These are the 3 guys that took down wall street as bigwigs at Fannie/Freddie… and guess where they are now?
They are Obama advisors.
Make sure to follow the link… they do an excellent job of breaking it down, but below are a few snips for you!
Franklin Raines was a Chairman and Chief Executive Officer at Fannie Mae. He served as President Bill Clinton’s Budget Director. Raines was forced to retire from his position with Fannie Mae when auditing discovered severe irregulaties in Fannie Mae’s accounting activities. At the time of his departure The Wall Street Journal noted, “ Raines, who long defended the company’s accounting despite mounting evidence that it wasn’t proper, issued a statement late Tuesday conceding that “mistakes were made” and saying he would assume responsibility as he had earlier promised. News reports indicate the company was under growing pressure from regulators to shake up its management in the wake of findings that the company’s books ran afoul of generally accepted accounting principles for four years.” http://www.washingtonpost.com/wp-dyn/content/discussion/2006/02/23/DI2006022301805.html
Tim Howard – Was the Chief Financial Officer of Fannie Mae. Howard, “was a strong internal proponent of using accounting strategies that would ensure a “stable pattern of earnings” at Fannie. In everyday English – he was cooking the books. http://www.signonsandiego.com/uniontrib/20041230/news_lz1ed30bottom.html http://www.usatoday.com/money/companies/regulation/2004-09-24-fannie-cfo_x.htm
The Government Investigation determined that, “Chief Financial Officer, Tim Howard, failed to provide adequate oversight to key control and reporting functions within Fannie Mae,” http://www.usatoday.com/money/companies/regulation/2004-09-24-fannie-cfo_x.htm
Jim Johnson: A former aid to Walter Mondale, a former executive at Goldman Sachs and Lehman Brothers and who was later forced from his position as Fannie Mae CEO, was hired as a Senior Obama Finance Advisor. Johnson is so senior that he was selected to run Obama’s Vice Presidential Search Committee, the Committee that selected Joe Biden. http://www.associatedcontent.com/article/781141/barack_obama_taps_former_fannie_mae.html
The National Review suggested – “Look at the former Fannie Mae Chief Obama choose for the job (selecting Biden). …. specifically, 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 it fact it was $21 million.” http://corner.nationalreview.com/post/?q=NWM3MDFkM2QwNzRjODk3NWZhZTc3OGIxNDQ4Nzc2NDc=