Monday, October 13, 2008

Obama's Million Dollar Men pt.1

Obama’s Million Dollar Men From Fannie Mae - Who Are Franklin Raines, Tim Howard and Jim Johnson - How Big Were The Golden Parachutes - UPDATED
Posted on September 18, 2008 by mcauleysworld

Obama talks about greed on Wall Street - making those responsible account for their activities. Is that so? How about the Wall Street Big Shots Obama hired to work on his campaign - the very same big shots who brought Fannie Mae Down.

Franklin Raines was a Chairman and Chief Executive Officer at Fannie Mae. He served as President Bill Clinton’s Budget Director. 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 Goverment filed suit against Raines when the depth of the acounting scandel became clear. .

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 mis-stated Fannie Mae profits. WHERE IS RAINES NOW ? Raines works for the Obama Campaign as Chief Economic Advisor. ,

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