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REFERENCE Back in early Feb the FBI told the Senate Judiciary Committee that 530 investigations of fraud are in place "directly related to the current economic crisis" Fannie Mae and Freddie Mac are on the target list.
BARNEY FRANK AND FRIEND Cong Barney Frank (D-Mass), and his live-in Herb Moses (then-employed as director of Fannie Mae Product Initiatives) lived together in Washington.
According to National Mortgage News, Mr Moses helped develop many of Fannie Mae’s affordable housing and home improvement lending programs. In light of the trillion dollar Fannie Mae collapse, critics assert such programs led to the mortgage meltdown that prompted the government takeover of Fannie Mae and its financial cousin, Freddie Mac.
The two mortgage giants are blamed for spreading toxic mortgages throughout the private financial sector--leading to a worldwide economic crisis.
COLLUSION In point of fact, Cong Frank spent the better part of those years blocking lawmakers from imposing tougher regulations on the two mortgage behemoths. In 1991, the year Mr Moses was hired by Fannie, the Boston Globe reported that Cong Frank pushed Fannie Mae to loosen regulations on mortgages for 2-3 family homes, even though these homeowners were defaulting at twice and five times the rate of single homes, respectively. This might indicate Moses and Frank were colluding in government activities that worked against Fannie Mae shareholders.
Cong Frank and Mr Moses broke up as a couple in 1998, a few months after Moses ended his seven-year tenure at Fannie Mae when Mr Moses was employed as Assistant Director of Fannie Mae Product Initiatives.
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POSSIBLE FRAUD CHARGES Government-financed groups, connected to government employees involved in fraudulent mortgage lending, might be charged with operating a sophisticated tax fraud and money-laundering scheme involving hundreds of millions of dollars disguised as investments or philanthropy. Federal charges might include conspiracy, money laundering, electronic and US mail fraud, and computer trespass.
Authorities might find millions of dollars in campaign contributions were solicited then laundered through government agencies---- which were fronts to commit government fraud, tax fraud, and other crimes.
Campaign donors might have colluded to receive cash payments through an underground money transfer network which operates in ethnic enclaves (such as NYC’s Diamond District). Donors may have been reimbursed through wire transfers from government entities into secret accounts to banks based offshore.
US banking laws may have been violated thusly: the named individuals may have electronically wired monetary transfers from bank accounts of US government agencies into secret accounts offshore. The co-conspirators could have allegedly facilitated loans to Americans at American branches of offshore banks so that the secreted money could be used in the United States out of sight of the IRS, SEC and US banking laws.
Co-conspirators could have (1) hired private money transfer agents, or (2) might have made spurious “real estate investments” as the means to secretly repatriate their money into the United States out of sight of the IRS, SEC and US banking laws. (3) The conspirators may have paid money-laundering fees to have their money hidden in secret accounts at offshore banks out of sight of the IRS, SEC and US banking laws.
Charges might include: (a) conspiracy to defraud the IRS, and evade US banking laws, (b) international money laundering, (c) conspiracy to commit money laundering, and, (d) aiding and abetting the preparation and filing of false federal income tax returns (stolen money is taxable).
Conspiracy counts might include mail fraud, electronic fraud, and accounting fraud. Authorities might examine the named government entities for using fraudulent receipts to falsely verify disbursements of government funds and multiple conspiracies to benefit from fees charged for transfers of funds as part of the money-laundering conspiracy.
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Persons and organizations of interest to law enforcement might include:
(1) Hon Barney Frank (D-Mass), House of Rep, 2252 Rayburn Building, Washington, DC 20515, Tel: (202) 225-5931
(2) Herb Moses, former-Assistant Director of Fannie Mae Product Initiatives, Current address unknown
(3) FRANKLIN RAINES, ex-Fannie Mae CEO (fired for cooking the books, Raines walked away with $90 million in lifetime government benefits.
A common theme in Mr Frank's Congressional oversight, and his companion, Mr Moses’, Fannie Mae activities (as then-Assistant Director of Product Initiatives) appears to be the involvement of Franklin Raines, then-Fannie Mae CEO.
Public records indicate that then-Fannie Mae CEO Franklin Raines mishandled billions of government dollars over which Cong Frank had regulatory authority, together with Mr Frank‘s companion, Mr Moses (then-Assistant Director of Fannie Mae Fannie Mae Product Initiatives).
Mr Raines was ultimately fired for falsifying, then filing, official documents...... and had apparently cooked the books and pocketed illegal bonuses. L/E should order Franklin Raines to turn over all records in his possession related to Cong Frank, and Frank's companion, Mr Moses....... including properties financing and financial strategems Raines supervised.
THE MODUS OPERANDI?
L/E needs to determine whether Fannie Mae principals colluded to move millions through lawyers' trust accounts — without divulging the source of the money. Fannie Mae principals might have been concerned about potential criminal liability through the laundering of the proceeds of criminal activity via government agencies into lawyers' accounts.
Authorities need to determine the extent to which Fannie Mae principals colluded in schemes that may have included misusing government reserve accounts, concealing losses, inflating asset values and improperly accounting for computer transactions, and the extent to which Fannie Mae principals could be charged with illegally sending monies out of the country to offshore money-laundering havens.
Prosecutors should explore the extent to which Fannie Mae principals directed the preparation of phony receipts for illegal property transactions and who among the co-conspirators might be charged with aiding and abetting illegal money-transmittals, and with fasifying official records.
Fannie Mae Investors, shareholders and taxpayers demand to know the extent to which the named individuals directly or indirectly, singly or in concert, with computers, computer technicians, by use of the means and instrumentalities of interstate commerce and by use of the mails, electronics, or a facility of national banks, investment vehicles, and/or a national securities exchange, knowingly or recklessly, in connection with facilitating government fraud:
(1) employed devices, schemes and artifices to defraud, (2) made untrue statements of material fact and omitted to state and federal bank authorities material facts necessary in order to make statements made, in light of the circumstances under which they were made, not misleading, and (3) engaged in acts, practices and courses of business which operated as a fraud and deceit upon bank investors, shareholders, bank patrons, and other persons.
Authorities should investigate Fannie Mae's US Postal Service mailings, wire transfers, computer transfers, electronic submissions, and unregulated money transfers, and all bank transfers connected to these individuals and government agencies.
Fannie Mae's government fraud activities might have involved using checks passed from one account to another in multiple conspiracies to launder monies. The stratagem could have been international in its scope due to worldwide connections.
Authorities need to determine the extent to which collusive schemes may have included misusing Fannie Mae reserve bank accounts, concealing transfers, inflating asset values and improperly accounting for transactions.
Authorities need to determine the extent to which Fannir Mae principals are open to prosecution, and the extent to which fraudulent activities caused financial harm to Fannie Mae investors, shareholders, US taxpayers, and other persons.
Fannie Mae principals might have fraudulently accounted for excess benefit transactions and may have improperly accounted for bank transfers that might have evaded the IRS, SEC and FEC.
It has not yet been determined the extent to which Fannie Mae principals engaged in fraudulent banking practices, and whether co-conspirators directly or indirectly, singly, or in concert, with computers, computer technicians, interconnected software, by use of the means and instrumentalities of interstate commerce and by use of the mails, electronics, or a facility of national banks, investment vehicles, and/or a national securities exchange, or other investment vehicles, knowingly or recklessly, facilitated government fraud.
Fannie Mae principals might have facilitated government fraud by integrating:
1. Exclusive control over Fannie Mae Product Initiatives banking functions.
2. Requiring only one signature on Fannie Mae Product Initiatives bank checks.
3. Utilizing pre-signed Fannie Mae Product Initiatives bank checks.
4. Using secret bank accounts to hide the actual financial position of Fannie Mae Product Initiatives.
5. Assigning bank deposit and account reconciliation functions to one person.
6. Conspiring to hide oversight of expenses and supporting vouchers from public view.
7. Having no outside auditor to review Fannie Mae Product Initiatives bank statements.
8. Cashing unusually large amounts of Fannie Mae Product Initiatives checks.
9. Overriding official government deposit and withdrawal control systems.
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Jeepers, I sure hope Barney and Herbie paid all the taxes due (stolen money is taxable).
REPORT TAX FRAUD AND TAX LAW VIOLATIONS HERE:
IRS TOLL-FREE 1-800-829-0433----you may remain anonymous.
EMAIL .......OAAG.Tax@tax.USDOJ.gov.
Ping to post #30
You bigot!
Barney, the Dancing Queen of Fredie/Fannie, isn’t guilty of anything.
He just made sure that poor illegals and other minorities could own homes like the rest of us inspite of no income and bad credit ratings.
Silly conservative woman, don’t you know that Rat minorities and fags, er, gays, in Congress can never commit a crime or violate tax laws? :)
Dave - check out post #30. If they "follow the money" they'll get the crooks. Thanks for the ping.
This is an old article from last September. And now that Eric Holder is 'our' AG and who would be the one to go after Bawney Fawg and his 'Fannie Lover' with any investigation will sweep this down the memory hole like it never happened.
Bush and his Admin, and the republicans in Congress knew about Bawney's shenanigans and did squat. Bawney's now off the hook.
BTTT!
Appears the stimuli was crucial for election 2010, because these people broke the proverbial bank for election 2006 and 2008.