A glimpse at three former Fannie Mae executives who brought Wall Street down
Franklin Raines, the Chairman and Fannie Mae Chief Executive Officer. Raines took a forced retirement from his Fannie Mae position when auditing uncovered acute irregularities in the accounting activities of Fannie Mae. Raines left is position using a "golden parachute with a value of more than $240 Million worth of benefits. The Federal Government filed a lawsuit against Raines as the extent of the accounting outrage came into focus.
Tim Howard, the Chief Fannie Mae Financial Officer. He was was a tough internal advocate of making use of accounting strategies to ensure a "stable earnings pattern" for Fannie. Federal regulators Investigations and subsequently along with the board of directors of the company came to the conclusion that senior management manipulated the 1998 earnings as a way to trigger bonuses. Raines along with Howard were forced to resign under demands in the late part of 2004. The Golden Parachute for Howard had an estimated value of $20 Million!
Jim Johnson, Former Lehman Brothers executive who was subsequently forced to resign from his CEO Fannie Mae position. Investigators discovered Fannie Mae had concealed a significant portion of Johnson's 1998 income from the public, stating the amount was in the range of $6 million to $7 million when in reality it was more like $21 million dollars." Johnson is being
investigated for obtaining illegal real estate loans from Countrywide as he served as the Fannie Mae CEO. The Golden Parachute for Johnson was an estimated $28 Million.
Guaranteed to Fail
a book that details how poorly run government guarantees for mortgage giants Fannie and Freddie led up to the U.S. mortgage finance debacle, ponders different proposals of reform, and presents practical sensible recommendations. In spite of repeated requests for tougher proceedings, Washington has moved the opposite direction expanded their scope of loan guarantees.
WHERE ARE THEY TODAY?
FRANKLIN RAINES? Raines works as the Chief Economic Advisor with the Obama Campaign.
TIM HOWARD? Now a Chief Obama Economic Advisor serving under Franklin Raines.
JIM JOHNSON? Hired on as an Obama Senior Finance Advisor and chosen to run the Vice President Search Committee for Obama.
Does all of this Kinda' makes you nauseous? Is our present government rotting at the core ! Are we all stupid or what? Be sure to vote in the 2012 election.
It is the single most insignificant election of our lifetime...
Pass this on as it's a revelation of the extent of corruption within the Obama administration.
Feb 5, 2012