This cant be stressed enough!
Fannie and Freddie is a DemocRAT fiasco. For them to try to blame it on anyone else is criminal.
but but Obama said mccain doesn’t understand the economy and doesn’t get it!!!
We know Obama is an expert on the economy because he gave a speech about change and hope.
...well, two of the great swindlers of Fannie, Raines and Johnson (sp) are two financial advisers of "the 300" advisers Obambi has on his campaign staff
Can we keep this article at the top of the page thru tomorrow too please.
One thing you can say for McCain......He is a Fiscal Hawk
BTTT
From Wikipedia http://en.wikipedia.org/wiki/Franklin_Raines
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.[3]
YES. Where was Obama on this? MCCAIN couldn’t have been more spot-on about this mess if he’d had a CRYSTAL BALL!
The Democrats were busy blocking McCain’s bill which was a prediction of exactly what has happened. (bless him and Elizabeth Dole & Sununu for trying at least)
Things have done nothing but slide into the toilet in earnest since the Nancy Pelosi nightmare began two years ago.
Amazing — Republicans have tried to reform Fannie Mae and Freddie Mac for years, Bush admin. proposed overhaul in 2003, McCain called for major reforms in 2006, but Demagogues like Dodd have blocked every measure. Obama voted against in 2006.
This is a DemocRAT scandal and it must be hung around their greedy lying necks!!
Here’s a couple of articles that (in addition to other stuff) talk about the repeal of the Glass-Steagall Act in 1999, and its impact on the housing market.
http://www.bloomberg.com/apps/news?pid=20601109&sid=aDSFgf3DHR_A&refer=exclusive
http://www.prospect.org/cs/articles?article=the_bubble_economy
Here’s an article that talks about the oversight that the Bush Administration proposed in 2003.
I love the quote near the bottom by Rep. Barney Frank...
‘’These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,’’ said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ‘’The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.’’
I wonder if there’s a video of this somewhere online
Seriously, I need some help here...are these the guys who are heavily into Obama's campaign structure, or am I dreaming I heard it?
bump