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.
****************************************************************************
Just in case you might have wondered how their ineptitude affected their
lives after they ruined so many dreams and lives.
Where are Jim, Tim and Franklin now?
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.
****************************************************************************
Just in case you might have wondered how their ineptitude affected their
lives after they ruined so many dreams and lives.
Where are Jim, Tim and Franklin 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.
Our government is rotten to the core !
Are we stupid or what? Vote in 2012.. it is the most important election
of our lives...
No comments:
Post a Comment