Posted on 02/26/2009 5:42:20 PM PST by NormsRevenge
Didn’t I tell you not to look behind the curtain?
Yeah that wizard of oz is one ugly dude...as is this picture.
Oh. My. God. [To quote John Boehner when he first saw the ‘stimulus’ bill.]
You can't keep slaves on the plantation if they have their own 'money', and 'rights', and 'freedom of speech'.
Our current leadership in government doesn't want a solution. That would stop the massive flow of money into their pockets.
I hate them all too. especially Section 8 housing programs.
Fannie Mae, Freddie Mack --- They can't die fast enough for me.
But what you noticed is important.
Is it true? And, if so, where is the money going?
I couldn’t find the statistics needed to prove this on the Bureau of Statistics website, so I’ll see what I can find on the total dollars of all mortgages in foreclosure. Then those aren’t all Fannie’s...so we need to find out how they come up with needing 60 billion, with what they already got..AND they are nationalized already right?
We wish, and could you include Frank, Dodd, Pelosi, Schummer...and the list goes on.
Beware the big push to buy gold. In 1933 the government confiscated all the gold and it was a crime not to turn it over...and they paid a marginal amount for it. I expect history to repeat itself with the amount of greed floating around in the government.
Oh you missed it! The US govt got the Swiss banks to give lists of US citizens with offshore accts in their banks. Now whether Singapore, Bahamas or other offshores will do it remains to be seen, but I guarantee the Obama Admin will get a piece of that pie too, as they get them for income tax evasion...they are going for all of it...and are just beginning the money grab.
Franklin Raines may have been the Clinton’s affirmative action appointee to run Fannie Mae.....
Fannie Mae was always a political beast, but it reached its elbow-swinging heights during the time when former Clinton administration budget director Franklin Raines sat in the CEO chair. Under Raines’ leadership, Fannie overstated earnings by a stunning $10.6 billion, all the while paying Raines and his senior management team massive bonuses.
It was under Raines’ management that Fannie morphed from being a company in a sleepy business — issuing debt to buy mortgages from lenders — into a far more risky and exciting one: buying up mortgages and holding them, thus capturing the spread between its borrowing costs (which were lower than anyone’s other than the federal government’s) and the interest rate received. It was a great business, except that it had nothing to do with Fannie’s charter. According to a May 2006 report from OFHEO, Raines became obsessed with keeping earnings per share as high as possible and motivated management to achieve that goal by setting up a bonus system that rewarded increasing earnings per share (EPS).
The thing is: Any company can hit an EPS number if it doesn’t worry about little things like accounting rules, debt levels, and risk factors. All told, Raines pulled in some $90 million between 1998 and 2003, the majority from bonuses. And when OFHEO began to ask uncomfortable questions, Raines actively lobbied Congress to cut its funding. In April, Raines agreed to disburse $24 million for his role in the accounting “errors.”
Oh..by the way...Mr. Raines is trying to get out of DC now that the heat is being turned up...
“Franklin Raines is selling. The former Fannie Mae head’s Forest Hills home went on the market two weeks ago.”
http://www.washingtonian.com/blogarticles/homegarden/openhouse/7196.html
Close them down.
The US government can go after Swiss banks because of their known complicity in very illegal tax evasion schemes for US customers. But going after banks in the Bahamas, Bermuda, Cayman Islands, Panama, Singapore, etc. is quite something else, because unless you get the co-operation of the local government you can forget about repatriating that money anytime soon.
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