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:

Home » News

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
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MORE PROOF OF THE OUTSTANDING JOB THAT FRANKLIN RAINES DID IN RUNNING FNMA

NEWS FLASH!!!


(Reuters) - Fannie Mae, the largest U.S. residential mortgage provider, on Monday reported a net loss of $13.1 billion in the first quarter and said it tapped the Treasury for additional aid of $15.3 billion.


Its regulator, the Federal Housing Finance Agency, has asked for $8.4 billion more before June 30 from the Treasury for Fannie Mae to eliminate its net worth deficit as of March 31. With that draw, Fannie Mae will have received $84.6 billion in federal aid.


The company said it expects default rates and credit-related costs to remain heightened this year with housing still weak, saying there is "significant uncertainty as to our long-term financial sustainability."


HEY FRANKLIN...WHY DON'T YOU GIVE BACK THAT $90 MILLION IN BONUSES YOU GOT (FOR COOKING THE BOOKS) INSTEAD OF EXPECTING AMERICAN TAXPAYERS FOR THE BAILOUT??? 


I wish somebody in the media would ask him that question.  And also ask BO to please explain this one.  Or Barney Frank, Chris Dodd and Jamie Gorelick.
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THE HOUSING BUST AND HOW THE BOLDFACE LIES AND DECEPTION BY BARNEY FRANK, FRANKLIN RAINES AND BO RESULTED IN TAXPAYERS GETTING SHAFTED.

Interesting footage of how the Demtards (including BO when he was in Senate) took bribes and payoffs to get us into this housing mess.  First, listen to Barney Frank explain what a great job Fanny Mae is doing and how it is not having any problems.  This is the guy who's live-in gay lover is one of the high-up mucky-mucks at FNMA, and ran a male prostitution ring out of good old Barney's house:


Next, here are excerpts from a House investigative committee on the lies and deception involving the FNMA collapse and the officials who benefitted from the cover up of FNMA's financial stability.  It also shows how Republicans called for audits and investigations into the books of FNMA, but were consistently rebuffed by the Dems.



And finally, this video shows BO's connection and support for Fanny while he was still a senator, and how he received substantial contributions for his support.

 

Are you still sitting?  Well hold onto your seats.  Franklin Raines who "earned" $90 million in salaries and bonuses in 5 years at FNMA...while cooking the books to hide the toxic loans so he could boost FNMA's earnings (thus increasing his Bonuses and selling the crap to wall street) has never been charged with any type of corruption or wrong doing for his involvement.  WHY NOT?  WHY HASN'T THIS CORRUPTICIAN BEEN CALLED TO TASK?  HEY ERIC HOLDER...DO YOUR FREAKIN' JOB!

NOW GET THIS, the day after the Democrats won control in Congress in 2006, patent no. 6904336 was approved (what an unusual coincidence. Hmmm). This patent would give Fannie Mae a lock on the cap-and-trade market. So whenever Congress gets around to passing cap-and-trade legislation, guess who is going to be its most avid support? Fannie Mae! The Examiner describes the patent owned by Fannie Mae as giving it "proprietary control over an automated trading system that pools and sells credits for hard-to-quantify residential carbon reduction efforts (such as solar panels and high-efficiency appliances) to companies and utilities that don't meet emission reduction targets." If the EPA gets their way, that could soon apply to every company in America.  And if you want to know what kind of SCAM to control our lives this will be, I strongly urge you to watch the Glenn Beck show of April 29, 2010.  He explains every detail of the political corruption going on.

NOW CAN ANYONE EXPLAIN TO ME WHAT FNMA HAS TO DO WITH CAP AND TRADE ACTIVITIES?  WHAT KIND OF FINANCIAL AND POLITICAL SHENANIGANS ARE GOING ON HERE?  AND HOW IS THE AMERICAN PUBLIC GETTING SCREWED ON THIS?

Every one of us needs to be calling or writing our Reps and Senators to press for an investigation into this before it turns into another financial fiasco that taxpayers will be called on to bail out.
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