Wednesday, October 8, 2008

Update: Exploring Crap Sandwich 2.0

As I predicted yesterday, the video was pulled. It has resurfaced with minor changes, thanks to the censors at NBC. Michelle Malkin adds her wonderful insight for the reasons it was pulled and then reintroduced. She also provides a video regarding the Palin incest comments. Take the time to review Malkin's article. This a very accurate, in my opinion, comic portrayal of what we each get to take a bite.

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. 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 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.

                 
WHERE ARE THEY

 NOW?


                 
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


                 IF OBAMA PLANS ON CLEANING UP THE MESS -

HIS ADVISORS HAVE THE EXPERTISE -

THEY MADE THE MESS IN THE FIRST PLACE.  

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

Tuesday, October 7, 2008

Ye Gods! Panic and Calamity!

A fun discussion of the current financial hanky-panky can be found here:


Happy reading :)

Explaining Crap Sandwich 2.0

We each get to take a bite. Watch the video before it is taken down.



Michelle Malkin blows this out of the water. Her explanations underline the content of the video video. Before Michelle's comments disappear, as well, these as some of her comments.



Over the weekend, I watched a hilarious, dead-on, and surprisingly honest skit on Saturday Night Live about the craptastic bailout and its Democrat roots. The skit called out Fannie/Freddie and featured Nancy Pelosi dragging out various sob-story “victims” — who turned out to be a parade of deadbeats and schemers. I was going to post the video for you tonight, but I can’t.

The video has been pulled. Vanished into thin air. (Go here for full transcript and screenshots.)

Where did it go and why?

I have a theory.

One of the rapacious couples featured in the skit was Herbert and Marion Sandler (portrayed by Darrell Hammond and Casey Wilson). Unlike the other composite figures, the Sandlers are a real-life couple.

Also lampooned: Left-wing billionaire George Soros.

As Todd Thurman at Heritage notes, the Sandlers are left-wing moguls who built “a mortgage company whose major product was subprime mortgages and they sold it to Wachovia for $24.2 billion in 2006. And what do the Sandlers do when they are not peddling subprime garbage? They are busy writing checks to leftist groups like the Center for American Progress, the American Civil Liberties Union, and Association of Community Organizations for Reform Now (ACORN). Yes that ACORN.”

The Sandlers are seething over the skit. And George Soros must be livid as well. Anyone else smell a legal threat behind the disappearance of the vid?

Read:

Sandler, 77, spoke to The Associated Press in the San Francisco office of his family’s charitable foundation the morning after NBC’s “Saturday Night Live” broadcast a skit deriding the Sandlers as predatory lenders who had duped unsophisticated borrowers and Wachovia, too. A caption shown on during the sketch skewered the Sandlers as “people who should be shot.”

Although the timing of the interview was coincidental, Sandler was seething after watching a replay of the skit on the Internet.

“I have been listening to this crap for two years,” Sandler said. “We are being unfairly tarred. People have been telling us to speak out for some time, but we didn’t think it was appropriate. That was clearly a mistake.”

Ed Lasky recently reported on how the Sandlers — allies of left-wing billionaire George Soros — helped bring down Wachovia Bank:

Herbert and Marion Sandler, a New York lawyer and Wall Street analyst respectively, bought a small California thrift in 1963 and built it into GDW — one of the largest thrifts in the nation. The company’s business was built on adjustable rate mortgages (ARMs. These were mortgages offered at low “teaser” rates that ratcheted upward as interest rates increased. They were often sold aggressively to unsophisticated home buyers who did not comprehend the vast financial risks they were taking, or who assumed that housing prices would rise high enough to provide a profit to them when they sold their houses. They were targets for lenders peddling mortgages that should have been stamped with a skull and crossbones, for these were among the most seductive and dangerous types of mortgage.

This book of business is the core reason for Wachovia’s current difficulties

The Sandlers knew their business far better than any other person could. Not only were they the founders and major owners, they famously ran the company as a husband and wife team for all these years.

So why did they happen to cash out at precisely the right time? Did they see the handwriting on the wall, realizing the massive risks inherent in the mortgages they originated throughout one of the most overheated real estate markets in the nation’s history? They are not talking, but when smart people cash in some of their chips, it’s rarely a good time to bet against them. Nevertheless, Wachovia bet 24 billion dollars and lost big time.

The collapse was primarily caused by the GDW purchase, which became an albatross around Wachovia’s neck soon after the purchase. “Wachovia found itself in ARM’s Way” was the headline of a recent Wall Street Journal article. A huge percentage of these Wachovia ARMs were made to deep subprime borrowers with very poor credit scores. Most of these were “inherited from its ill-timed acquisition of Golden West” at the end of the housing boom in 2006.

The Sandlers have started to invest their billions of dollars politically, in the manner of George Soros, sugar daddy of many far-left wing groups and an early and prominent supporter of Presidential candidate Barack Obama. Soros has developed an empire of so-called 527 groups, putatively independent political activists groups that have influence within the Democratic Party. These 527 groups include the Center for American Progress, MoveOn.Org, Human Rights Watch, Media Matters and a slew of other like-minded groups…

Soros, Lewis, and the Sandlers form a core group of billionaire activists and Democrat partisans who have formed a group called The Democracy Alliance. They realized that they could magnify their power by working in unison and tapping other wealthy donors to further their agenda (the superb Boston Globe article “Follow the money” is a good primer on how money and 527 groups have come together to have a huge impact on politics in America).

The Democracy Alliance is a major avenue to help them achieve their goals. The roster of its growing membership consists of a list of billionaires and mere multi-millionaires who collectively hope to give upwards of 500 million dollars each year to further promote a left-wing agenda. A partial roster of the Democracy Alliance membership can be found here.

Half a billion dollars a year can purchase a great deal of influence.

The Sandlers certainly know quite a bit about leverage from their savings and loan days.

Among the beneficiaries of their largesse: Air America, ACORN (a group that has very close and long lasting ties to Barack Obama and has a long history of engaging in voter fraud. Citizens for Responsibility and Ethics in Washington (basically a private detective group focused on the private faults and foibles of Republicans), Media Matters, a media watchdog group that engages in harsh partisan attacks against media figures and articles it considers supportive of Republicans). The list goes on and on.

They are not merely out to elect Democrats, but to also permanently realign U.S. politics and shift our society and culture in a far-left wing