3 Men who brought down Wall St.!!!!!!!!

[Cardinal Joe]

I heard this on talk radio!!!! *OUCH!!!


On Oct 1, 2008, at 12:51 PM, Brian Gallen wrote:

This needs to get out to everyone that you know……………………….
***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 irregulaties in Fannie Mae's accounting activities. At the time20of 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/*<http://housingd oom.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 th e 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 <http://www.ofheo.gov/media/pdf/FNMSPECIALEXAM.PDF> *on mismanagement and corruption inside Fannie Mae, and you'll see some interesting things about Johnson. Investigators found that Fannie Mae had hidden a =0 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*
***
*
*Cardinal Joe
**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?*

[perfectscore]

Originally Posted by Cardinal Joe

I heard this on talk radio!!!! *OUCH!!!


On Oct 1, 2008, at 12:51 PM, Brian Gallen wrote:

This needs to get out to everyone that you know……………………….
***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 irregulaties in Fannie Mae's accounting activities. At the time20of 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/*<http://housingd oom.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 th e 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 <http://www.ofheo.gov/media/pdf/FNMSPECIALEXAM.PDF> *on mismanagement and corruption inside Fannie Mae, and you'll see some interesting things about Johnson. Investigators found that Fannie Mae had hidden a =0 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*
***
*
*Cardinal Joe
**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?*

the first thing the ROOSTER will do if u gets into office is give him a pardon, i wonder why Raines is prolly out in a mall shopping for a shylites CD to give to him as a house warming gift in the newly names "black" house

[triniswordfish]

ok i/we get it you dislike obama but man why so much negative posting on him... your last two posts back to back were bashing the guy
am i the only one that sees this?????

[Cardinal Joe]

Originally Posted by triniswordfish

ok i/we get it you dislike obama but man why so much negative posting on him... your last two posts back to back were bashing the guy
am i the only one that sees this?????

– I didn’t think it was so obvious? Hum ??? I can’t say I ready dislike Obama? Hell, I would even sell him a boat! And it doesn’t have to be a White hull boat either!


Cardinal Joe

[triniswordfish]

Originally Posted by Cardinal Joe

– I didn’t think it was so obvious? Hum ??? I can’t say I ready dislike Obama? Hell, I would even sell him a boat! And it doesn’t have to be a White hull boat either!


Cardinal Joe

ok great