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OBAMA ADVISOR FRANKLIN RAINES IGNORED FANNIE MAE ACCOUNTING WARNINGS AS EARLY AS 2002
MSNBC.COM ^ | 10/6/2004 | AP

Posted on 09/17/2008 8:38:12 AM PDT by johncocktoasten

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“These accounting standards are highly complex and require determinations over which experts often disagree,” Raines said in testimony prepared for his appearance before the panel.

In his written testimony, Raines noted that Fannie Mae’s outside auditor, KPMG, had endorsed the company’s application of accounting rules.

Some of the findings by the Office of Federal Housing Enterprise Oversight “involve highly detailed issues that I would not normally focus on in my role as CEO,” Raines said.

HEY FRANK. YOU WERE CEO OF A MORTGAGE INVESTMENT COMPANY. YOUR ENTIRE BUSINESS CENTERS ON ACCOUNTING FOR THE MONEY YOU LEND PEOPLE. TOO DETAILED????

Perhaps this is the same philosophy that the 0bama campaign uses for handling facts. FACTS ARE VERY DETAILED ISSUES THAT I WOULD NOT NORMALLY FOCUS ON IN MY POSITION AS CANDIDATE FOR PRESIDENT.

1 posted on 09/17/2008 8:38:12 AM PDT by johncocktoasten
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To: johncocktoasten
Some of the findings by the Office of Federal Housing Enterprise Oversight “involve highly detailed issues that I would not normally focus on in my role as CEO,” Raines said.

For the sake of argument, we'll accept that. Why then, when one of your employees repeatedly brought these issues to you, did you ignore them? Above your pay grade?

2 posted on 09/17/2008 8:41:32 AM PDT by tsmith130
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To: johncocktoasten

good good
run with this team mcCain


3 posted on 09/17/2008 8:41:46 AM PDT by housedeep
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To: housedeep

McCain can run wih it but the media will bury it.


4 posted on 09/17/2008 8:42:52 AM PDT by CaptainK (...please make it stop. Shake a can of pennies at it.)
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To: CaptainK

I doubt that, not if AP and MSNBC picked it up.


5 posted on 09/17/2008 8:45:11 AM PDT by moose2004 (Drill, Drill, Drill, Drill, Drill, Drill And Then Drill Some More)
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To: housedeep

He ignored them to get himself a huge bonus!
Along with other Clinton croonies!


6 posted on 09/17/2008 8:46:17 AM PDT by Holicheese (Get up Tom Brady, get up! PLEASE!!)
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To: johncocktoasten
Hardly surprising since Jamie Gorelick sucked $25 million in pay and bonuses out of Fannie Mae. Gorelick had no background in accounting whatsoever.
7 posted on 09/17/2008 8:46:21 AM PDT by Eric in the Ozarks
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To: johncocktoasten

Complex accounting standards, Mr. Raines? Well of course they are. All the better to confuse and confound the American public.


8 posted on 09/17/2008 8:46:30 AM PDT by SE Mom (Proud mom of an Iraq war combat vet-McCain/Palin 08)
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To: johncocktoasten

Is this actually an MSNBC story? I’m shocked!


9 posted on 09/17/2008 8:47:54 AM PDT by jersey117
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To: CaptainK

Well, let’s see how much our friend (guffaw), Bill O’Reilly, will ‘investigate’ this....as well as the Iraq situation with Obama....


10 posted on 09/17/2008 8:48:59 AM PDT by imfrmdixie
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To: Eric in the Ozarks
Gorelick had no background in accounting whatsoever.

Her background is in demolition of World Trade Centers.
11 posted on 09/17/2008 8:51:49 AM PDT by Thrownatbirth (.....Iraq Invasion fan since '91.)
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To: moose2004

They aren’t picking up the story really......only about him.

Now anything about his ties to Obama.

Depending on how big an adviser he is, I would agree with not mentioning that. If he is a big one though, the media should mention it.


12 posted on 09/17/2008 8:51:50 AM PDT by rwfromkansas ("Carve your name on hearts, not marble." - C.H. Spurgeon)
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To: jersey117

no mention of Obama in the story, the headline is changed.


13 posted on 09/17/2008 8:52:23 AM PDT by rwfromkansas ("Carve your name on hearts, not marble." - C.H. Spurgeon)
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To: johncocktoasten
The word on Wall Street when Franklin Raines was the CEO of Fannie Mae, was that he got the job as a token (Raines is black(, and that he was incompetent, he would not be criticized, and they hoped against the evidence that he would do his job correctly.

Raines was part of the $9 billion cooking of the books at Fannie Mae which led to multi-million dollar bonuses to him, and to his enablers on the Board such as Jamie Gorelik (remember her?).

And now Raines is a "financial adviser" to Obama? A crook advising an empty suit? How scummy can the Obama campaign become?

Congressman Billybob

Click here -- I think you'll be surprised and delighted.

Latest article, "I, Obama"

14 posted on 09/17/2008 8:53:15 AM PDT by Congressman Billybob (www.theacru.org)
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To: johncocktoasten

Who else was involved with the Fannie Mae/Mac problems besides Raines is part of the Obama campaign? Seems like one of his VP pickers was also part of the mess. How about an ad pointing this out?


15 posted on 09/17/2008 8:54:31 AM PDT by TruthWillWin
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To: imfrmdixie

guffaw Bill O’Reilly is too funny...I rarely watch but did catch BO’Really vs. Neil Cavuto last night...that was velly interesting. Cavuto gave O’really an azz whuppin’ he won’t forget!


16 posted on 09/17/2008 8:54:31 AM PDT by iopscusa (El Vaquero. (SC Lowcountry Cowboy))
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To: jersey117
-"Is this actually an MSNBC story? I’m shocked!"

Let's not give MSNBC credit here. The post Title is not the MSNBC title. The story is from 4 years ago, which makes this a good post, in that it shows NOBAMA's lack of presidential judgement to associate and seek the counsel of such an incompetent and crook (Franklin Raines).

17 posted on 09/17/2008 8:54:53 AM PDT by The Bronze Titan
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To: The Bronze Titan

This is from 2004!

No way would MSNBC publish this now!


18 posted on 09/17/2008 8:56:03 AM PDT by JRochelle
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To: The Bronze Titan

This is from 2004!

No way would MSNBC publish this now!


19 posted on 09/17/2008 8:56:19 AM PDT by JRochelle
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To: housedeep

McCain needs to run with this.


20 posted on 09/17/2008 8:57:03 AM PDT by puroresu (Enjoy ASIAN CINEMA? See my Freeper page for recommendations (updated!).)
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