But call him "Alowishus Devadander Abercrombie"
Posted on 12/16/2011 9:09:30 AM PST by Justaham
The Securities and Exchange Commission has brought civil fraud charges against six former top executives at Fannie Mae and Freddie Mac, saying they misled the government and taxpayers about risky subprime mortgages the mortgage giants held during the housing bust.
Those charged include the agencies' two former CEOs, Fannie's Daniel Mudd and Freddie's Richard Syron. They are the highest-profile individuals to be charged in connection with the 2008 financial crisis.
Mudd, 53, and Syron, 68, led the mortgage giants when the housing bubble burst in late 2006 and 2007. The four other top executives also worked for the companies during that time.
The case was filed in federal court in New York City.
In a statement released through his attorney, Mudd said the lawsuit "should never have been brought" and said the government reviewed and approved all of the company's financial disclosures.
"Every piece of material data about loans held by Fannie Mae was known to the United States government to the investing public," Mudd said. "The SEC is wrong, and I look forward to a court where fairness and reason — not politics — is the standard for justice."
(Excerpt) Read more at finance.yahoo.com ...
Why civil? Why no criminal charges?
(Rhetorical question...it’s so they can pay a small fine and avoid jail. Hell, they probably won’t even have to admit to wrongdoing).
In other news, there are reports of flying pigs over DC...
” saying they misled the government and taxpayers about risky subprime mortgages the mortgage giants held during the housing bust.”
So you mean offering poor and broke people mortgages with no credit and zero down is now a bad thing?
I could have sworn that’s what the government, and the dopes that applied for one, wanted?
His name is Mudd. History is not without a sense of irony.
In other words, back the hell off, or I'm going to tell people what was really going on.
Having risky loans on the books is one thing. Telling investors they’re not risky is another.
Now, if the government is forcing you to make risky loans, I suppose I could see how lying about those loans to investors might seem justified, but it’s still illegal.
But call him "Alowishus Devadander Abercrombie"
That is right... Frank and Dodd!
why is James Johnson not on this list??? why is Franklin Raines not on this list????
THOSE were two I was also wondering about....WHERE are THEY???
they are both obama cronies...Johnson worked as an economic adviser for ayatollah obama during the ‘08 campaign....he was recently accused of surfing interboards as an obama lackey but i think that was never proven....
Raines i believed recently testified in front of congress...
When I saw the title of the article I thought I was gonna read about Franklin Raines and Jamie Gorelick finally taking a perp walk for using Fannie to loot the taxpayers
Under the Clinton regime, Frankie looted $90 million in bonuses for lying about the Fanny earnings, and Gorelick looted $26 million
Butnooooo...2006/7...... BUSH’s fault
Didn’t see Franklin Raines name in there. Just names and photo’s of two white guys...
When I saw the title of the article I thought I was gonna read about Franklin Raines and Jamie Gorelick finally taking a perp walk for using Fannie to loot the taxpayers
Under the Clinton regime, Frankie looted $90 million in bonuses for lying about the Fanny earnings, and Gorelick looted $26 million
Butnooooo...2006/7...... BUSH’s fault
Mud spelled backwards is dum. (Bugs Bunny)
just window dressing. Unless Dodd, Fwank are frogged marched into prison for life, it’s just window dressing.
In Bawney’s case, he would loved to be locked in a small area with lots of men that haven’t seen a woman in a while.
I see that the names ‘Franklin Raines’ and ‘Jaime Gorelick’ never came up.
And yet, Barney Frank and Chris Dodd remain free men.
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