Free Republic
Browse · Search
Topics · Post Article

To: mojito

Video: Comparing Fannie/Freddie to Enron/Worldcom/Tyco


•Bernard Ebbers, Worldcom: 25 years in prison
•Ken Lay, Enron: Convicted on 10 counts, died before serving sentence
•Jeff Skilling, Enron: 24 years in prison
•Andrew Fastow, Enron: 10 years in prison
•Dennis Koslowski, Tyco: 8 years in prison
•Mark Schwartz, Tyco: 8 years in prison

So how about the officers of Fannie Mae, who conducted similar kinds of fraud in their financial statements in order to pad bonuses and keep regulators from discovering their precarious position until it was too late? Franklin Raines never faced criminal charges, and instead settled a civil suit with a $2 million payoff — which came from Fannie Mae’s insurance company. Jim Johnson didn’t even have to do that much.

And where are they now? The Washington Post reported twice that Raines was advising the Barack Obama campaign, although they denied it. Jim Johnson still advises the Obama campaign and had briefly led the search for a running mate. Supposedly the FBI has begun a criminal probe into the actions of Fannie Mae management over the years, but we’ll see if that proceeds.

14 posted on 11/08/2011 6:35:46 PM PST by WOBBLY BOB (See ya later, debt inflator ! Gone in 4 (2012))
[ Post Reply | Private Reply | To 5 | View Replies ]


FBI can get a Raines but much of what they did will be covered by the fact they were following policy set by congress. We know those people are invincible. They only make mistakes after all.
If you or i had done what some of these people did we’d be facing life sentences.

18 posted on 11/09/2011 1:39:08 AM PST by wiggen (The teacher card. When the racism card just won't work.)
[ Post Reply | Private Reply | To 14 | View Replies ]

Free Republic
Browse · Search
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794 is powered by software copyright 2000-2008 John Robinson