and the RATS, take another one in the.................................HA ha!!!
Posted on 09/18/2008 6:17:41 PM PDT by mathprof
Franklin Raines
Franklin Delano Raines (born January 14, 1949 in Seattle, Washington) is the former chairman and chief executive officer of Fannie Mae who served as White House budget director under President Bill Clinton. He is currently employed by Barack Obama's Presidential Campaign as an economic adviser.
The son of a Seattle janitor [1], Raines graduated from Harvard University, Harvard Law School; and Magdalen College, Oxford University as a Rhodes Scholar. Raines was of age during the Vietnam War, but performed no military service. 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.[3]
A statement issued by Raines said of the consent order, "is consistent with my acceptance of accountability as the leader of Fannie Mae and with my strong denial of the allegations made against me by OFHEO."[4]
In a settlement with OFHEO and the Securities and Exchange Commission, Fannie paid a record $400 million civil fine. Fannie, which is the largest American financier and guarantor of home mortgages, also agreed to make changes in its corporate culture and accounting procedures and ways of managing risk. [8]
In June 2008 Wall Street Journal reported that Franklin Raines was one of several politicians who received below market rates loans at Countrywide Financial because the corporation considered the officeholders "FOA's"--"Friends of Angelo" (Countrywide Chief Executive Angelo Mozilo). He received loans for over $3 million while CEO of Fannie Mae. [5] Franklin Raines is currently one of Barack Obama's chief economic advisers.
for later
Thats the reason I posted the story from the Politico, I was reading Rush Limbaugh transcripts today, and when he said that Raines was Obama’s economic adviser, I went to Wiki to check it out, and found the denial.
How were you able to cache the page last night?
I have been saving certain pages I think might “disapppear with a microsoft HTML doc. Crude but effective but I know how much disappears, especially pictures and would like to learn. Thanks.
weird thing happening on Google. Do a search for Franklin Raines and Obama and the links have disapared when you click on them. It happened on a Forbes link, NPR Link and a USA Today link. Is the internet being cleaned?
“He is currently employed by Barack Obama’s Presidential Campaign as an economic adviser.”
Until Barry throws him under the bus.
Searched on Yahoo of all places for non-WaPost info on Raines/Obama. I first tried Google, but I felt that they were purging things. Google images purged pictures of the dork who evidently accessed Palin’s Yahoo account yesterday. Google is even worse than the MSM, in many ways.
See my post 46 above yours.
Just refer to the WP article
http://www.washingtonpost.com/wp-dyn/content/article/2008/07/15/AR2008071502827.html
second that
maybe bill o will take a look at this, esp since it comes from “right-wing kooks”?
“Ah, I did not know Raines was a gentleman of color.”
Well, I figured out his party affiliation just from his name...how many Republicans are named “Franklin Delano”?;)
A July 16, 2008 story in The Washington Post in which Raines is described as having “taken calls from Barack Obama’s presidential campaign seeking his advice on mortgage and housing policy matters.”
I have added a link to this thread to the Franklin Raines Wikipedia page. Look at the bottom of the page.
FOX’s low IQ Shep allowed a democrat congress critter lie repeatedly on the FOX show before O’Reilly. The big typical demcorat lie was exactly opposite of the truth ... the lying critter stated emotionally that McCain was against regulations in the financial arena and was responsible for the current downfall of the financial markets. Poor Shep is too stupid to even know he’s being lied to, much less call the demcorat liars on their treachery.
In the four years since he stepped down as Fannie Mae’s chief executive under the shadow of a $6.3 billion accounting scandal, Franklin D. Raines has been quietly constructing a new life for himself. He has shaved eight points off his golf handicap, taken a corner office in Steve Case’s D.C. conglomeration of finance, entertainment and health-care companies and more recently, taken calls from Barack Obama’s presidential campaign seeking his advice on mortgage and housing policy matters.
BY LINDA DAVIDSON — THE WASHINGTON POST (I was honestly shocked that the WaPo had not purged there site yet since this was not really a news story - more of a 'where are they now' piece.
Now - he may not be a 'formal' advisor, but the link is there.
One other thought - do NOT let them make a stink about how close the link is between Raines and Obama - and use that flap as a smoke screen to make us forget about Johnson!
Bump and bookmarked, that is if I can ever find my bookmarks again with this new format, arggggg.
.....someone here.....
The Pennsylvania State University
.....and removed by somone with a cable modem today.....
Cox Communications Inc.
Does this mean he is out of work?
They will very soon. My belief is while the McCain campaign will allude to this they are waiting until the first debate (on the economy, Sept. 26, 8 days away) to start the onslaught. In the meanwhile they are letting Obama lay out his general strategy to the issue and then will hang him with those statements/positions plus McCain's being out front with his 2005 bill, statements from the likes of Barney Frank, Mudd, Raines etc. plus money Obama received in only four years to take second place in Fannie Mae money in just four years of 19 years that took Dodd to be King and Kerry to place bronze.
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