Tim Howard - Was the Chief Financial Officer of Fannie Mae. Howard "was a strong internal proponent of accounting strategies that would ensure a "stable pattern of earnings" at Fannie.In everyday English - he was cooking the books. The Government Investigation determined that, "Chief Financial Officer, Tim Howard, failed to provide adequate oversight to key control and reporting functions within Fannie Mae," On June 16, 2006, Rep. Richard Baker, R-La., asked the Justice Department to investigate his allegations that two former Fannie Mae executives lied to Congress in October 2004 when they denied manipulating the mortgage-finance giant's income statement to achieve management pay bonuses. Investigations by federal regulators and the company's board of directors since concluded that management did manipulate 1998earnings to trigger bonuses Raines and Howard resigned under pressurein late 2004. Howard's Golden Parachute was estimated at $20 Million!
Jim Johnson - A former executive at Lehman Brothers and who was later forced from his position as Fannie Mae CEO. A look at the Office of Federal Housing Enterprise Oversight's May 2006 report on mismanagement and corruption inside Fannie Mae, and you'll see some interesting things about Johnson. Investigators found that Fannie Mae had hidden a substantial amount of Johnson's 1998 compensation from the public, reporting that it was between $6 million and $7 million when in fact it was $21 million." Johnson is currently under investigation for taking illega loans from Countrywide while serving as CEO of Fannie Mae. Johnson's Golden Parachute was estimated at $28 Million.
WHERE ARE THEY NOW?
FRANKLIN RAINES? Raines works for the Obama Campaign as his Chief Economic Advisor.
TIM HOWARD? Howard is a Chief Economic Advisor to Obama under Franklin Raines.
JIM JOHNSON? Johnson was hired as a Senior Obama Finance Advisor and was selected to run Obama's Vice Presidential Search Committee.
IF OBAMA PLANS ON CLEANING UP THE MESS - HIS ADVISORS CERTAINLY HAVE THE EXPERTISE - THEY MADE THE MESS IN THE FIRST PLACE. Would you trust the men who tore Wall Street down to build the New Wall Street back up ? I don't think so ! ! !
Wow, best post in a long time, deserves its own thread dude!