FNMA CHAIRMAN, OBAMA AND CHRIS DODD SHOULD BE IN JAIL

Franklin Raines got over $90 Million in Bonuses for cooking the books at FNMA and contributing to the total dessimation of the U.S. Housing Market.  Now we can see how he did it without payback from government officials.

Here is a report from http://hennessysview.com.  This is an eye-opener.  It simply added Years in Congress and divided total Fraudie Mae and Fraudie Mac donations by that number to rank the top 15 recipients by $ per Year.  Obama is winner by a ton:          

Download Spreadsheet Click Here

As an executive at Fannie Mae, Franklin Raines illegally coerced his employees to falsify accounting facts so he’d get a maximum bonus.  The government-backed firm used Enron-like fraud, in part at Raines’s orders, to create the largest bail-out in US history. Raines had the whistleblower fired.  From the Heritage Foundation:

In 2004, after a tip from a whistle blower who was later fired, the Office of Federal Housing Enterprise Oversight (Ofheo) issued a report finding that the government-sponsored entity Fannie Mae had engaged in Enron-like accounting machinations that allowed Fannie to overstate its earnings and underestimate the risk the company faced. The accounting wizardry Fannie engaged in was designed so that Fannie could meet profit targets tomaximize bonus payments to company executives like Clinton administration deputy attorney general Jamie Gorelick and Carter administration assistant director for domestic policy Franklin Raines.

Read the complete report at    http://hennessysview.com/business/franklin-raines-criminal-enterprise-and-barack-obama-his-accomplice/  


And for the full story on how our taxpayer dollars were wasted (i.e. corrupted) by democrat bigshots, check this out:

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True Cost of Fannie, Freddie Bailouts: $317 Billion, CBO Says

Monday, June 06, 2011
By Matt Cover

Fannie Mae. (AP Photo)

(CNSNews.com) – The Congressional Budget Office (CBO) says the real cost of the federal government guaranteeing the business of failed mortgage giants Fannie Mae and Freddie Mac is $317 billion -- not the $130 billion normally claimed by the Obama administration.
In a report delivered to the House Budget Committee on June 2, the CBO said a “fair value” accounting of guaranteeing the two defunct mortgage companies – known as Government Sponsored Enterprises (GSEs) – was more than twice as high as the Office of Management and Budget had accounted for.

The complete story is at:   http://www.cnsnews.com/news/article/true-cost-fannie-freddie-bailouts-317-bi
.