Nothing should shock or surprise HP'ers as the parade of housing-bubble-inspired corruption fines and jail time marches on for the next ten years. All financial manias result in corruption, largesse and lawlessness, which is only uncovered during the post-mania or crash stage. All financial manias. It's never 'different this time'.
First up... Former Fannie Mae CEO and Director of Corruption Franklin Raines and his cronies... But just civil charges for now (his GOP campaign contributions must have been too light last year) - the criminal charges better be being worked on...
Too bad we had no Attorney General, Congress or SEC these past few years. That sure would've helped. Oh well.
And Bob Toll, get ready for your closeup...
Former Fannie Mae execs face civil charges
The government yesterday filed civil charges against former Fannie Mae chief Franklin Raines and two other top executives, accusing them of misconduct costing shareholders billions of dollars.
The Office of Federal Housing Enterprise Oversight announced that it is seeking fines and the return of millions in bonus money. It filed 101 charges against Raines, former chief financial officer Timothy Howard and former controller Leanne Spencer.
OFHEO said it is seeking civil fines of $100 million or more against the three former executives and restitution totaling more than $115 million in bonus money tied to improper accounting
December 20, 2006
Let the parade of housing bubble corrupt fools begin
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14 comments:
I really believe someone from FM will see jail time. It's going to happen as people get angry.
I hope Franklin Raines get a nice boyfriend.
When Mr. Raines was first questioned about the size of his parting gifts, several folks rushed in (including Bill Clinton) to say that Mr. Raines was a totally trustworthy man of integrity and that it was unthinkable to question his sense of right and wrong. I remember reading it and thought, "yeah right". Like Mr. Raines doesn't have a price. Oh, but wait, I'm sure he doesn't put his pants on one leg at a time and that his sh*t doesn't think either.
They are also filing suit against their former auditors with a claim that KPMG should have never allowed them to do the things that they did. The kung fu fighting is just beginning ARE YOU READY TO RUMBLE????!!!!!!!!
I've asked before and I'll ask again, Keith please please please put the picture of Bruce Lee fighting Chuck Norris back up and if you can, get it to play that song "Everybody was Kung Fu Fighting" when your mouse goes over it - that would be a total scream!
Raines' job at the GSE was a payoff to buy his silence. He knows were all the bones are buried in Arkansas, and how much the Clintons benefitted from the S&L bailouts.
But hey, it was just consentual sex, why can't we just grow up and leave the ex President and his hard working wife alone to deal with their personal problems? Nothing more any American needs to know - move along now.
So paraphrasing:
"OFHEO said it is seeking civil fines of $100 million or more against the three former executives...accusing them of misconduct costing shareholders billions of dollars."
10 to 1 return huh? - not bad work if you can get it. Could this have been the plan all along, perhaps even devised by Raines himself? Executives earn every cent of their compensation. Sorta like IBM main frame servers, it's impossible for any organizational entity to govern itself right???
Raines got a free ride and Clinton's defense for one reason and one reason only
He's black.
A black man can always hide behind his pigment in this country!
Look at OJ!
the caption for the picture
He farted
No, he farted
What no one seems to have reported with much vigor is the magnitude on the FNM financial fraud. I makes Enron look like lunch money.
Oh, I suspect it will come out eventually. This is going to be too big to just sweep under a rug.
Their playing pull my finger!!
No "their" not.
They're pulling your finger.
I love getting financial advice from illiterates.
'Franklin Raines and his cronies... But just civil charges for now (his GOP campaign contributions must have been too light last year)'
Err uhh, Franklin was Clinton's CBO. Sheesh Keith, get with it.
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