[StBernard] Former Fannie Mae execs - Where are they now?

Westley Annis westley at da-parish.com
Sat Mar 10 09:45:25 EST 2012

All Bill Clinton appointees and supporters.

-----Original Message-----
We ask why so many people have so little respect for the present
administration. Could this be a part of it?
YOU should not be surprised, but did you know??


Where are Jim, Tim, and Franklin now?

Here's a quick look into the three former Fannie Mae executives who 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 irregularities in Fannie Mae's accounting activities.
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.

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. 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

Jim Johnson - A former executive at Lehman Brothers and who was later forced
from his position as Fannie Mae CEO. 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 in 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 his Chief Economic Advisor.

Howard is a Chief Economic Advisor to Obama under Franklin Raines.

Johnson was hired as a Senior Obama Finance Advisor and was selected to run
Obama's Vice Presidential Search Committee.

Kinda makes you sick to your stomach. Our government seems to be rotten to
the core!

Are we stupid or what?

Vote in 2012..it is the most important election of our lives.

More information about the StBernard mailing list