Posted by Jack
Their ineptitude affected their lives after they ruined so many dreams and lives of others. Let’s take a quick look back in history and then look at where they are today, I’m talking about Jimmy, Timmy and Franky, the three former Fannie Mae executives who essentially 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. 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.
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. 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. 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.
SO, WHERE ARE THEY NOW? LET’S TAKE A LOOK, THIS MIGHT SURPRISE YOU:
FRANKLIN RAINES. . . is not doing time, good ol Franky works for the Obama Campaign as his Chief Economic Adviser.
TIM HOWARD? Timmy is a Chief Economic Adviser to Obama under Franklin Raines.
AND JIM JOHNSON? Johnson was hired as a Senior Obama Finance Adviser and was selected to run Obama’s Vice Presidential Search Committee.
Kinda makes you sick to your stomach if you are a conservative, and it still should if you’re a liberal with at least half the IQ of the average conservative. This is why I keep saying you gotta vote smart in 2012… Mitt may not be your perfect candidate I get it, but he’s still light years better than what we have. Get on board, we’ve got to dump Obama!
(Feel free to copy and paste this article and send it to your friends – We’ve got to stop Obama)
Alas, you only have to go as far as Wikipedia for a little clarification:
“On 16 July 2008 The Washington Post reported that Franklin Raines had “taken calls from Barack Obama’s presidential campaign seeking his advice on mortgage and housing policy matters.”.[23] Also, in an editorial on August 27, 2008 titled “Tough Decision Coming”, the Washington Post editorial staff wrote that “Two members of Mr. Obama’s political circle, James A. Johnson and Franklin D. Raines, are former chief executives of Fannie Mae.”[24] On September 18, 2008, John McCain’s campaign published a campaign ad that quoted the Washington Post reporting regarding Raines and Obama. The ad also notes that “Raines made millions and then left Fannie Mae while it was under investigation for accounting irregularities”.[25]
“Neither Raines nor the Obama campaign had disputed the Post’s reporting before the ad. The text in question consisted of one sentence in each article. After McCain’s ad however, both denied that Raines was or had been a provider of advice to Obama or the Obama campaign.[26][27][28]
“In later commentary the Washington Post (the original source) described McCain’s attempts to connect Obama with Franklin Raines based on their reporting as “a stretch” and said all reporting they did about the matter actually stems from a single conversation a reporter had with Raines in which she recalls Raines said he “had gotten a couple of calls from the Obama campaign”. When the reporter queried Raines to the nature of the calls he said “oh, general housing, economy issues”.[29]
“Additionally, an email hoax falsely claims Raines was made “Chief Economic Advisor” for the Obama presidential campaign.”
And so, there now, how many times are you gonna be hoaxed, do you think?
I don’t know how accurate the claims about these three men are, but I do know that the claim that Fannie May “essentially brought down Wall Street” is false. While Fannie and Freddie both contributed to the crisis, they were not responsible for the majority of subprime loans that led to the housing crisis. Look up the percentages, and you will find that the vast majority of subprime loans were issued by private lenders who were not subject to the CRA or other regulations affecting Fannie and Freddie. In fact, Fannie and Freddie loans were much less likely to default than other loans. I’ve provided sources confirming this information many times on this blog.