On 7 Oct 2008 22:37:32 GMT, Scott Seidman
wrote:


http://www.latimes.com/news/printedi...a-na-aviator6-
2008oct06,0,1670799.story?page=1

Why should it. Why isn't this getting any press:

Franklin Raines was a Chairman and Chief
Executive Officer at Fannie Mae. 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.' Fannie Mae had to reduce its
surplus by $9 billio n.

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.
http://housingdoom.com/2006/12/18/fannie-charges/ . The
Government noted, ' The 101 charges reveal how the individuals
improperly manipulated earnings to maximize their bonuses, while
knowingly neglecting accounting systems and internal controls,
misapplying over twenty accounting principles and misleading the
regulator and the public. The Notice explains how they submitted six
years of misleading and inaccurate accounting statements and
inaccurate cap ital reports that enabled them to grow Fannie Mae in an
unsafe and unsound manner.' These charges were made in
2006. The Court ordered Raines to return $50 Million Dollars he
received in bonuses based on the miss-stated Fannie Mae profits.

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 . 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 theydenied 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 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 . 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 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.




WHERE ARE THEY NOW?

FRANKLIN RAINES? Raines works
for the Obama Campaign as Chief Economic Advisor

TIM HOWARD?
Howard is also a Chief Economic Advisor to Obama

JIM JOHNSON?
Johnson hired as a Senior Obama Finance Advisor and was
selected to run Obama's Vice Presidential Search Committee