Posted on 09/08/2008 9:27:46 PM PDT by smartyaz
My bank has some type of affiliation with Frannie and Fred. I’ve been wondering what will happen.
And how much did Franklin Raines earn while doing his Enron like accounting scam in the late 90’s?
Wholly Toledo! Will ya just LOOK at THAT???
Lead by the likes of Jamie Gorelick!!!
Anybody have any concrete info on how much ACORN had gotten???
Yep, throw this in the face of the GSE recipients
And let’s not forget that it was Bill Clinton who named Raines to the title of Help Yourself And Stick Taxpayers With the Bills.
Should be posted around everywhere along with a demand that Obama give back the $100K he got from them.
Not only did Snobami receive a lot of money from fannie and freddie, so did Acorn, the fund raising group that hates America and honest voting.
http://online.wsj.com/article/SB121728651034091275.html?mod=googlenews_wsj
Most of this foundation money goes to charity groups uninvolved in politics and policy. But tens of millions of dollars find their way to policy advocacy groups on the left and even some on the right. (See nearby table.) Affiliates of Acorn, the left-wing activist group, have received multiple $100,000 grants for their “housing” activities.
Jesse Jackson’s Citizenship Education Fund, an offshoot of his Rainbow/PUSH Coalition, has received more than $500,000 from Fannie and Freddie since 1996. A decade ago Mr. Jackson accused Fannie and Freddie of discriminatory lending practices. Those charges of racism went away once the grant money started flowing. Groups on the left complain about “corporate welfare” all the time, but curiously nary a one has opposed the Fannie and Freddie bailout — which amounts to one of the biggest corporate welfare gifts in U.S. history.
Anybody have any concrete info on how much ACORN had gotten???
http://online.wsj.com/article/SB121728651034091275.html?mod=googlenews_wsj
The link below will take you to the donoree/grantee list for
the left wing givers of our $’s to liberal organizations like Harvard, Acorn, Je$$e HiJack$on and others.
Check the donation of your $’s in your state and other states like Illinois, Ma, NY and &:
http://www.fanniemaefoundation.org/grants/grants_awarded.html?submitted=1&state=all&grantee=&year=
The numbers for Kerry, Clinton and Obama are skewed because those contributions were for their Presidential campaigns as well, while the others were solely for congressional/senatorial campaigns.
But why is Dodd at the top of the list, did he run for POTUS?
Disgusting .. all of it.
The management need arrest
and prosecution for their
criminal negligence.
Heard any mumbles about that?
Billions to lobbyists and pols.
Freddie Mac makes it a little more difficult to track their donations of our tax $’s, but if you have the time here is the link:
http://freddiemacfoundation.org/grants/grants.html
And how much did Franklin Raines earn while doing his Enron like accounting scam in the late 90’s?
Only God knows. Raines made the Enron guys look like pikers!
http://www.mortgagenewsdaily.com/print/?p=JGJ
OFHEO Wants Fannie Mae Bonus Money Returned
Text Size: + + +
Remember Franklin Raines? In December 2004 he and Timothy Howard were very much in the news as they “retired” or “resigned” or were fired, depending on which version one was reading as CEO and CFO of Fannie Mae. Their sudden unemployment followed probes, lawsuits, and audits that revealed that Fannie Mae had cooked the books over a three year period of time in such a way as to “smooth” income and expenses. One reason suspected at that time was to ensure that the Corporation’s net income every year was sufficient to match the benchmarks necessary to trigger large performance bonuses to its executives.
Fannie Mae has been engaged, since that time, in an enormously expensive re-examination of its books dating back to 2001 and has not filed the necessary financial statements with the Securities and Exchange Commission in nearly two years.
On the way out the door, Raines and Howard collected severance packages that turned more than a few heads.
At that time it was reported here that Raines would receive pension payments of $114,393 per month for the rest of his and his surviving spouse’s life and Howard would receive $36,071. In addition, both men were to receive lifetime medical and dental coverage for themselves, their wives, and any dependents under age 21 and corporation paid premiums on substantial life insurance policies. Mr. Raines’ medical insurance premiums were to be paid; while Mr. Howard was to pay at the reduced rates provided to all retirees.
As of the date his resignation was requested, Mr. Raines held vested and exercisable options to purchase a total of 1,628,071 shares of Fannie Mae common stock. The option price was exceeded by actual stock value by $5,545,270 and his”retirement” triggered an additional package of options to purchase some 380,000 shares at varying prices. The options are vested and will expire between May 2008 and January 2014. Mr. Howard held vested options that, if exercised immediately, would reap $4,395,864. Both men requested that they be allowed to time their actual separations so as to increase the value of their pensions and their options.
Last month the Office of Federal Housing Enterprise Oversight (OFHEO), the division of the Department of Housing and Urban Development charged with regulating Fannie Mae and its sister organization Freddie Mac, issued a scathing report on Fannie’s financial manipulations, stating outright that some of the motivation was to protect those executive bonuses.
The report stated that Raines had earned more than $52 million in performance and other bonuses from 1998 through 2003. This was in addition to some $38 million in salaries and other compensation.
Now the acting director of OHEO has made it clear that Fannie Mae had better act to retrieve some of that bonus money from Raines and others or the federal government will do it for them.
James B. Lockhart, testifying at a Senate hearing weighing his confirmation as permanent director of the agency said that the Corporation owed it to its shareholders to try to get restitution of some of the bonus money. He did not name any officers at that hearing but earlier in the week, while testifying at a House hearing he did blame Raines and other senior company officials for the accounting scandal and repeated allegations that the irregularities were designed to protect their bonuses.
News accounts did not note if Lockhart was also looking at the separation packages given to the two men.
Current Fannie Mae CEO Daniel Mudd is among other officers whose compensation during the questionable period is also being reviewed. He earned a total of over $26 million from 2000 to 2003.
In separate news, Gannett News Service announced that it had obtained documents under the Freedom of Information Act that indicated that Freddie Mac had invested heavily in efforts to convince federal legislators not to increase regulation of it and Fannie Mae.
Faith Bremner, writing for Gannett stated that a “major part of Freddie Mac’s strategy... was to hold fundraising events for key lawmakers.” From 2000 to 2003 the corporation’s lobbyists hosted 70 fundraising dinners for 52 lawmakers and raised $1.7 million for House Financial Services Committee Chairman Mike Oxley (R-Ohio), other members of his committee and Republican leaders; $189,500 for Oxley alone. Freddie Mac maintains that its lobbyists personally sponsored the events and the company had nothing to do with them.
Ms. Bremner said that lobbyists bragged in their performance evaluations about their successes in fighting reform legislation such keeping former Senate Banking Committee Chairman Phil Gramm (R-Texas) “on the sidelines” at a time the committee was considering legislation to rein in Fannie and Freddie. Freddie’s lobbyists held a fund raising dinner for Gramm on the very day that the committee held hearings on the bill.
Further, the corporation held hundreds of “ribbon-cutting” events with lawmakers in their districts that promoted charities and housing projects, boosting both Freddie’s and the lawmakers images and worked with lawmakers and staffs from both parties to create witness questions for hearings that were favorable to Freddie Mac.
As reported here earlier, some of Freddie’s election activities drew a record $3.8 million dollar fine in April from the Federal Elections Commission.
Story Information
I want the hides of Gorelick and Raines.
Gorelick is the poster super woman for the mentally ill left. They try to crucify Sarah and ignore the crimes of Gorelick and the misery she brought to America.
I want to see her in an orange jumpsuit ... really bad.
Good LORD!!! Worse than I thought and I thought it was gonna be awful!!!
They had to have all seen this coming, and still ....
Congress? Most definitely in the breach for this.
Feds, too. Prosecute the rats who reaped personal
wealth, while hurting US so totally.
~~~~
Report of Findings To Date (2004)
Special Examination of Fannie Mae
http://www.ofheo.gov/media/pdf/FNMfindingstodate17sept04.pdf
Page 24 for Gorelick, Raines compensation
~~~~~
Fannie Mae to Withhold Bonus Pay for 46
February 21, 2007
Fannie Mae, the largest United States mortgage finance company, will withhold $44.4 million in long-term incentive pay to former and current executives, including its chief executive, Daniel H. Mudd, the company said yesterday.
After reviewing three-year periods ended in 2003 and 2004, the company, which is government-chartered, said it would deny the bonuses to 46 former and current executives, a Fannie Mae spokeswoman, Janis Smith, said after the company submitted a federal filing.
In December, Fannie Mae said it overstated earnings from 2001 until mid-2004 by $6.3 billion. Mr. Mudd, who has been with Fannie Mae since 2000, will not receive $4 million in pay from that period because of the inflated performance. The chief business officer, Robert J. Levin, will be denied $2 million, and the chief operating officer, Michael J. Williams, will not get $1.85 million.
Franklin D. Raines, the former chief executive who was ousted in 2004 because of the accounting mistakes, will be denied $11.2 million, Fannie Mae said. The company will also keep $3.37 million from a former chief financial officer, J. Timothy Howard, and $370,000 from a former controller, Leanne G. Spencer.
“The board concluded that the then-management team did not meet the prescribed performance standards,” the Office of Federal Housing Enterprise Oversight said in a statement. The decision “was not directed at any specific individual.”
http://www.nytimes.com/2007/02/21/business/21fannie.html
~~~~~
Fannie Mae Sets Executive Salaries
Chief’s Bonus Is Not Dependent on Firm’s Financials
Washington Post Staff Writer
Thursday, February 9, 2006; Page D04
Fannie Mae chief executive Daniel H. Mudd will take home $3.5 million in salary and a bonus this year, the company reported yesterday.
The District-based housing-finance giant has not finished cleaning up its books following a multibillion-dollar accounting scandal.
But the board decided to reward Mudd with a $2.6 million bonus for his performance in 2005 based on a set of non-financial goals, such as progress on fixing the company’s accounting and promoting “respectful, appropriate and productive” relationships with regulators and industry partners.
Fannie Mae chief executive Daniel H. Mudd will get $3.5 million this year.
The company is still sorting out its multibillion-dollar accounting scandal.
The board also granted Mudd $8 million worth of restricted stock under a long-term incentive plan. The shares will not be awarded until March, when the company files an update on its financial reports.
http://www.washingtonpost.com/wp-dyn/content/article/2006/02/08/AR2006020802363.html
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