Obama's economic policy advisor, F. Raines, ex CEO of Fanny Mae.

[Guest]

Franklin Raines, as CEO, in seven years plundered 100 million dollars from Fanny Mae for himself, he is now a chief economic and housing policy advisor to Obama's campaign.

MSNBC Oct. 6th, 2004:

Fannie Mae accountant: I warned CEO Raines
Mortgage giant's execs defend charges of improper bookkeeping.
Associated Press
updated 12:05 p.m. MT, Wed., Oct. 6, 2004

"OFHEO Director Armando Falcon, testifying under oath at the hearing, asserted that Fannie Mae improperly put off booking income to a future reporting period “to create a ’cookie jar’ reserve that it could dip into whenever it best served the interests of senior management.” Those interests included smoothing out volatility in earnings from quarter to quarter and meeting earnings-per-share targets linked to bonuses for executives, Falcon said."

http://www.msnbc.msn.com/id/6189481/

"Media adopts Gibson Doctrine to Media Boat Sarah Palin"

[Guest]

Another 2004 article about Franklin Raines involvement in the demise of Fannie Mae. Note the cooking of the books, so top dogs could get more loot before they scoot.

Slate: Oct. 7, 2004

"The Truth About Fannie. The real scandal at Fannie Mae."

"After accounting issues arose last summer at Fannie's smaller and younger sibling, Freddie Mac, the Office of Federal Housing Enterprise Oversight began to examine Fannie Mae's accounting practices. The result of the probe, detailed in a 211-page report issued last week, paints Fannie Mae as an Enron-in-the-making. At the company that prides itself on being a cuddly enabler of the American dream, OFHEO unearthed a "pervasive" misapplication of accounting standards, poor internal controls, and—the most headline-worthy charge—a pay structure that rewarded executives for meeting earnings goals, which encouraged executives to manipulate earnings to hit the number."

http://www.slate.com/id/2107902/

[Michael Warns]

NO OBAMA!

[RepublicansAreLi ars]

Raines was NEVER an adviser to Obama.

They met once or twice maximum.

Raines was never asked for advice, nor ever offered any advice to any part of Obama's campaign.

Keep up the BS, it just makes you guys look like PATHOLOGICAL LIARS.

[Guest]

Right, and Obama just met Bill Ayers while strolling around the neighborhood, he sat for twenty years listening to his reverend Wright, but never heard him spew his hate America diatribes, he came from and rose through corrupt Chicago politics pure as the driven snow, he only casually knew Tony Rezko, he has not had or has any affiliation with ACORN, Saul Alinsky he met only a couple of times, he only went to Pakistan for 3 week vacations because of a Muslim friend, etc, etc, etc, ad nauseam.

We are all entitled to our opinions, but not to our facts. Google any of the above, try Obama+Alinsky for a start,
and you get this: http://www.google.com/search...

I realize the Obama kool-aide drinkers refuse to Google and learn the truth, to them, Obama is a blank sheet. On this blank sheet, they can fantasize and attribute their own hopes and desires onto the blank sheet, while not facing the fact, Obama is nothing but an empty suit fraud.

If those whom think Obama is so great, I challenge you to state those great things he has done ? Come on, you know he is so great, give us unbelievers some examples of his greatness? Sound of crickets chirping.

You cannot, for he has done nothing but community organize as a Chicago street thug agitator and shake down artist ripping off taxpayers.

"RACIST, The democrat's ultimate weapon of mass destruction against anyone they disagree with."

[ObamaNot]

RepublicansAreLiars wrote:

Raines was NEVER an adviser to Obama.
They met once or twice maximum.
Raines was never asked for advice, nor ever offered any advice to any part of Obama's campaign.
Keep up the BS, it just makes you guys look like PATHOLOGICAL LIARS.

Who's a liar?
Do you read much?

Obama Solicits Advice From Former Fannie Mae CEO Franklin Raines Who Was "Under The Shadow Of A $6.3 Billion Accounting Scandal":
The Obama Campaign Has Solicited Franklin Raines, Who "Stepped Down As Fannie Mae's Chief Executive Under The Shadow Of A $6.3 Billion Accounting Scandal," For Advice On Mortgage And Housing Policy. "In the four years since he stepped down as Fannie Mae's chief executive under the shadow of a $6.3 billion accounting scandal, Franklin D. Raines has been quietly constructing a new life for himself. He has shaved eight points off his golf handicap, taken a corner office in Steve Case's D.C. conglomeration of finance, entertainment and health-care companies and more recently, taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters." (Anita Huslin, "On The Outside Now, Watching Fannie Falter," The Washington Post, 7/16/08)
Like Jim Johnson, Raines Received Low-Rate Home Loans From Countrywide, A Major Seller To Fannie Mae. "Fannie Mae's former CEO, Jim Johnson, resigned Wednesday as the leader of likely Democratic presidential nominee Barack Obama's search for a running mate after The Wall Street Journal reported that he and another former CEO, Franklin Raines, received low-rate home loans from troubled mortgage lender Countrywide Financial Corp. a major seller of home loans to Fannie Mae." (Alan Zibel, "Fannie Mae CEO Says Ethics Policy Bans Discounts," The Associated Press, 6/12/08)
Former Fannie Mae Chairman Frank Raines Was Accused Of Manipulating The Company's Earnings. "Former Fannie Mae chairman and chief executive Franklin D. Raines, accused of manipulating the housing finance company's earnings, is challenging regulators to make their case against him beginning Feb. 16 instead of waiting until the end of the year." (David S. Hilzenrath, "Fannie Mae's Former Chief Wants Earlier Hearing Date," The Washington Post, 2/6/07)
Under Raines' Leadership, Fannie Mae Committed "Extensive Financial Fraud" And Was Forced To Pay A $400 Million Civil Penalty. "In a May report, the Securities and Exchange Commission and the Office of Federal Housing Enterprise Oversight found that Fannie Mae under Raines perpetrated 'extensive financial fraud' so that executives could collect big bonuses. There have been no criminal charges, but the conduct of Raines and other senior Fannie executives 'was inconsistent with the values of responsibility, accountability, and integrity,' the agencies said. Fannie paid a $400 million civil penalty this year to the SEC and OFHEO." (Jay Hancock, Op-Ed, "Raines Claiming Accountability Isn't Enough," The [Baltimore] Sun, 12/10/06)
http://www.marketwatch.com/news/story/republi... .

aspx?guid=%7BA78D1EEA-C77C-4E2 F-BE25-82DBB02D4B25%7D&dis t=hppr

[Scaner listener]

Obongo supporters who refuse to have an open mind about his misdeeds are in dire needs of meds. Nobody in their right mind would even consider voting for a Turd who felt he had to change his name. He knew it sounded too much like a Rag Headed terrorist. It will come out that he is knee deep in scandal just as bad or worse than the Clinton's. And they'll spend a fortune investigating Obongo just like Ken Star did with the Clinton's.