Cambria turns to layoffs, loans to ma...

Cambria turns to layoffs, loans to make ends meet

There are 6 comments on the The Morning Call story from Oct 12, 2008, titled Cambria turns to layoffs, loans to make ends meet. In it, The Morning Call reports that:

A western Pennsylvania county plans layoffs and a ''significant'' tax increases and will try to borrow $6 million to pay salaries as the global financial crisis deals a new blow to the area's long-ailing funds.

Join the discussion below, or Read more at The Morning Call.

Kristen

Ambler, PA

#1 Oct 12, 2008
Most of Barack Hussein Obama's advisors are in bed with Chris Dodd and
Barney Frank in the rape of our banking system.

CHECK OUT BURNING DOWN THE HOUSE:
http:
&NR=1
Time-Warner wasn't content on reporting one side of the news. They
had to block others from getting the true story out.

Every vote for every Dem is a vote for a prolonged recession and
ruinous fiscal and trade policies. The Dem party today is NOT the
party of Bill Clinton. It is the party of the loser Jimmy Carter.

If the media spent any time checking Barack Hussein Obama out,
Hillary Clinton would be our nominee.

CHECK OUT: http://www.youtube.com/watch...
Kristen

Ambler, PA

#2 Oct 12, 2008
Check out Barack Hussein Obama's crony the indicted Tony Rezko.
Looks like he's cooperating with the Feds.
Guess he doesn't think his buddy will win and get him
off the hook.
THE CHICKENS ARE COMING HOME TO ROOST!!

http://www.mlive.com/elections/index.ssf/2008...
tml

Interesting that this really didn't make the PA papers. Must
be closer in PA then we are led to believe.

Of course they don't report on the Obama's pal -terrorist Bill Ayers
either.
Kristen

Ambler, PA

#3 Oct 12, 2008
Here is a quick look into 3 former Fannie Mae executives who have
brought down Wall Street:
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 billion!!
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-char... .
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 capital 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 they denied 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
Kristen

Ambler, PA

#4 Oct 12, 2008
What did Biden mean when he said Obama warned about this 2 years ago?
Well I guess that his buddies should get all they can while
the getting was good.
Kristen

Ambler, PA

#5 Oct 12, 2008
JUST THINK HOW MUCH WORSE IT WILL BE WITH OBAMA AND HIS TERROIST
CRONIE william ayers and corrupt cronie tony rezko IN BED WITH
THOSE WHO DESTROYED FANNIE AND FREDDIE AND
ARE RESPONISBLE FOR THE BAILOUT MESS.



http://www.youtube.com/watch...
Marti

Export, PA

#6 Feb 21, 2014
You are talking to yourself minority tea Partier.

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