Fannie Mae Enron?

Wall Street Journal ^ | OCTOBER 4, 2004

[11th_VA]

For years, mortgage giant Fannie Mae has produced smoothly growing earnings. And for years, observers have wondered how Fannie could manage its inherently risky portfolio without a whiff of volatility. Now, thanks to Fannie's regulator, we know the answer. The company was cooking the books. Big time.

We've looked closely at the 211-page report issued by the Office of Federal Housing Enterprise Oversight (Ofheo), and the details are more troubling than even the recent headlines. ... (snip) And Fannie was suddenly facing an estimated expense of $400 million.

Well, in its wisdom, Fannie decided to recognize only $200 million, deferring the other half. That allowed Fannie's executives -- whose bonus plan is linked to earnings-per-share -- to meet the target for maximum bonus payouts. The target EPS for maximum payout was $3.23 and Fannie reported exactly . . . $3.2309. This bull's-eye was worth $1.932 million to then-CEO James Johnson, $1.19 million to then-CEO-designate Franklin Raines, and $779,625 to then-Vice Chairman Jamie Gorelick...

[11th_VA]

McCain needs to make this Exhibit A ...

[dynachrome]

I think you already knew this....

[nomad]

Were these characters Clintoon appointees?

[Jim Robinson]

Clintonites to the core.

[wita]

Now ain’t that just special. With Mclame telling me we are gonna know the names of certain folks involved in shady dealings, I wonder when these names are going to cross his lips. I guess he isn’t elected, so no deal on the names just yet.

[paul in cape]

FANNIE-GATE

Post Here

[11th_VA]

Raines was making 150k per year as a Clintoon advisor - he became an Afirmtive Action appointee and made tens of millions (illegally) ...

And this from a blogger at WaPo:

"Mr. Obama is fortunate the former Fannie Mae chief resigned from his presidential campaign three weeks ago."

If he was an Obama advisor, Obama is toast ...

[groanup]

Were these characters Clintoon appointees?

Franklin Raines: budget director under Bill Clinton.

Jamie Gorelick: Deputy Attorney General under Bill Clinton

James A. Johnson: chaired the Vice Presidential selection committee for John Kerry and sat on the same committee for Barack Obama

[GBA]

The demonrats will destroy this country. In virtually every area they involve themselves, they go for short term gain which results in long term misery. All of their solutions lead to more and bigger problems. And the voting masses, dumbed down by their mandated educational system, are too stupid to see how they are being fooled and thus keep voting demonrat.

[javachip]

Not just Clintoon appointees. At least two of the three, Johnson and Raines, are high level in the 0bama campaign. I don’t know if Gorelick is a 0bama advisor or not.

Note the article is dated 2004.

[groanup]

Good find.

Oh would that I could see these three crooks do the frog walk the way Ken Lay and Jeff Skilling did.

Of course they won't. Not just because they are democrats and blessed but because they are all tied to pary leaders and/or presidents.

Crooks.

[groanup]

Remember, according to testimony by John Ashcroft the main cause of 9/11 intelligence failures was the artificial chinese wall created between law enforcement and intelligence (probably to protect Bill Clinton from the consequences of something he did).

It was Jamie Gorelick who, as Deputy AG, wrote the memo to create the wall.

How much damage can one woman inflict on this country?

[HereInTheHeartland]

And who was the current presidential candidate who was the #2 taker of Fannie/Freddie lobbying $$$?

[Towed_Jumper]

“...Vice Chairman Jamie Gorelick...”

The same Jamie Gorelick who was “appointed” to the supposedly independent committee looking into the root causes of the 9/11 attacks?

The same Jamie Gorelick who, as a Clinton White House Counsel, created the so=called “wall” between the intelligence services and the FBI, so they could not share information on terrorists?

Un!@#$#$ing believable!

The Clinton era—the plague that keeps on giving.

[groanup]

The shameful Jamie Gorelick

http://www.americanthinker.com/blog/2008/07/jamie_gorelicks_cloudy_memory.html

[marron]

Yes, this is Enron writ large. They were gaming the system, sound familiar? gaming the system and taking home millions.

[nomad]

Then PLEASE tell me someone is,RIGHT NOW,AS WE SPEAK,making a “KICK IN THE BALLS” ad against the rats and Obummer!If not, NO Republican had better,ever, NEVER cry about the disinformation and outright excremental lies the commie b@st@rd left smears,because its a party of emasculated wonders,at least as far as the leadership is concerned,and I don`t give a dam what anyone thinks of that!

[GOPyouth]

I don’t know if Gorelick is a 0bama advisor or not.

She's too busy finding ways for Al-Qaeda to slide in under the radar and kill 3,000 more people. That t**t should be hanging out with Bonpensiero. Nothing like being responsible for the deaths of 3,000 innocent people, and raping the tax payers to pay for her deceit.

[rbg81]

I am really starting to wonder if America is about to come crashing down around us. It seems that people in authority, those who are supposed to know what they are doing, have spent the last 20+ years playing these smoke and mirror games. The Subprime bubble was the final straw. Now the system is starting to unwind in slow motion and no one knows what to do. The supposed experts are the ones who got us into this mess in the first place. But, what the heck, they got theirs, right?

Until recently, we were in debt up to our neck. Now we are buried in it. Call me Pollyanna, I don’t for a second think these measures by the Fed and Treasury will be effective. If anything its just a holding action to forstall the inevitable for just a little long...until the Election is over. After that, all bets are off Boyz and Girlz. If Obama wins, look for a one time windfall tax on the rich to help bail us out. The canabalization process will have begun.

[loveliberty2]

And this Jamie Gorelick, isn’t she the one who was involved with the “wall” that prevented sharing of info prior to 9/11, but served on the Commission?