Monday, April 9, 2012

WHERE ARE THEY NOW?


The three who brought downWall Street.
 
Here's a quick look into the three former Fannie Mae executives who brought down Wall Street.
 
Franklin Raines was a Chairman and Chief Executive Officer at Fannie Mae. Raines was forced to retire from hisposition with Fannie Mae when auditing discovered severe irregularities in
Fannie Mae 's accounting activities. Raines left with a "golden parachute valued at $240 Million in benefits. The Government filed suit against Raines when the depth of the accounting scandal became clear.
 
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 Mae. Investigations by federal regulators and the company's board of directors since concluded that management did manipulate 1998 earnings to trigger bonuses. Raines and Howard resigned under pressure in 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. 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." Johnson is currently under investigation for taking illegal loans from Countrywide while serving as CEO of Fannie Mae. Johnson 's Golden Parachute was estimated at $28 Million.
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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.

Vote in 2012..it is the most important election of our lives. 


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