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FANNIE MAE GIVES RAINES THE BOOT (clinton's Budget Director)
New York Post ^
| 12/22/04
| PAUL THARP
Posted on 12/22/2004 12:33:23 AM PST by kattracks
The two top officers of embattled mortgage giant Fannie Mae were fired yesterday for bungling their books in a massive $9 billion loss undermining Fannie Mae's soundness. The ouster of Chairman and CEO Franklin Raines was startling because he'd been an important Washington insider for years.
Raines, 55, headed the nation's largest mortgage originator for six years and earned $20 million last year in salary, bonuses and stock awards. The Harvard-educated Rhodes scholar was President Bill Clinton's budget director.
The Securities and Exchange Commission said Raines broke accounting rules in running the company and played dangerously with complex and risky derivatives.
[snip]
Raines had earlier told Congress there were no irregularities in the books and the company was sound, but vowed he would fall on the sword if any accounting problems were proved.
(Excerpt) Read more at nypost.com ...
TOPICS: Business/Economy; Front Page News; News/Current Events
KEYWORDS: clintonholdovers; fanniemae; franklinraines
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1
posted on
12/22/2004 12:33:24 AM PST
by
kattracks
To: kattracks
pwn3d.
To: kattracks
vowed he would fall on the sword if any accounting problems were proved.So has anyone heard a loud 'OUCH' yet?
3
posted on
12/22/2004 12:38:00 AM PST
by
PistolPaknMama
(And unto us a Child is born! Merry Christmas, dear FReepers!)
To: PistolPaknMama
Bubba's name shows up in a lot of articles of this type. I wonder if thats a coincidence? /sarcasm
4
posted on
12/22/2004 12:49:19 AM PST
by
libs_kma
(USA: The land of the Free....Because of the Brave!)
To: martin_fierro
HOMEOWned!
5
posted on
12/22/2004 12:49:47 AM PST
by
Do not dub me shapka broham
(Why did it take me so long to come up with a new tag-line, huh?! What's up with that?)
To: kattracks
But...but...but Clinton GAVE us that great exonomy...
6
posted on
12/22/2004 12:50:23 AM PST
by
Darkwolf377
(Atheist federal employees-- demand to work on Christmas!)
To: kattracks
Why did it take so friggin' long!?!
7
posted on
12/22/2004 12:51:01 AM PST
by
Petronski
(A suitable case for treatment.)
To: martin_fierro
I saw Raines in the hearings on C-SPAN -he was definitely aware and padding his pockets with ill gotten 'bonus' monies.
8
posted on
12/22/2004 12:52:53 AM PST
by
DBeers
To: Petronski; cyborg
Give 'im a break!
The man is a "Rhodes scholar."
That means he went to Greece or something, right?
9
posted on
12/22/2004 12:53:28 AM PST
by
Do not dub me shapka broham
(Why did it take me so long to come up with a new tag-line, huh?! What's up with that?)
To: Do not dub me shapka broham
10
posted on
12/22/2004 12:53:44 AM PST
by
cyborg
(http://www.zimbabwesituation.com/flamelily.html)
To: Do not dub me shapka broham
11
posted on
12/22/2004 12:55:37 AM PST
by
Petronski
(A suitable case for treatment.)
To: kattracks
Not at all startling when you consider the folks the Clintons took a liking to.
12
posted on
12/22/2004 12:57:25 AM PST
by
thoughtomator
(Nobody expects the secular inquisition!)
To: thoughtomator
I am just shocked! When will all the money be found and how do they always seem to get away with it?Errrrrr
13
posted on
12/22/2004 1:27:41 AM PST
by
newzhawk
To: kattracks
The ouster of Chairman and CEO Franklin Raines was startling because he'd been an important Washington insider for years. Fannie Mae is obviously racist in its retention policies. How could such an important Washington insider be let go? I mean - he's an important Washington insider and all. Doesnt that trump everything?
14
posted on
12/22/2004 1:59:53 AM PST
by
capydick
("History does not long entrust the care of freedom to the weak or timid." --President Dwight Eisenho)
To: kattracks
So when does he go to jail ? Oh, he doesn't...
Stupid people steal money with a gun or a knife... smart people do it with the stroke of a pen...
15
posted on
12/22/2004 3:33:34 AM PST
by
ikka
To: kattracks
1. The financial statements weren't "bungled". They were "cooked".
2. No one working for a "quasi-governmental" corporation has any right to earn $20 million per year base salary.
3.It is time and long past time for the U.S. Govt. to get out of the mortgage business. Fannie, Freddie should be privatized.
Regards,
16
posted on
12/22/2004 3:36:45 AM PST
by
Jimmy Valentine
(DemocRATS - when they speak, they lie; when they are silent, they are stealing the American Dream)
To: kattracks
The first time I ever heard of Franklin Raines was right after President Clinton appointed him to be head of the Budget Office. On C-Span, Brian Lamb asked Mr. Raines what his office's budget was, and his response was somewthing along the line of, "I don't know. That's what I have staff for."
From my perspective, Franklin Raines is a HUGE symptom of what is wrong with big government. And not much of an endorsement for Rhodes Scholars, either.
17
posted on
12/22/2004 3:37:24 AM PST
by
Bernard
(Caution Ahead - Road being Paved with Good Intentions)
To: Jimmy Valentine
Since the numbers were cooked, and those numbers were used to determine is bonus..will the regulators demand disgorgement?
18
posted on
12/22/2004 3:38:55 AM PST
by
ken5050
(Ann Coulter needs to have children ASAP to propagate her gene pool. Any volunteers?)
To: kattracks
Bungling? That's an interesting euphemism for it.
19
posted on
12/22/2004 3:40:50 AM PST
by
mewzilla
To: kattracks
this guy will be heading to prison.
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