Obama and FannieMae

READ TO THE BOTTOM

The Dems are re-writing histroy by saying that Bush and Repub economic
policies brought on the crisis we currently have, when in fact it was
the policies of Fannie Mae and Freddie Mac that have precipitated this
crisis.

As early as 2001 President Bush began asking Congress to draft
legislation to fix these 2 agencies. Senator McCain sponsored a bill
to do just this, but it was defeated by the Dems, and not even allowed
out of committee.

Since then the Democratic members of Congress haves received millions
of dollars in contributions Fannie Mae and Freddie Mac (approx 3
million dollars), including Barack Obama, who has received abour
$126,349, the second highest recipient of these contributions. Who is
#1...Senator Chris Dodd (D) with $165,400. John Kerry (D) is #3 with
$111,000, and Bob Bennett (R) is #4. Speaker Nancy Pelosi (D) is also
in the top 10.

Former President Clinton, as late as last week, said on National TV
that the members of his own party in the House and Senate failed to
listen to Prsident Bush, the Republicans in Congress, and him about
fixing this problem, and that they bore the responsibility for it.

With the Dems calling on Republicans to participate in a bi-partisan
effort to pass the rescue legislation, Speaker of the House Nancy
Pelosi, during the debate leading up to the vote on this bill, gave a
highly partisan speech in which she solely blamed President Bush and
Republicans for the crisis.

Read on:

The following is fact and not in dispute.  Every word has been taken
from company records, government agency records, court records and
newspaper articles at the time.

Here is a quick look into 3 former Fannie Mae executives who have
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 irregulaties in Fannie Mae's
accounting activities. At the time of his departure The Wall Street
Journal noted, ' Raines, who long defended the company's accounting
despite mounting evidence that it wasn't proper, issued a statement
late Tuesday conceding that 'mistakes were made' and saying he would
assume responsibility as he had earlier promised. News reports
indicate the company was under growing pressure from regulators to
shake up its management in the wake of findings that the company's
books ran afoul of generally accepted accounting principles for four
years.'  Fannie Mae had to reduce its surplus by $9 billion.

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. http://housingdoom.com/2006/12/18/fannie-charges/
. The Government noted, 'The 101 charges reveal how the individuals
improperly manipulated earnings to maximize their bonuses, while
knowingly neglecting accounting systems and internal controls,
misapplying over twenty accounting principles and misleading the
regulator and the public. The Notice explains how they submitted six
years of misleading and inaccurate accounting statements a nd
inaccurate capital reports that enabled them to grow Fannie Mae in an
unsafe and unsound manner.'  These charges were made in 2006.  The
Court ordered Raines to return $50 Million Dollars he received in
bonuses based on the miss-stated Fannie Mae profits.

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. In everyday
English - he was cooking the books .  The Government Investigation
determined that, 'Chief Financial Officer, Tim Howard, failed to
provide adequate oversight to key control and reporting functions
within Fannie Mae,'

On June 16, 2006, Rep. Richard Baker, R-La., asked the Justice
Department to investigate his allegations that two former Fannie Mae
executives lied to Congress in October 2004 when they denied
manipulating the mortgage-finance giant's income statement to achieve
management pay bonuses. Investigations by federal regulators and the
company's board of directors since concluded that management did
manipulate 1998 earn ings to trigger bonuses. Raines and Howard
resigned under pressure in late 2004.

Howard's Golden Parachute was estimated at $20 Million!

Jim Johnson -   A former executive at Lehman Brothers and who was
later forced from his position as Fannie Mae CEO.   A look at the
Office of Federal Housing Enterprise Oversight's May 2006 report on
mismanagement and corruption inside Fannie Mae, and you'll see some
interesting things about Johnson. 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 it 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 Chief
Economic Advisor

TIM HOWARD - Howard is also a Chief Economic Advisor to Obama

JIM JOHNSON - Johnson is Senior Obama Finance Advisor and was selected
to run Obama's Vice Presidential Search Committee

OBAMA PLANS ON CLEANING UP THE MESS -

Would you trust the men who tore Wall Street down to build the New
Wall Street?
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