PING...
Posted on 12/30/2004 4:53:47 AM PST by syriacus
Heard on the radio yesterday...Jamie Gorelick got big bonuses and bailed out of Fannie Mae before its scandals became news. She now works for the law firm which is representing Fannie Mae. How stinky is this?
Stockholders may be upset with a $14-billion decline in the value of Fannie Mae’s stock, but what may end up being more interesting is the rise and fall of careers amid allegations that the company cooked its books to justify big executive bonuses.
Three of those who profited from the bonuses are Franklin Raines, Jim Johnson, and Jamie Gorelick; all three looked to be important Cabinet members should John Kerry be elected president. Gorelick has since left Fannie Mae and joined the law firm Wilmer Cutler Pickering Hale and Dorr, which is the main law firm representing Fannie Mae.
Don't hold your breath waiting to see this on "60 Minutes."
Who needs the Old Media? :)
BTTT
Yeah...
I'm looking forward to a "Powerline" or "Little Green Footballs" show!
And, just think, they wouldn't even need to fabricate the story.....
Washington, May 14, 2003 – Wilmer, Cutler & Pickering (“WCP”) today announced that effective July 1, Jamie S. Gorelick, Vice Chair of Fannie Mae, will join the firm as a partner in its Washington, D.C. office.[snip]Ms. Gorelick currently is serving as Vice Chair of Fannie Mae, the nation’s largest source of financing for home mortgages. As part of the Office of the Chairman, she has shared responsibility for overall management of the company, with special emphasis on affordable housing, and has overseen Fannie Mae’s external relationships, legal and regulatory affairs.
Ms. Gorelick also serves as a member of the Boards of Directors of both Fannie Mae and the Fannie Mae Foundation and has helped solidify Fannie Mae’s perennial standing as one of the world’s best run companies
I also heard it on Tom Sullivan filling in for Rush. Thanks for bringing this topic to the forum.
The Democratic Crime Syndicate, the anti-freedom enemy within.
Fannie Mae and Oil For Food. No coinkydink they were both on Toon's watch...
More Clintroon Yechtoplasm to scrape off the bottom of our society's shoe.....
Wasn't she going for the Attorney General spot in an Effin' Kerry administration? Woah...
WWWWHHHHHHHIIIIIIIIIRRRRRRRRRRRRRRRRRR!
It's time to crank up the slime machine!!
BIG TIME!!
I give up what is yechtoplasm?
Can anyone guess which law firm had Craig Livingstone as a client? Never heard much about that little fellow. He was everywhere for Hillary and Slick Willy.
That's probably where I heard it, then. I have been taking lots of short trips in the car the past few days, ferrying family members to appointments. All the trips and radio commentaries blur together.
This story stood out, but I didn't find it specifically mentioned on FR.
Can somebody direct me to an editorial that sums this up? All the info is here but it's too disjointed. I want to lob this at some of my lib "friends."
A euphemism for other things you would scrape from the bottom of you shoe.........I try to keep the language above the curbstone.....
"If Martha had kneeled at the altar of Bubba...."
Martha did; look up her political fundraising activities. Whatever her business and cultural achievements are, and whether or not she was prosecuted and convicted unfairly, Stewart is a certified, active limosine liberal.
Version Published: December 08, 2004Citation URL: http://www.urban.org/url.cfm?ID=900763
WASHINGTON, D.C., December 8, 2004—A prominent Washington attorney and former member of the 9/11 Commission, a leading portfolio manager and former urban planner, and a distinguished sociologist and educator have been elected to the Urban Institute's Board of Trustees.Joining the board for three-year terms are:
* Jamie S. Gorelick, a partner in the Washington, D.C., law firm of Wilmer, Cutler, Pickering, Hale, and Dorr. Ms. Gorelick, who served on the National Commission on Terrorist Attacks Upon the United States, was vice chair of the Federal National Mortgage Association (Fannie Mae) from 1997 to 2003, deputy attorney general of the United States (1994-1997), general counsel of the Department of Defense (1993-1994), assistant to the secretary and counselor to the deputy secretary of energy (1979-1980), and a private-sector litigator. A graduate of Harvard College and Harvard Law School, she is a member of the Council on Foreign Relations and served on the Central Intelligence Agency's National Security Advisory Panel and the President's Review of Intelligence.[snip]
The Urban Institute research portfolio takes in a uniquely broad sweep of policies, issues, and challenges," says Joel Fleishman, the Institute's chairman. "With the expertise and wisdom of Jamie Gorelick, Mary Miller, and Melvin Oliver added to our already strong board, the Institute's contributions to sound public policy and informed public debate can steadily grow even stronger."
The Urban Institute is a nonprofit, nonpartisan policy research and educational organization that examines the social, economic, and governance challenges facing the nation. Its research units include the Assessing the New Federalism Project; Education Policy Center; Health Policy Center; Income and Benefits Policy Center; International Activities Center; Justice Policy Center; Center on Labor, Human Services, and Population; Metropolitan Housing and Communities Policy Center; Center on Nonprofits and Philanthropy; and Urban-Brookings Tax Policy Center.
High pay at Fannnie Mae for the Well-connected
Fannie Mae reported paying bonuses in 1998 to [snip] Vice Chairman Jamie S. Gorelick, a former deputy attorney general, $779,625 [snip]Under the Sarbanes-Oxley Act of 2002, chief executives and chief financial officers are required to give back incentive-based bonuses if the company has to restate its earnings because of financial misconduct. One attorney said yesterday that the law probably wouldn't apply to misconduct prior to 2002. But he said that plaintiffs in a lawsuit could argue that other legal precedents dictate that the bonuses were ill-gotten and need to be returned.
Nice to hear someone so informed about the world of finance.
Gorelick was very anxious to erect a wall to block information flow that might have enhanced the security of America, but she wasn't nearly as interested in erecting a wall to block money flow into her bank account from potentially fraudulent activities. Go figure.
sullivan on for rush the other day mentioned this.
and the democrats always advertise themselves as "being out to help the po' folks"!
meanwhile, they're pilfering the public good.
I wouldda hoped not, considering the baggage she brings along...MUD
Looks like Kerry was considering Gorelick as Attorney General
Attorney General -- Interviews turned up several likely candidates.[http://www.globalsecurity.org/org/news/2004/041025-kerry-appointments.htm][snip]Jamie Gorelick, another veteran of Janet Reno's tenure at Justice, is often mentioned.
Glad you're here, I was about to ping you.
http://www.utc.com/annual_reports/2000/ar/page26.htm
Gorelick was on the permanent audit committee of United Technologies in 2000
PERMANENT COMMITTEES
Audit Committee
Frank P. Popoff, Chairman
Antonia Handler Chayes
JAMIE S. GORELICK
Richard D. McCormick
André Villeneuve
H. A. Wagner
Thanks- there were so many $%^&# links and replies in that post of mine, I could not see from a fast scan if this link was included:
The Ghost(s) in the New Machine- Gorelick, old Clinton "stuff," and more-
various FR links | 04-15-04 | The Heavy Equipment Guy
http://www.freerepublic.com/focus/f-news/1117985/posts
--or if it is just more of the same old stuff. There is a lot of negative info on this woman and plenty of sleazy ( possibly criminal ) ties to various people and groups we all came to know during what Wes Pruden sarcastically dubbed "The Golden Age of Clinton."
I hope Powerline or Little Green Footballs will take a look at all this raw data and make some connections.
Former Clinton Administation Deputy Attorney General Jaime Gorelick now finds herself embroiled in a developing scandal @ The Federal National Mortgage Association (Fannie Mae) that threatens to boil over in to pre-election legislation that's sure to cast in a bad light both Clinton Democrats and even some Republican Congressional leaders.What's up with Ms. Gorelick?
The Office of Federal Housing Enterprise Oversight (OFHEO) now claims that Gorelick, former CEO James Johnson & the current executive team goosed Fannie's earnings to clear financial performance hurdles and double their pay.
Here's the "LA Times" editorial: http://www.latimes.com/news/opinion/editorials/la-ed-fannie29dec29,1,795891.story?coll=la-news-comment-editorials
Tom Sullivan referred to it on yesterday's "Rush Limbaugh Show" in the third hour. If you're a member of Rush 24/7 you can go to his website (www.RushLimbaugh.com) and get the audio. There might also be a transcript.
i postulated that somewhere along the line we'd find marc rich's and kofi anan's slimy fingerprints on this. there's too much money involved for anyone but the biggest self-righteous whores to be clawing at the til.
There are signs the gilt-edged resumes, and political futures, of three former Fannie executives have already been tarnished, because of findings they profited from manipulation of financial results in 1998. Former Fannie Mae chief James A. Johnson, who holds a top post in the Democratic presidential campaign and headed the Kennedy Center and the Brookings Institution; Smithsonian Institution Secretary Lawrence M. Small, who was Fannie Mae's chief operating officer; and Washington lawyer Jamie Gorelick, a former Fannie vice chairman, who has served as deputy attorney general, the Pentagon's top lawyer and a member of the 9-11 commission, joined Raines and Howard in receiving sizable bonuses that year. Regulators allege they were paid after the company improperly deferred other expenses. [snip]Gorelick has told friends that she would seriously consider an offer some day to serve as defense secretary, an aspiration that could be harder to achieve if OFHEO's allegations pan out. In an interview, she said, "I have no desire to go back into government in the near term." She added that she had "knocked herself out" on the 9/11 commission and for the time being is "very happy" working as a D.C.-based partner of the law firm Wilmer, Cutler, Pickering, Hale and Dorr.
At the same time, Gorelick might be spared because, unlike many of the other former or current officers, her responsibilities at Fannie did not specifically include financial matters.
Thanks!
Thank you for posting the link...
Only a well placed democrat could get away with this - a Republican would have been removed immediately. Ms. Gorelick's venal side is glaring!
There are also a couple of other links on Rush's website to a couple of articles that aren't as complete as the LA Times editorial. The best place to go, however, is the audio transcript. Gorelick's name came up when a caller called and told Tom Sullivan about her involvement.
She and her ilk gave/gives both the Pentagon and the State Department a bad name......honesty is not the name! Private sand box for PPPs should be exposed as well as Ms. Gorelick...keep the heat on that woman...is she the reason Ms. Clinton found a slot on the Armed Services Committee? Maybe some of the Super Bloggers can connect the dots!
What's gonna be interesting, PGalt, is how the Dim-Demmers and the MSM'ers are gonna spin the Oil For Food by-line mentioned by Volcker the other day . . . that "most" of So-Dumb Insane's misbegotten funds derived from the smuggling trade versus the bribery scams.
I suspect this is right, but I find it highly suspicious that Volcker is drifting off course. He was assigned to audit the Oil for Food transactions . . . yet he's mysteriously veering off course -- a course that'll give Kofi-boy some cover. I'm not surprised though. I'm only surprised that it's so blatantly obvious what he's doing.
In any event . . . let's say Volcker manages to change the subject as it appears he's trying to do. To make Topic One the smuggling. One wonders how the Dim-Demmers and the MSM'ers are gonna blame this on GW since their Main Man was in charge for eight years . . . with Maddy Albright giving the smugglers cover . . . and GW was only around for months.
I believe they'll give it their best shot . . . but we've got their numbers now. LOL. Like shooting fish in a barrel.
http://www.ofheo.gov/media/pdf/f3jg03312003.pdf
or
http://64.233.161.104/search?q=cache:2-zTrYxHSVMJ:www.ofheo.gov/media/pdf/f3jg03312003.pdf+OFHEO+gorelick&hl=en&ie=UTF-8
Jamie S. Gorelick March 31, 2003
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Table I - Non-Derivative Securities Beneficially Owned
Table II - Derivative Securities Beneficially Owned
(e.g. , puts, calls, warrants, options, convertible securities)
Explanation of responses:
(1) 60,697 options are currently exercisable; the balance vests on November 16, 2003.
(2) Vesting of the options is contingent upon the achievement of an aggressive earnings per share (“EPS”) goal established in January 2000. If EPS equals or exceeds $6.46 per share by December 31, 2003, the options will become exercisable in January 2004. If the EPS goal is not met, then the options instead will vest and become exercisable in 25 percent annual increments beginning in January 2005. However, if the EPS goal is not met,
the Board of Directors has retained the discretion to reduce or eliminate future compensation awards to offset this vesting.
(3) 44,865 options are currently exercisable; 22,432 options vest on November 21, 2003; and 22,433 options vest on November 21, 2004.
(4) 21,798 options are currently exercisable; 21,799 options vest on November 20, 2003; 21,798 options vest on November 20, 2004; and 21,799 options vest on November 20, 2005.
LIMITED SIGNATORY POWER
By this Limited Signatory Power the undersigned authorizes and designates each
of Ann Kappler and Scott Lesmes to execute and file on behalf of the undersigned all
Forms 3, 4 and 5 (including any exhibits, attachments and amendments thereto) that the
undersigned may be required to file with the Securities and Exchange Commission as a
result of the undersigned’s ownership of or transactions in securities of Fannie Mae.
The authority of Ann Kappler and Scott Lesmes under this Limited Signatory Power shall
continue until the undersigned is no longer required to file Forms 3, 4 and 5 with regard
to his or her ownership of or transactions in securities of Fannie Mae, unless earlier
revoked in writing. The undersigned acknowledges that Ann Kappler and Scott Lesmes
are not assuming, nor is Fannie Mae assuming, any of the undersigned’s responsibilities
to file Forms 3, 4 and 5 or otherwise comply with any related laws or regulations.
/s/ Jamie S. Gorelick
Date: March 31, 2003
Martha Stewart languishes in jail for much less.
Paging Buckhead!! Go get 'em!! Bring this Gore-Licker down!!
What would the "right wing" media do if Gorelick was a Republican?
Now there's a picture.
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