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Sandmannd

Three Men Who Brought Down Wall Street & Main Street

30 posts in this topic

Be sure to read the 'where they are now' at the bottom...!!

Here is a quick look into 3 former Fannie Mae executives who have brought down Wall Street and Main 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 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 cap ital 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 theydenied 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 mismanage ment 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 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?

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haha awesome, guilt by association huh? Great researching Sandman. I want to see you be a little more fair however, pull up some facts about Mac's advisors.

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Its not "Guilt by Association" as you like to dismiss all obama's fault as. He' put these people in key positions then is trying to make political gain by using the "finanacial crisis" for his own purposes. This is textbook Slick Barry stuff. He's a complete scam artist in the finest of Chicago politics traditions. What an absolute disgrace if this is what we elect President of this great nation.

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Not to defend Obama, but these three scumbags aren't the only three reasons the economy is tanking. To blame the whole system's problems on these three people is too simplistic and dangerous, as it overlooks the plethura of other factors that led to this economic crisis.

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My concern is who Obama is surrounding himself with. As a matter of fact that kind of stuff scares the bejeezus out of me. Either he is as crooked as them or pretty dim as to what has happened and still going on.

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They're politician's!!! They can't surround themselves with honest people, that would be too weird.

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Not to defend Obama, but these three scumbags aren't the only three reasons the economy is tanking. To blame the whole system's problems on these three people is too simplistic and dangerous, as it overlooks the plethura of other factors that led to this economic crisis.

You are correct but just because they aren't the only ones doesn't change the fact of what they have done. You don't forgive 3 drug dealers because they aren't the only ones that cause a crime wave in the city. They should pay the price for their actions anyway.

All that also has nothing to do with the point of the post which is what they are doing now and for who. Which if true, I would find as a tough pill to swallow for me as a voter who is on the fence. It sounds like croneyism to me. I can't imagine they are the only finanacial gurus out there to be hired. There may even be some very talented and honest ones.

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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?

http://www.snopes.com/politics/obama/fanniemae.asp

Not entirely accurate according to Snopes.

Maybe we ought to throw in Carly Fiorina in to balance the mud slinging. Takes a $21 M buyout from HP at the cost of thousands of jobs for line workers. She's advising McCain on economics. He (McCain) of course knows nothing about her past. She's a real peach too.

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Barony I've thrown that to the right wingers of this site many times.../sigh they have never address it. It's no use. She acutlly had another 45 mil in cash. Then theres Philly Gram. The lobbiest for the same corperations that failed are also advising Mac. basiclly obama and mac are drawing from teh same cesspool.

but no...its only Obama who's evil.

No one bothers to ask if their canidiate walks the same line.

Again I say, they are all crooks, I like mine better.

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hahahahhaha You forgot Bush law laugh

jebandgeorge.jpg

I will throw Jeb and Bush's cousin into the mix also:

Originally Posted By: at-Largely

September 17, 2008 11:25 AM

Lehman Brothers was founded in 1850. The firm managed to get through the Civil War, WWI, and WWII, the Great Depression, and the attacks of September 11, 2001. Yet after hiring Jeb Bush in late August of 2007, the firm suddenly goes belly up in a year. It also should be noted that in 2006, George H. Walker IV was also hired by Lehman Brothers.

Quote:
Thu Aug 30, 2007 5:36pm EDT

NEW YORK, Aug 30 (Reuters) - Lehman Brothers has hired Jeb Bush, brother of the President of the United States, as an advisor to its private equity business, a source familiar with the situation said.

Lehman hired another relative of U.S. President George W. Bush last year--George Walker, a second cousin, who heads up the bank's asset management business.

Jeb Bush is the former governor of Florida.

Lehman Brothers declined to comment.

(Reporting by Dan Wilchins)

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Barony I've thrown that to the right wingers of this site many times.../sigh they have never address it. It's no use. She acutlly had another 45 mil in cash. Then theres Philly Gram. The lobbiest for the same corperations that failed are also advising Mac. basiclly obama and mac are drawing from teh same cesspool.

but no...its only Obama who's evil.

No one bothers to ask if their canidiate walks the same line.

Again I say, they are all crooks, I like mine better.

"again I say, they are all crooks, I like mine better"

That is by far the most "HONEST" line I have read in any of these threads!

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Sandmannd, that was a very good mud-slinging tactic, one that's quite commonly used.

You are only preaching to the choir, however, (and encouraging the choir on this board to sing back to you) because as has already been stated McCain has his own cast of criminals, and if you throw rocks at Obama's house for who his economic adivsers are, then the windows in your own house will be shattered by the same rocks.

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Sandmannd, that was a very good mud-slinging tactic, one that's quite commonly used.

You are only preaching to the choir, however, (and encouraging the choir on this board to sing back to you) because as has already been stated McCain has his own cast of criminals, and if you throw rocks at Obama's house for who his economic adivsers are, then the windows in your own house will be shattered by the same rocks.

But you have to admit stfcatfish the three characters that sandmannd states are VERY close to this mess we are in right now so maybe that adds a little bit of fuel to this fire.

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Ok Sandman can you explain to me,Being these associations keep popping up, What about the associations in your own house and the actions your has taken in the past.

The biggest association and worst Phil Gramm, I have mentioned him numerous occasions but like Loose 15 says you guys ignore this and have no come back.

And how about his involvement with the savings & loan fiasco. Why did he try to stop government regulations during this. Notice I didn't bring up the keating 5 whoops I just did

Another thing I mentioned but ignored McCain's' general manager(Davis I beleive) of his campaign resigned in Aug because of ties to lehman.

Just as Gramm snuck off with no hooplah

How many years has McCain been is service to manipulate the system for the fat cat banking idustry CEO.

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Originally Posted By: stfcatfish
Sandmannd, that was a very good mud-slinging tactic, one that's quite commonly used.

You are only preaching to the choir, however, (and encouraging the choir on this board to sing back to you) because as has already been stated McCain has his own cast of criminals, and if you throw rocks at Obama's house for who his economic adivsers are, then the windows in your own house will be shattered by the same rocks.

But you have to admit stfcatfish the three characters that sandmannd states are VERY close to this mess we are in right now so maybe that adds a little bit of fuel to this fire.

Yes, I agree that those three choices seem more inflammatory because of the timing of the economic crisis and its causes. Over the long haul, taking what I've read about each candidate's group of advisers, it's logically a wash. Both groups seem prone to reckless profiteering which, after all, is what attracts people to big business in the first place.

Not that this season has much to do with logic. If one side screams loudest and longest, sometimes that's all it takes to sway things.

Each team of advisers smells bad in its unique way, and which smells the worst to anyone is usually more a matter of party loyalty than clear thinking.

In any case, if you want solid advice on how to get out of an economic crisis, in some ways it makes more sense to pick the folks both candidates have. If you want to protect against crooks, hire a crook to show you how, because they know crime best.

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Regardless of political afiliation, it is only fair to pass on acurate information regarding canidates. Please see the following:

www.snopes.com/politics/obama/fanniemae.asp

Don't believe everything that comes to your in box. The internet has become a vast propaganda machine by both political parties who prey on people's emotions and half truths and out right lies run rampant.

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Snopes is excellent. As pointed out by another member, so is factcheck.org, which is more politics-oriented than Snopes.

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How many years has McCain been is service to manipulate the system for the fat cat banking idustry CEO.

Obama is #2 on the campaign contribution list from Freddie and Fannie. Lehman CEO Fuld contributed to Dems 5 to 1 over GOP in 15 years. Manipulated by McCain? Riiiiiight.

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Barony I've thrown that to the right wingers of this site many times.../sigh they have never address it. It's no use. She acutlly had another 45 mil in cash. Then theres Philly Gram. The lobbiest for the same corperations that failed are also advising Mac. basiclly obama and mac are drawing from teh same cesspool.

but no...its only Obama who's evil.

No one bothers to ask if their canidiate walks the same line.

Again I say, they are all crooks, I like mine better.

I've said the same thing many times. McCain is not my choice of who should be running, but Obamanater is much worse IMO. Actually I don't really care if Barry wins. Let us go further into the tank and see how great his miraculous change is. But then you would all still blame Bush so what's the point.

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Ok Sandman can you explain to me,Being these associations keep popping up, What about the associations in your own house and the actions your has taken in the past.

The biggest association and worst Phil Gramm, I have mentioned him numerous occasions but like Loose 15 says you guys ignore this and have no come back.

And how about his involvement with the savings & loan fiasco. Why did he try to stop government regulations during this. Notice I didn't bring up the keating 5 whoops I just did

Another thing I mentioned but ignored McCain's' general manager(Davis I beleive) of his campaign resigned in Aug because of ties to lehman.

Just as Gramm snuck off with no hooplah

How many years has McCain been is service to manipulate the system for the fat cat banking idustry CEO.

Don't ever call it MY house!!! For the record, I don't agree with either side. I just agree less with Barry.

As for the post, well, if it was my house here's what I wouldn't do. Lets just say, for example, that I am going to open a pharmacy and be president of that. I'm not gonna run down to the corner and pick up a couple of crack dealers and a meth head to stand behind the counter.

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