Wednesday, October 8, 2008

Some things to consider...

I think we as Americans need to know this, as it will never be

 on the news.  Please pass this on to everyone you know and care

 about.  I am for action against

 those who put us in this situation. I think where they are now is very scary.  I am tired of

 Bush being blamed for

 everything.  I hope you have time to read all of this and will send it on.  I hope the silent majority will be alive and well

 and ready to vote on election day.



Be sure to read the "where they are now"!!
                 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.

/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 resigned under pressure in late 2004. Howard's Golden Parachute was

 estimated at $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 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.



FRANKLIN RAINESRaines 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




Would you trust the men who tore Wall Street down to build the New Wall Street ?

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