Let's just say he has achieved corporate heights on par with other CEO's: Fannie Mae.
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Posted By: Marta Fernandez on October 28, 2008 Us: Whites have got to stop trying to use us as scapegoats for their thievery. His agency was under the U.S. Government's watchful eye. $$$$$$$$$$$$$$$$$$$ He will be paid $3,831.10 everyday for life. $$$$$$$$$$$$$$$$$$$$$ Them: "He has no shame and -- worst of all -- no pride in the United States of America! " I am going to have to use this line someday, Cindy McCain's dad? Maybe. Wall street Stock Exchange Chairman? I actually thought this was quite "American." It's been part of the business world for as long as I can remember, and history confirms it! Us: I'd like to know why "He" is singled out to have no pride in the United States of America. What about the other NINE WHITE MEN? How about the real truth? This is how a right winger thinks. Convoluted, facts mixed in with egregious lies, this is what skinheads, and racist fall for. Hook ,line and sinker, because they want to believe this. A Black man with all this money infuriates them. So they go out and shoot people. Quote below from one of them that is fair balanced and intelligent. But he is Jewish, so he isn't accepted either. Any chance that the credit rating agencies, the Big Four Accounting firms and the CEOs and Boards of Directors of the major companies that signed off on and sold these ’security derivatives’ will be held accountable–have their assets frozen and their ‘ill-gotten’ money given back to the taxpayer? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ A Right Wing Blogger. Now the McCain/Palin style analysis: Raines with Clinton Proving you can fool most of the people most of the time until you get caught, Franklin Raines, who reigned for 5 years following Clinton's appointing him as CEO of Fannie Mae, the US' quasi-governmental mortgage house, has been ousted. There are several ongoing investigations of Fannie Mae's operations and accounting practices covering the last 5 years in order to determine when accounting irregularities started and the magnitude of the financial shortfalls. Current estimates indicate that there was a $9 billion misstatement of earnings and accounting irregularities between 2000-2004. Former chief executive Franklin Raines received more than $40 million in bonuses and other pay as a result of falsely inflated earnings at the US' largest mortgage finance company. This is according to a supplement of a lawsuit filed by Ohio Attorney General Jim Petro. Fannie Mae added "tens of millions of false revenue" to meet "Raines' 1999 publicly announced goal to double" earnings over the next five years, Petro's November 23, US District Court in Washington alleges. The filing alleges that, "Raines personally profited by over $40 million by this false earnings history. Update -- 2/22/2006: Former Senator Warren Rudman's team of investigators and auditors selected from his law firm, Paul, Weiss, Rifkind, Wharton & Garrison, and from Huron Consulting Group presented their 600-page report calling Fannie Mae's accounting systems "grossly inadequate." It is based on a review of millions of documents. The report found that accounting obfuscations were intended to increase stock valuations, thus increasing executive bonuses. Raines was one of the most influential and politically savvy figures in Washington is identified by the Rudman investigation as not directly knowing that Fannie Mae's accounting practices violated rules. The report does state, "We did find, however, that Raines contributed to a culture that improperly stressed stable earnings growth and that... he was ultimately responsible for the failures that occurred on his watch". Raines will continue to live well being supported by Fannie Mae's shareholders. Some relevant facts include: -- Raines and his wife will be paid $114,393 a month as long as they live. -- Stock options: Raines holds vested stock options worth roughly $5.7 million. -- Stock bonuses: Raines was granted awards, payable in stock, for reaching performance goals. Under the program, he got 69,577 shares... half of what Fannie determined he should receive in January. At Monday's close, the shares are worth $4.9 million. It is unclear if he will receive the rest. -- Deferred pay: For tax planning while employed by the company, Raines was allowed to put off the receipt of payment. These deferred past payments total $8.7 million -- Future salary: Although Fannie Mae says Raines' retirement was effective December 21, 2004, he is seeking to have it effective as of June 22, 2005, and thereby receive $600,000 more in pay. Mr. Raines followed a well-worn path in the United States during the later half of the 20th century. His humble beginnings were in Seattle. He won a scholarship to Harvard and was a Rhodes Scholar at Oxford. He worked on Wall Street for over a decade in the prestigious firm Lazard Freres. He was a member of President Clinton’s cabinet and director of his Office of Management and Budget. In 1999, Clinton selected him for the position of Fannie Mae CEO. Following revelations of the financial scandal, Mr. Raines took early retirement from Fannie Mae so that he could collect a compensation package including $1 million per year for life and $11 million in vested stock. In 2003 Mr. Raines was paid $20 million in salary and bonus. Fannie Mae is facing criminal investigations by the Justice Department, operational investigations by the SEC, and various Congressional investigations. There are questions regarding earnings statements being incorrectly inflated. In 2003, if derivative and other losses had been included, no bonuses would have been paid to top executives. However, deferral of the losses allowed declared earnings to reach a level which triggered maximum executive bonuses. It is a far stretch to imagine that Franklin Raines actually was capable of satisfying the requirements of the positions he held from Harvard to Director of the White House Office of Management and Budget. If he had been competent enough to hold those positions, how could he have been Fannie Mae's CEO for 5 years and allowed, not known about, or not understood that $9,000,000,000 was being mishandled. Source: medialines (right wing blog) Hey, I am not saying he is Mr. goody-two shoes, but he played "their" game and he played it well! If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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Marta Fernandez
From Queens, NY CUNY -Queens College class of 1985 Member Since July 2008 |
Comments
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...Former chief executive Franklin Raines received more than $40 million in bonuses and other pay as a result of falsely inflated earnings at the US' largest mortgage finance company... He's greedy and that makes him just like the rest of the greedy blood suckers who can't get enough while people like me are doing it the good old honest way. How has this man helped Black Americans other than to show us how we should be greedy and take all we can before we are ousted? This is what Mr. Farrahkan was talking about at the Black Summit people who lose their 'testicular fortitude' who forget to look out for the rest of us. He's a sorry human being like the rest of his greedy pals. Shame shame on him. Tuesday, October 28th 2008 at 4:31PM |
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Jen, am laughing..I know you are mad girl!! Put it in context, he is part of the 10 wanted, no one else is ripping like this into the other "crooks and liars." He played the game. He played it well. Regardless! I am curious on how you missed how much his wife is getting..:-)
Tuesday, October 28th 2008 at 6:10PM |
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...Raines and his wife will be paid $114,393 a month as long as they live... What>>> get out of town>>> that sister is living large! I wish it were me. (LoL) Tuesday, October 28th 2008 at 9:37PM |
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me too!!!!!
Tuesday, October 28th 2008 at 10:36PM |
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