Here's a quick look into the three
former Fannie Mae executives who
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.
*****************************************************************************************WHERE ARE THEY
NOW?
FRANKLIN
RAINES?Raines works
for the Obama Campaign as his Chief Economic Advisor.
TIM HOWARD?Howard is a Chief Economic Advisor to
Obama under Franklin Raines.
JIM JOHNSON?Johnson was hired as a Senior Obama
Finance Advisor and was selected to
run Obama's Vice Presidential Search
Committee.
Kinda makes you sick to your stomach.
Our government seems
to be rotten to the core !
Are we stupid or what?
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