18 PM
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QUOTE (valpal59 @ 30-Sep-2008, 03:11 PM)
I received this email today.

Here is a quick look into 3 former Fannie Mae executives who have helped bring 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 (Wednesday, Dec.22, 2004) 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 (Dec. 21, 2004) 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. The government filed suit against Raines when the depth of the accounting scandal became clear. See:

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. 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 left Fannie Mae under pressure in December 2004. Raines's departure was structured as an early retirement. Howard resigned.

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 was hired as a Senior Obama Finance Advisor and was selected to run Obama's Vice Presidential Search Committee

That should be an indication of things to come if Obama is elected. Do not think McCain is clean either though! He as an advisor who was/is lobbying for the financial sector.

As Bill Balsamico stated on his business sign: If McCain and/or Obama are the answer, it must have been a stupid question!"

Slàinte,    

Patch 

The "Keating Five" included McCain and a Bush!       
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valpal59 
Posted: 30-Sep-2008, 04:55 PM
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QUOTE (Patch @ 30-Sep-2008, 04:18 PM)
That should be an indication of things to come if Obama is elected. Do not think McCain is clean either though! He as an advisor who was/is lobbying for the financial sector.

As Bill Balsamico stated on his business sign: If McCain and/or Obama are the answer, it must have been a stupid question!"

Slàinte,    

Patch 

The "Keating Five" included McCain and a Bush!       

Yes, I realize that McCain is up to his neck also. I don't think there is a person in politics that isn't to some extent.

I want to thank all of you that post in the politics forum and are knowledgeable about politics. I am one of the people that is guilty of burying my head in the sand.
Because of you all I have learned alot and I am doing my best to be more responsible.


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Patch 
Posted: 30-Sep-2008, 06:20 PM
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I just caught on PBS News in a McCain "release" that in place of a bail out bill the Govt should use the "one trillion already voted by congress to buy bad mortgages." (?!) I do believe I smell a dead rat!!!!!!!!!!! It appears we are being lied to big time!!!!

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Patch

The "Keating Five" included McCain and a Bush!          
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Jillian 
Posted: 30-Sep-2008, 10:10 PM
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QUOTE
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 was hired as a Senior Obama Finance Advisor and was selected to run Obama's Vice Presidential Search Committee -Valpal59


Ahh yes, the Fannie Mae/Freddie Mac plot thickens to a paste. Yeah, let's not be so busy busting on John McCain [though he deserves it too] and staring with star-stricken eyes, that we forget that Obama is as slick as they come.

Constitution Party he we come!

Jillian


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Jillian 
Posted: 30-Sep-2008, 10:21 PM
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QUOTE
I just caught on PBS News in a McCain "release" that in place of a bail out bill the Govt should use the "one trillion already voted by congress to buy bad mortgages." (?!) I do believe I smell a dead rat!!!!!!!!!!! It appears we are being lied to big time!!!! -Patch


So where does your gut tell you that rats are headin' Patch? Gov't owned mortgages that front-end like a dream for American citizens and back-lash like the whip of a Gila monster's tail after they skyrocket interest rates when the market recovers? What conditions would the "saved mortgagees" have to live by? How about adjustable scaled loans where you pay a cheap interest on the front-end and on the tail-end your interest in through the roof? How about rounding up all of those CEO's who haven't paid off their college loans? If I were a rotten politician I'd be working w/the other side to save my ass-ets.

Jillian
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Patch 
Posted: 30-Sep-2008, 11:41 PM
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That is part of the secrecy. Someone will have to make the payments and we are fast moving into severe unemployment. Then they can not pay. I assume they will be write off's and the real estate sold to "cronies" at a big loss. We have been in a downward spiral for some time and nearly a trillion dollars in bail out money, maybe more has not helped. Prior to "29" we had a depression about every 30 years. The Fed. Reserve has staved that off for 79 years and maybe it isn't stoppable any more. This is new territory. If we spend trillions and it does no good, we will be in the midst of a nightmare. Creating lines of credit to prop the mess up only postpones the fall to someone elses watch and that seems to be the political game now. There is talk of insuring 250 K in deposits, but wit what. We have to get real, America is broke!! There is not a painless way out of this.

McCain's failed rush to Washington to save the economy appears to have pushed Obama into the lead in the key states. There is still time for a turn around and even martial law.

Slàinte,    

Patch

The "Keating Five" included McCain and a Bush!    
      
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