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| Gee, I wonder why they cut out the stuff in purple? |
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Saturday, September 20, 2008
The Purple Gang
2 comments:
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Anonymous said...
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The "Arizona" senator neglected to say that some of his closest advisers had ties to or lobbied for Fannie Mae and Freddie Mac.
Substitute "Illinois" for "Arizona" and it would be accurate. No mention of Franklin Raines,(D, Black, FOB, Washington DC) disgraced book cooker, at all, and a glossing over of Johnson.
From Wikipedia and WSJ:
He served in the Carter Administration as associate director for economics and government in the Office of Management and Budget and assistant director of the White House Domestic Policy Staff from 1977 to 1979. Then he joined Lazard Freres and Co., where he worked for 11 years and became a general partner. In 1991 he became Fannie's Mae's Vice Chairman, a post he left in 1996 in order to join the Clinton Administration as the Director of the U.S. Office of Management and Budget, where he served until 1998. In 1999, he returned to Fannie Mae as CEO, "the first black man to head a Fortune 500 company."[1]
On December 21, 2004 Raines accepted what he called "early retirement" [2] from his position as CEO while U.S. Securities and Exchange Commission investigators continued to investigate alleged accounting irregularities. He is accused by The Office of Federal Housing Enterprise Oversight (OFHEO), the regulating body of Fannie Mae, of abetting widespread accounting errors, which included the shifting of losses so senior executives, such as himself, could earn large bonuses [3].
In 2006, the OFHEO announced a suit against Raines in order to recover some or all of the $50 million in payments made to Raines based on the overstated earnings [4] initially estimated to be $9 billion but have been announced as 6.3 billion.[2].
Civil charges were filed against Raines and two other former executives by the OFHEO in which the OFHEO sought $110 million in penalties and $115 million in returned bonuses from the three accused.[5] On April 18, 2008, the government announced a settlement with Raines together with J. Timothy Howard, Fannie's former chief financial officer, and Leanne G. Spencer, Fannie's former controller. The three executives agreed to pay fines totaling about $3 million, which will be paid by Fannie's insurance policies. Raines also agreed to donate the proceeds from the sale of $1.8 million of his Fannie stock and to give up stock options. The stock options however have no value. Raines also gave up an estimated $5.3 million of "other benefits" said to be related to his pension and forgone bonuses.[6]
An editorial in The Wall Street Journal called it a "paltry settlement" which allowed Raines and the other two executives to "keep the bulk of their riches." [7] In 2003 alone, Raines's compensation was over $20 million.
Filthy Democrats. (spit)
BTW, Phooey. Is that how you pronounce her name?
Lt. Col. Gen. Tailgunner dick -
9/20/08, 2:27 PM
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Anonymous said...
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I posted at Cincinnati DOT com,"SOMEONE CUT OUT THIS AND SOME OTHER OBAMA DAMNING STUFF FROM THE original article"McCain is correct when he says Obama is the No. 2 recipient of campaign money from employees of Fannie Mae and Freddie Mac. Obama has collected $126,349 from those sources, according to a compilation by the Center for Responsive Politics, second only to Senate Banking Committee Chairman Sen. Christopher Dodd, D-Conn., who has received $165,400. The ranking covers the period since 1989.
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9/20/08, 2:40 PM
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