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News: NEW CHILD BOARD CREATED IN THE POLITICAL SECTION FOR THE 2016 ELECTION
 
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Author Topic: FRANKLIN RAINES: FANNIE, FREDDY, & YOUR FUTURE  (Read 5623 times)
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crazybabyborg
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« on: October 26, 2008, 01:24:14 PM »

FRANKLIN RAINES, CEO OF FANNIE MAE, IS WHO OBAMA HAS CHOSEN TO BE HIS CURRENT ECONOMIC ADVISOR.
 
WHEN AN INVESTIGATION REQUESTED BY PRESIDENT BUSH SHOWED THAT FANNIE AND FREDDIE WERE "COOKING THEIR BOOKS", AND THE INVESTIGATING REGULATORS WERE SENT TO TESTIFY BEFORE CONGRESS ON THEIR FINDINGS, AND ASK FOR THE FORMATION OF AN "OVERSIGHT" REGULATION BODY FOR FANNIE AND FREDDY, THIS IS WHAT HAPPENED. THIS IS IN 2004 AND IS C-SPAN'S COVERAGE.
 
PLEASE WATCH. IF YOU INTEND TO VOTE IN THIS ELECTION, YOU NEED TO KNOW WHOSE HANDS YOU ARE CHOOSING TO PUT AMERICA'S ECONOMY IN AT THIS TIME OF CRISIS, AND WHOSE ADVICE THEY ARE LISTENING TO.
 
YOU ARE AND WILL BE, PAYING FOR THIS MESS. YOU SHOULD KNOW HOW YOU'VE BEEN STUCK PAYING THIS DEBT YOU DID NOT CREATE. BILL CLINTON WEIGHS IN AT THE END OF THE VIDEO:
 
http://www.youtube.com/watch?v=LQJUpgyZYho&feature=related
« Last Edit: October 27, 2008, 01:25:47 AM by crazybabyborg » Logged
nonesuche
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« Reply #1 on: October 26, 2008, 02:35:46 PM »

Thanks CBB, unfortunately many who support Obama won't take the time to watch this all the way through to hear Clinton admit the Democrats fought accountability for Fannie Mae & Freddie Mac.

It's easier to do nothing, to make the minimal effort by just voting for who they think looks the best on TV.
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I continue to stand with the girl.
crazybabyborg
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« Reply #2 on: October 27, 2008, 12:20:59 PM »

I know, nonesuche. Uninformed voters wave a vague hand and simply acknowledge that there has been a Republican President, so everything must be his fault. The video doesn't fit in a soundbite.

 
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caesu
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« Reply #3 on: October 27, 2008, 02:14:12 PM »

nicely cut up video.
made up out of hours and hours of tape.

to make it seem like (white) republicans want more regulation.
and (black) democrats don't want more regulation and are to blame for the whole mess.

very deceptive...
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crazybabyborg
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« Reply #4 on: October 27, 2008, 07:33:21 PM »

nicely cut up video.
made up out of hours and hours of tape.

to make it seem like (white) republicans want more regulation.
and (black) democrats don't want more regulation and are to blame for the whole mess.

very deceptive...

I disagree. I happened to be recovering from surgery while these hearings were going on and being a news junkie, watched it unfold and they very accurately, VERY ACCURATELY, portray what happened. I suppose Clinton must have been watching what I was, because his reluctant assessment agrees.

It was more than hours and hours, it was days. I don't have at my disposal days of video on the actual event, but will note that this video captures the gist of it, and it split right down party lines. Waters and others actually stated that the hearings should be about the REGULATORS, not Freddy or Fannie, and certainly not about Raines. There ARE things missing from the clip. Raines' (Who is now Obama's economic advisor) salary and bonuses were more thoroughly discussed, but since it's missing from the video, let me fill you in:



NLPC Says Stop Franklin Raines’ Rape of Fannie Mae — and Taxpayers

Contact: Peter Flaherty 703-237-1970
Date: December 29, 2004
Website: www.nlpc.org[/b]

Peter Flaherty, President of the National Legal and Policy Center, today expressed surprise and disgust at the current attempt by fired Fannie Mae Chairman and CEO Franklin Raines to walk away with millions despite his central role in the accounting scandal rocking the company.

NLPC promotes ethics in public life, and sponsors the Corporate Integrity Project.

Flaherty said, “Let me get this straight. Raines apparently cooks the books, brings disgrace to the company, and imperils Fannie Mae’s standing with regulators, the Congress and administration. So for his punishment he is made wealthy for the rest of his life?”

According to a December 27 Form 8-K filing with the Securities and Exchange Commission, Raines is entitled to:

•“Deferred compensation” of $8.7 million

•Stock options currently worth $5.5 million, and potentially millions more

•”Performance Share Payouts” through 2006, potentially worth millions more

•A monthly pension of $114,393 for the rest of his life, and the for life of his spouse should she survive him

•Free medical and dental coverage for the rest of his life, as well as for his wife for the rest of her life, and his children until age 21

•Free life insurance in the amount of $5 million until age 60, and $2.5 million thereafter

The agreement even allows for Raines to receive a “cash bonus” for 2004.

Raines stated that, “By my early retirement, I have made myself accountable.” Flaherty reacted by saying, “It is like Enron and Tyco never happened. I cannot even fathom the level of arrogance and self-delusion necessary for Raines to claim he’s been made accountable for his mistakes.”

Flaherty continued, “The OFHEO regulators have taken the right step in reviewing Raines compensation. But if Fannie Mae executives inflated profits to increase their own bonuses, that is fraud. Political connections should not insulate corrupt executives from criminal prosecution, if it is warranted.”

“This is not a case of foolish or captive directors rewarding a failed executive with a golden parachute. Fannie Mae is not really a private company. It has been granted advantages in the marketplace by Congress, that are worth billions of dollars. Raines is not only fleecing Fannie Mae, but also the taxpayer.”

“Raines was paid $20 million in 2003 but was never really a private-secter corporate executive. His CEO position was more of a political plum. Most of his career was spent in political appointments or at Fannie Mae itself.”

http://www.nlpc.org/view.asp?action=viewArticle&aid=738

 

 
« Last Edit: October 27, 2008, 07:48:08 PM by crazybabyborg » Logged
nonesuche
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« Reply #5 on: October 27, 2008, 08:35:44 PM »

Raines will be in Obama's cabinet if he's elected, smacks of more of Obama's payback with his darkside buddies.
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