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Discussion in 'Politics' started by Bro. Curtis, Sep 29, 2008.

  1. Bro. Curtis

    Bro. Curtis
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    WASHINGTON — Former Fannie Mae chief Franklin Raines and two other top executives have agreed to a $31.4 million settlement with the government announced today over their roles in a 2004 accounting scandal.
    Raines, former Fannie chief financial officer Timothy Howard and former controller Leanne Spencer were accused in a civil lawsuit in December 2006 with manipulating earnings over a six-year period at the company, the largest U.S. financer and guarantor of home mortgages.
    Raines, a Seattle native and prominent Washington figure who was President Clinton's budget director, is relinquishing company stock options, proceeds from stock sales and other benefits. His part of the settlement is worth $24.7 million,
    The stock options were valued at $15.6 million at the time they were issued to Raines, allowing him to buy shares at $77.10 and higher. Fannie Mae shares have been battered by the turbulence in the housing market — making the options that Raines was returning of negligible value, people familiar with the settlement said. They spoke on condition of anonymity because they did not publicly wish to criticize the accord....



    http://seattletimes.nwsource.com/html/businesstechnology/2004358433_webraines18.html
     
  2. carpro

    carpro
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    Isn't Raines a financial advisor to Obama?
     
  3. Bro. Curtis

    Bro. Curtis
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    Yup. And his cronies are on record as not wanting to see him "lynched".

    Should tell you where the dems stand.
     
  4. KenH

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    Hardly. A couple of phone calls months ago hardly makes one an advisor to a campaign.
     
  5. Bro. Curtis

    Bro. Curtis
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    He advised the campaign, Ken. That fact has been established.

    Is it because he's black that nobody wants to see him punished ? Or is it because he's a democrat ? It has to be one of the two.
     
  6. carpro

    carpro
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    Could be both.
     
  7. Bro. Curtis

    Bro. Curtis
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    How'd you like to be a black democrat ? Above criticism. Above reproach. Able to guilt 2/3 of a supposed "party of the little man" into sticking him with a 12 digit bill for their crimes.
     
  8. KenH

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    I admitted that he did so - hardly.
     
  9. JustChristian

    JustChristian
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    Linking Obama to Ex-Fannie Mae Chief Is a Stretch
    Saturday, September 20, 2008; A04

    http://www.washingtonpost.com/wp-dyn/content/article/2008/09/19/AR2008091903604.html

    An already nasty presidential election campaign is getting nastier. The meltdown on Wall Street has touched off frantic attempts by both the McCain and Obama camps to secure political advantage and indulge in guilt by association. Over the past 24 hours, both campaigns have issued what are, in effect, video news releases attempting to show that the other side's "advisers" are somehow responsible for the crisis. The latest McCain attack is particularly dubious.

    THE FACTS
    The McCain video attempts to link Obama to Franklin D. Raines, the former chief executive of the bankrupt mortgage giant, Fannie Mae. It then shows a photograph of an elderly female taxpayer who has supposedly been "stuck with the bill" as a result of the "extensive financial fraud" at Fannie Mae.

    The Obama campaign issued a statement by Raines on Thursday night insisting, "I am not an advisor to Barack Obama, nor have I provided his campaign with advice on housing or economic matters." Obama spokesman Bill Burton went a little further, saying in an e-mail that the campaign had "neither sought nor received" advice from Raines "on any matter."

    So what evidence does the McCain campaign have for the supposed Obama-Raines connection? It is pretty flimsy, but it is not made up completely out of whole cloth. McCain spokesman Brian Rogers points to three items in the Washington Post in July and August. It turns out that the three items (including an editorial) all rely on the same single conversation, between Raines and a Washington Post business reporter, Anita Huslin, who wrote a profile of the discredited Fannie Mae boss that appeared July 16. The profile reported that Raines, who retired from Fannie Mae four years ago, had "taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters."

    Since this has now become a campaign issue, I asked Huslin to provide the exact circumstances of that passage. She said that she was chatting with Raines during the photo shoot, and asked "if he was engaged at all with the Democrats' quest for the White House. He said that he had gotten a couple of calls from the Obama campaign. I asked him about what, and he said, 'Oh, general housing, economy issues.' ('Not mortgage/foreclosure meltdown or Fannie-specific?' I asked, and he said 'no.')"

    By Raines's own account, he took a couple of calls from someone on the Obama campaign, and he or she had general discussions about economic issues. I have asked both Raines and the Obama people for more details on these calls.

    THE PINOCCHIO TEST
    The McCain campaign is clearly exaggerating wildly in attempting to depict Raines as a close adviser to Obama on "housing and mortgage policy." If we are to believe Raines, he did have a couple of telephone conversations with someone in the Obama campaign. But that hardly makes him an adviser to the candidate himself -- and certainly not in the way depicted in the McCain video release.
    ONE PINOCCHIO: Some shading of the facts; TWO PINOCCHIOS: Significant omissions or exaggerations; THREE PINOCCHIOS: Significant factual errors; FOUR PINOCCHIOS: Real whoppers; THE GEPPETTO CHECK MARK: Statements and claims contain the truth, the whole truth and nothing but the truth.

    -------------------------------------------------------------------------------------------------

    Answering your question, NO he is not an advisor to the Obama campaign.
     
  10. Bro. Curtis

    Bro. Curtis
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    Actually, that is the lie that makes yer nose grow big. Saying he had nothing to do with it, when facts prove otherwise.

    Facts are stubborn things. Even Ken knew when to bow outta this one.
     
  11. Bro. Curtis

    Bro. Curtis
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    You know, the article details, in one quick glance, tell of over $100 miilion in funny money. And you guys focus on the adviser thing. And I almost fell for it.
     

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