Date registered: Jul 2007
Vehicle: 1973 450 SL
Location: Castle Rock, CO
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Well, TNTrower, didn't I warn you about being accused of cavorting with farm animals? Thanks for posting the video link.
This video is really damning for the Dems because it shows the very activity of them trying to bury the reforms the Bush administration was proposing in 2005 to improve oversight by the OFHEO of Fannie Mae. Maxine Waters is also clearly revealing that the entire Dem agenda in the legislative changes since the Clinton admin was to make loans accessible and cheaper for poor people, which we now call sub-prime borrowers, and will pay for the next 20 years.
I've extracted the following from Wiki to describe the role Franklin Raines played in the accounting fraud at Fannie Mae:
"On December 21, 2004 Raines accepted what he called "early retirement"  from his position as CEO while U.S. Securities and Exchange Commission investigators continued to investigate alleged accounting irregularities. He is accused by The Office of Federal Housing Enterprise Oversight (OFHEO), the regulating body of Fannie Mae, of abetting widespread accounting errors, which included the shifting of losses so senior executives, such as himself, could earn large bonuses .
In 2006, the OFHEO announced a suit against Raines in order to recover some or all of the $50 million in payments made to Raines based on the overstated earnings  initially estimated to be $9 billion but have been announced as 6.3 billion..
Civil charges were filed against Raines and two other former executives by the OFHEO in which the OFHEO sought $110 million in penalties and $115 million in returned bonuses from the three accused. On April 18, 2008, the government announced a settlement with Raines together with J. Timothy Howard, Fannie's former chief financial officer, and Leanne G. Spencer, Fannie's former controller. The three executives agreed to pay fines totaling about $3 million, which will be paid by Fannie's insurance policies. Raines also agreed to donate the proceeds from the sale of $1.8 million of his Fannie stock and to give up stock options. The stock options however have no value. Raines also gave up an estimated $5.3 million of "other benefits" said to be related to his pension and forgone bonuses.
An editorial in The Wall Street Journal called it a "paltry settlement" which allowed Raines and the other two executives to "keep the bulk of their riches."  In 2003 alone, Raines's compensation was over $20 million.
A statement issued by Raines said of the consent order, "is consistent with my acceptance of accountability as the leader of Fannie Mae and with my strong denial of the allegations made against me by OFHEO."
In a settlement with OFHEO and the Securities and Exchange Commission, Fannie paid a record $400 million civil fine. Fannie, which is the largest American financier and guarantor of home mortgages, also agreed to make changes in its corporate culture and accounting procedures and ways of managing risk. 
In June 2008 The Wall Street Journal reported that Franklin Raines was one of several public officials who received below market rates loans at Countrywide Financial because the corporation considered the officeholders "FOA's"--"Friends of Angelo" (Countrywide Chief Executive Angelo Mozilo). He received loans for over $3 million while CEO of Fannie Mae."
Charter member of the Vast Rightwing Conspiracy and proud of it.
God Bless the America we're trying to create.
--Hillary Rodham Clinton