Skip to comments.Donilon fought off housing regulation proposals
Posted on 10/10/2010 8:13:27 AM PDT by Enchante
The second person, a former housing industry executive intimately familiar with of Fannie Mae's operations, agreed that Donilon was at the head of an unceasing anti-regulatory campaign that the company waged throughout his tenure.
The former housing executive said that on political issues, especially regulatory oversight, Donilon was the right-hand man to Fannie Mae chairman and CEO Franklin Raines.
(Excerpt) Read more at hosted.ap.org ...
Donilon made millions from the Fannie Mae disaster which led to the mortgage meltdown.
The NSA does not require Senate confirmation since it's part of the White House staff, but this appointment must be made into a political albatross for the Demagogues.
How outrageous that a corrupt political hack is now the US National Security Advisor???
For people that regularly decry “business as usual” and “a culture of corruption”, the change you can believe in crowd are particularly adept at each.
....and of course Fannie Mae/Freddie Mac are not private companies where any general anti-regulatory stance is justifiable.... they are govt-sponsored monstrosities awash in trillions of dollars due to laws passed by Congress, hold a large proportion of the mortgages issues in the USA.
Therefore, strict regulation of such entities was/is essential so long as they are allowed to exist.
Donilon was aggressive and successful in keeping the Raines empire going for as long as possible, until finally Raines was forced out and the govt took over Fannie Mae.
You mean since Sandy Berger was the National Security Advisor?
I don’t know WHAT is worse...(saw my typo too late...Doh!)
yeah, well Sandy Burglar is another corrupt scumbag brought to us courtesy of the Demagogues
he and Donilon should both be in permanent disgrace; instead they are rewarded again and again
And now he is the closest political adviser the (P)resident has.
This should remove any doubt remaining in anyone’s mind about whether Premier Hussein will attempt a Clintonian “pivot” after the midterms.
Quite the contrary. We can look forward to two years of legislation by Executive Order, and complete gridlock between the Congress and the Executive. I think our troubles have only just begun, and because Hussein has done such a good job over the past two years of installing his syncophants in key places where they are only answerable to him and do not require confirmation by the Senate, he stands an excellent chance of inflicting a great deal of retribution on the voters for daring to cross him in the Midterms.
Donilon really is a disaster on more than one level, even if Gates walked that description back. Donilon is very much one of the “waterbugs” that Woodward talks about in his book, and his background is extremely troubling considering how close to the center of power he now is.
“The former housing executive said that on political issues, especially regulatory oversight, Donilon was the right-hand man to Fannie Mae chairman and CEO Franklin Raines.”
Just the sorta guy this administration would have us believe is watching our backs. NOT.
Obama failed to mention Donilons résumé: six years as a top exec of Fannie Mae at the height of the shady housing boom made him a problematic choice for any Obama administration job that requires Senate confirmation. Donilon left Fannie Mae as it was mired in an accounting scandal in 2005, three years before Fannie Maes spectacular collapse when the mortgage market imploded in 2008.
Donilon was not accused of wrongdoing but Fannie ultimately paid $400 million to the feds to settle charges that the company cooked the books between 1998-04. The government sued three top Fannie Mae executives to recover millions in bonuses based on the allegedly falsified reports, but Donilon was not among them.
Fannie/Freddie are the key criminal mechanisms of the criminal enterprise that is the criminal Democrat party and its minions. read on.
The Government filed suit against F/M head Franklin Raines when the depth of the F/M accounting scandal became clear. READ IT HERE http://housingdoom.com/2006/12/18/fannie-charges/
The Government noted, "The 101 charges reveal how the individuals improperly manipulated earnings to maximize their bonuses, while knowingly neglecting accounting systems and internal controls, misapplying over twenty accounting principles and misleading the regulator and the public. The Notice explains how they submitted six years of misleading and inaccurate accounting statements and inaccurate capital reports that enabled them to grow Fannie Mae in an unsafe and unsound manner."
These charges were made in 2006. The Court ordered Raines to return $50 Million Dollars he received in bonuses based on the mis-stated Fannie Mae profits. (Soon going to trial.)
Franklin Raines looted and pillaged Fannie Mae as Clinton's appointee. Raines famously bought into the climate control scam w/ F/M funds. Now he's hooked up with Ohaha's Chicago mob who organized the Chicago Climate Exchange.
REFERENCE Ex-Fannie CEO Franklin Raines should be behind bars for life. He is a crook of the first order. This thief Raines cooked the FM books precipitating losses of $9B (that we know of) for the single purpose of creating bonuses for himself and other F/M insiders. The SEC said Raines broke accounting rules by playing with risky derivatives.
RAINES COOKS THE F/M BOOKS---WALKS AWAY A MULTI-MILLIONAIRE After Raines was outed for cooking the books, Raines walked away w/ $90 million dollars, a $26 million parachute,
Raines gets a MONTHLY pension of $116,300 for life. Raines had already collected $4.87 million in special performance shares.
Raines owns options giving him $5.8 million in net profit after redemptions, plus another $8.7 million in deferred compensation for six years at the F/M helm.
Raines keeps $5 million of paid-up life insurance. He and his spouse get free medical and dental benefits for life, worth over $1 million.
Raines earned $20 million in salary, bonuses and stock awards (that we know of) in one year.
After he was fired, Raines told the F/M board that he's entitled to get paychecks until June 22 giving him another $600,000, which triggers a $2,000 monthly raise in his lifetime pension. He also said he's entitled to disputed options with a gross value of about $5.6 million.
To keep Raines happy within philanthropic circles, Fannie Mae will match Raines' charitable contributions by $10,000 a year.
thanks for the info — everyone involved with the Fannie Mae debacle should be barred from further “public service” aka feeding at the taxpayer trough
Raines is an outright thief and fraud.