Posted on 09/08/2008 2:14:12 PM PDT by Dubya-M-DeesWent2SyriaStupid!
Even Reagan believed that home ownership would magically turn the poor and minorities into conservatives. We can state unequivocally that that GOP-propelled experiment has been a dismal failure.
Fannie Mae was fined $400 billion for cooking the books in 2004. They over estimated their earnings by $6.3 billion. At the time this occurred, the CEO of Fannie Mae was Franklin Raines.
How corrupt was Raines? While being investigated by the SEC for cooking the books, he decided it was time to take an early retirement.
However, he wasn’t completely off the hook - rather than going to jail for his actions, he bought his freedom for a $24.7 million settlement. However, here’s the kicker - Of that $24.7 million, $15.6 million was in stocks, but was from stock at the time when the transgressions occurred.
What that means is that he was paying $15.6 million of stock valued at $77 per share, but the stock was now worth $9 per share. So - that money was $15.6 million in 2004 - which was now devalued to only $1.8 million.
In addition, Raines paid another $2 million, but surprise surprise, that was covered by the insurance policy to protect against things like that. He also donated an additional $1.8 million in stock, but another shocker - It wasn’t even his.
He was involved in a lawsuit with Fannie Mae, in which both sides claimed the stock was rightfully theirs.
Finally, he agreed to part with $5 million in unspecified benefits…which really shouldn’t be unspecified since they are public funds!
By the way, Raines still gets a monthly pension of nearly $114,000 per month, for life, and then if necessary, for the life of his wife.
So where was the media in all of this?
Is Barney Frank, Dodd,Schumer,and the rest of the ilk going to drag in Franklin Raines to explain how he made HUNDREDS of MILLIONS from Freddie Mac while running it into the ground?
We all remember Franklin Raines. He was the lucky bastard who was the White House budget director under Clinton who happened to be sitting there when the GOP balanced the budget by cutting the capital gains tax and flooding the Treasury with hundreds of billions of unexpected money.
A Democratic president and republicans working so well together should have clued someone in.
Raines got to profit from the Clinton economy brilliance by getting handed a job which allowed him to basically print money for himself - a quasi-government mortgage lender (that doesn’t lend money but does guarantee losers for other lenders).
Raines has been hiding for the last couple of years and for good reason. Rumor has it he bought a few pricey homes recently.
He should be the f’ing poster child for this housing crisis. He is a liberal tool. He should be more famous than the former head of Countrywide Home Loans who was giving insider rates to his buddies on Capitol Hill.
Video: Fannie Mae Scandal and Obama’s friends
Youtube ^ | 9/15/08 | cmddrums
Posted on Mon Sep 15 23:27:09 2008 by april15Bendovr
Articles that inform and raise question about Fannie Mae.
http://www.freerepublic.com/focus/f-news/2083221/posts
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