Monday, March 9, 2009

Rahm Room-Rahm Room



Rahm Room, Rahm Room an obvious reference to Red Room (Jack Nicholson), Red Room.  Why was Rahm in the room?  In watching this Frontline Video a look inside the Financial Meltdown ( PBS interpretation) a couple of things come to mind.

One of them being why was Rahm in the room at that time?  Why was Geithner called in? If you remember this took place before The Obamageddons Adulation Inauguration.  

In the picture below taken from the video you see Rahm's haunting eyes peering at the camera but why was Rahm even in the room? Or Dirty Dodd in the room? Or Fannie Frank?





 According to Wikipedia:

Emanuel was named to the Board of Directors for the Federal Home Loan Mortgage Corporation ("Freddie Mac") by then President Bill Clinton in 2000. His position paid him $31,060 in 2000 and $231,655 in 2001.[29]During the time Emanuel spent on the board, Freddie Mac was plagued with scandals involving campaign contributions and accounting irregularities.[30] The Office of Federal Housing Enterprise Oversight (OFHEO) later accused the board of having "failed in its duty to follow up on matters brought to its attention." Emanuel resigned from the board in 2001 when he ran for congress.[31]

Chris Dodd has received a total of $133,900 in campaign contributions from employees and PACs of Fannie Mae and Freddie Mac from 1989 to 2008[8] When the Bush administration attempted to reform Fannie Mae and Freddie Mac in from 2002 to 2007, Dodd actively and successfully opposed Republican-led legislation with the help of John KerryBarack Obama and Hillary Rodham Clinton[9](wikpedia)

The Center for Public Integrity has criticized Dodd for "being the leading advocate in the Senate on behalf of the accounting industry."[13][14]Political consultant and commentator Dick Morris wrote that Dodd had received more from accounting firm Arthur Andersen than any other Democrat and bore responsibility for trying to shield accounting firms from investor fraud liability in cases such as the Enron scandal.[15]


Nice raise in a year Rahm received.  Fannie/Freddie was corrupt and our government knew it before this took place.  The Frontline piece goes on to describe the depth of the destruction caused by the Fannie/Freddie involvement in the FRAUD!  Clinton signed off on the Glass-Steagall Act which allowed the entanglement of the financial systems in the first place, the Dirty Democrats who LOOTED Fannie/Freddie were not punished instead of being sent to prison, The Office of Federal Housing Enterprise Oversight (OFHEO) concluded. 

Fannie Mae senior management sought to interfere with OFHEO’s special examination by directing the Enterprise’s lobbyists to use their ties to Congressional staff to improperly generate a Congressional request for the Inspector General of the Department of Housing and Urban Development (HUD) to investigate OFHEO’s conduct of that examination and to insert into an appropriations bill language that would punish the agency by reducing its appropriations until the Director of OFHEO was replaced.

Franklin Raines, along with Fannie’s former chief financial officer and Fannie’s former controller, settled out of court and agreed to pay fines totaling about $3 million. Raines also agreed to donate the proceeds from the sale of the $1.8 million of his Fannie stock and to give up stock options. Fannie Mae paid a fine of $400 million.

Goldman Sachs played a pivotal role in all of this. According to OFHEO, one of the major vehicles Fannie used to hide its loses (e.g., “shift earnings into future years”) was a Real Estate Mortgage Investment Conduit aka REMIC:

In fact, Goldman Sachs described the proposed transaction (i.e. use of REMIC) in a November 19, 2001 presentation to Fannie Mae. David Rosenblum, a Goldman Sachs managing director, attached PowerPoint slides for the presentation to a December 3, 2001, e-mail to Mr. Niculescu. Mr. Rosenblum referred to the project as “Project Libra.”

So we were asked to believe that the former CEO of Fannie Mae who is now sitting on the board of Goldman Sachs is completely unaware of using REMIC to hide Fannie Mae losses? Wouldn’t you expect someone with so much knowledge about Fannie Mae to have the least bit of concern about the possibility of accounting FRAUD? 

Even bj bill admitted...

FORMER PRESIDENT BILL CLINTON BLAMES CORRUPT DEMOCRATS FOR FANNIE MAE MELTDOWN ABC news 

President Clinton told ABC News That the blame for the Fannie Mae Meltdown Lies squarely at the feet of Corrupt DEMOCRATS who blocked efforts to regulate and investigate Fannie Mae. You have to admire his honesty, candor, and political courage-

Watch The Jim Angle Report It Links To The Clinton Interview--

Watch The ABC / Clinton Interview On ABC New ---

Hear Barney Frank On Video "There Is No Crisis At Fannie Mae"

The New York Post here --

There are former CEOs of Fannie Mae, Interim and assistant CEOs, Four US Senators and at least two members of the US House of Representatives who should GO TO JAIL for BRIBING members of Congress to block investigations of Fannie Mae Abuses.

Chris Dodd has received a total of $133,900 in campaign contributions from employees and PACs of Fannie Mae and Freddie Mac from 1989 to 2008[8] When the Bush administration attempted to reform Fannie Mae and Freddie Mac in from 2002 to 2007, Dodd actively and successfully opposed Republican-led legislation with the help of John KerryBarack Obama and Hillary Rodham Clinton[9](wikpedia)

The Center for Public Integrity has criticized Dodd for "being the leading advocate in the Senate on behalf of the accountingindustry."[13][14] Political consultant and commentator Dick Morris wrote that Dodd had received more from accounting firm Arthur Andersen than any other Democrat and bore responsibility for trying to shield accounting firms from investor fraud liability in cases such as the Enron scandal.[15]

Fannie Mae is the biggest single source of money for mortgages in the United States. From 1998 to 2004, the years covered by the OFHEO investigation, it was headed by former Clinton budget director Franklin Raines, whose top management team included former Clinton Justice Department official Jamie Gorelick During that period, the report says, Raines and his team grossly overstated Fannie Mae’s earnings — to the tune of $10.6 billion — for the purpose of paying themselves big bonuses. “By deliberately and intentionally manipulating accounting to hit earnings targets,” the report says, “senior management maximized the bonuses and other executive compensation they received, at the expense of shareholders"…

The roles of Goldman Sachs and Lehman Brothers are important to understand if you are to make sense of Fannie Mae’s collapse. When Johnson moved to Goldman Sachs, the main man at Fannie was Franklin D. Raines. Late in 2005 Raines resigned from Fannie Mae, accused of being in charge when the books were cooked. 

 Funny.....Obama's email to his delusional followers said:

The era of greed and irresponsibility on Wall Street and in Washington has created a financial crisis as profound as any we have faced since the Great Depression.

This from the man who sucked up more dollars from the "greedy" and "irresponsible" than anyone else as a junior senator and filled his election coffers with their dirty money!  Barack Obama has received more from one source–Goldman Sachs $542,252.00–than  from all of the companies combined. Who the hell is more beholden to bankers? And why does a junior Senator from Illinois rate this kind of dough? (more here) and here.

                          Top 2o Members (influence and lobbying money) and here..
                           The top two recipients of Fannie and Freddie campaign donations were Democrat fatcats Chris                                 Dodd ($165K) and Barack Obama ($126K) (Source: Open Secrets)

Well I think I know what Rahm (The Fixer) was doing in the room and Dirty Dodd and I am still wondering if the bailout money sent to Foreign Banks is being used to (Squirrel Away a nestegg) but I will leave you to make your own assumptions.

Today Warren Buffet said there are "too many cooks in the kitchen" in Washington, D.C., referring to too many voices speaking out on what needs to happen to turn the Economy around. Buffet likens the current crisis to an "economic Pearl Harbor," 

Well Warren I think there were too many cooks in Washington, D.C. that are more culpable than the bad banks since not only are they supposed to be in charge of guarding our interests I see them as involved in the Economic Pearl Harbor and Sinking The Ship America!  

Lori

1 comment:

Tom Blom said...

Great piece Lori...

Nicely done. Keep on trucking.