Sunday, February 12, 2012

Where Are They Now?

Here's a quick look into the three former Fannie Mae executives who

brought down Wall Street. File this under the heading of ‘Perspective.’

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.



Raines works for the Obama Campaign as his Chief Economic Advisor.


Howard is a Chief Economic Advisor to Obama under Franklin Raines.


Johnson was hired as a Senior Obama Finance Advisor and was selected to run

Obama's Vice Presidential Search Committee.

Didn’t Obama say to judge him by the people he surrounds himself with?

Kinda makes you sick to your stomach doesn’t it?

Our government seems to be rotten to the core.

Obama is hoping you won’t notice.

Vote in 2012… it is the most important election of our lives…

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