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 Kerry, Barack 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]
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"
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 Kerry, Barack 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.
1 comments:
Great piece Lori...
Nicely done. Keep on trucking.
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