Where are the men who brought down Wall Street?

Oct 08, 2008 by CuriousGeorge | Posted in Elections

Here's a quick look into 3 former Fannie Mae executives who brought down Wall Street.

Franklin Raines was President and Chief Executive Officer at Fannie Mae. Raines was forced to retire from his position with Fannie Mae when auditing discovered severe irregularities in accounting activities of Fannie Mae. Upon his departure, the Wall Street Journal noted, Raines, who long defended the company's accounts despite evidence that it was not proper, issued a statement lat th March days in admitting that " mistakes were made "and saying he would assume responsibility as he had promised.News reports indicate the company was under growing pressure from regulators to shake up its management in the wake of findings that the books of the company fell foul 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 loads /.The Government has noted: "The 101 charges reveal earnings, how the individuals improperly handled to maximize their bonuses, while knowingly neglecting accounting systems and internal controls, more than twenty misapplying accounting principles and misleading the 'regulator and the public.
The Notice explains how they submitted six years of misleading and inaccurate accounting statements and reports on capital inaccurate allowing them to grow Fannie Mae and dangerously unhealthy. These accusations were made in 2006.The Court ordered Raines to return $ 50 million he received in bonuses based on profits miss-stated Fannie Mae.

Tim Howard - was the CFO 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 of the income statement financial giant to achieve to pay management bonuses. Investigations by federal regulators and the company 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 who was forced from his position as CEO of Fannie Mae. A look at the Office May Federal Housing Enterprise Oversight's 2006 report on mismanagement and corruption within Fannie Mae, and you'll see some interesting things about Johnson. Investigators found that Fannie Mae had hidden a substantial amount of compensation in 1998 of Johnson's public, saying it is between 6 million and 7 million dollars, but in reality it was 21 million. Johnson is 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?

1. Franklin Raines? Raines works for the Obama campaign as chief economic advisor

2. Tim Howard? Howard is also a Chief Economic Advisor to Obama

3. Jim Johnson? Johnson hired as a Senior Obama Finance and was selected to run Obama's Vice-President Committee.

If Obama plans to clean up the mess - his advisers have the skills - they made the mess in the first place.
Would you trust the men who tore Wall Street down to build the new Wall Street?

They hide behind the Democratic Congress. This Congress has done nothing terrible "absolutely nothing. And some want a Democratic president? Oh my God, can you imagine that? I can and it's frightening.

So this is how Obama is planning to clean up Wall Street?

Sep 30, 2008 by John V | Posted in Elections

Here's a quick look into 3 former Fannie Mae executives who brought down Wall Street.
Franklin Raines was President and Chief Executive Officer at Fannie Mae. Raines was forced to retire from his position with Fannie Mae when auditing discovered severe irregulaties in the accounting activities of Fannie Mae. Upon his departure, the Wall Street Journal noted, "Raines, who long defended the company's accounts despite evidence that it was not proper, issued a statement late Tuesday conceding that" mistakes have been committed "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 books of the company fell foul of generally accepted accounting principles for four years. "Fannie Mae had to reduce its surplus by $ 9 billion.
Raines left with a parachute "gold worth 240 million dollars in benefits. The Government filed suit against Raines when the depth of the accounting scandal became clear. Http: / / housingdoom.com/2006/12/18 / fannie loads /.The Government noted, "The 101 charges reveal how income individuals improperly handled to maximize their bonuses, while knowingly neglecting accounting systems and internal controls, more than twenty misapplying accounting principles and misleading the regulator and the public. The Notice explains how they submitted six years of misleading and inaccurate accounting statements and reports on capital inaccurate allowing them to grow Fannie Mae and dangerously unhealthy. "These accusations were made in 2006.The Court ordered Raines to return $ 50 million he received in bonuses based on profits miss-stated Fannie Mae.
Tim Howard - was the CFO 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 of the income statement financial giant to achieve to pay management bonuses. Investigations by federal regulators and the company 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 who was forced from his position as CEO of Fannie Mae. A look at the Office May Federal Housing Enterprise Oversight's 2006 report on mismanagement and corruption within Fannie Mae, and you'll see some interesting things about the son John. Investigators found that Fannie Mae had hidden a substantial amount of John son's 1998 compensation from the public, saying it is between 6 million and 7 million dollars, but in reality it was 21 million ."Son John 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 and was selected to run Obama's Vice-President Committee

If Obama plans to clean up the mess - his advisers have the skills - they made the mess in the first place. Would you trust the men who tore Wall Street down to build the new Wall Street?

man i read all ... Now my head hurts ... I agree with you.hes going to do the same with the country if he takes a wins.i Advil.

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