Posted on 09/17/2008 8:38:12 AM PDT by johncocktoasten
WASHINGTON - The former Fannie Mae accountant who raised questions about the mortgage giant’s bookkeeping said Wednesday that he took his concerns directly to chief executive Franklin Raines in 2002 and asked him to investigate.
The disclosure by Roger Barnes, who left Fannie Mae last November, came as Raines and chief financial officer Timothy Howard defended the company’s accounting and told Congress that regulators’ allegations of earnings manipulation represent an interpretation of complex rules.
(Excerpt) Read more at msnbc.msn.com ...
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.
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?
good good
run with this team mcCain
McCain can run wih it but the media will bury it.
I doubt that, not if AP and MSNBC picked it up.
He ignored them to get himself a huge bonus!
Along with other Clinton croonies!
Complex accounting standards, Mr. Raines? Well of course they are. All the better to confuse and confound the American public.
Is this actually an MSNBC story? I’m shocked!
Well, let’s see how much our friend (guffaw), Bill O’Reilly, will ‘investigate’ this....as well as the Iraq situation with Obama....
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.
no mention of Obama in the story, the headline is changed.
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
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?
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!
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).
This is from 2004!
No way would MSNBC publish this now!
This is from 2004!
No way would MSNBC publish this now!
McCain needs to run with this.
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