Ferrari Mailing List: Re: Latest Government Actions (NFC) [Ferrari Digest, Vol 26, Issue 27]

[Tom Reynolds (kjtar]

And, of course there's AIG (yes, I do have their auto policies-full
disclosure) who is anything BUT a governmental (quasi) entity, isn't is
somehow ironic, yet reassuring in these troubled times that socialism is
rescuing capitalism gone greedy (or stupid) or both?
TongueincheekTominTulsa

----- Original Message ----- 
From: "LarryT" <l02turner [at] comcast.net>
To: "Tom Reynolds" <kjtar [at] cox.net>
Cc: <ferrari [at] ferrarilist.com>
Sent: Saturday, September 20, 2008 8:40 AM
Subject: Re: [Ferrari] Latest Government Actions (NFC) [Ferrari Digest,Vol
26, Issue 27]


> Doug wrote
> <<sought $110 million in penalties and $115 million in returned
> bonuses from the three accused. [SNIP]..The three
> executives agreed to pay fines totaling about $3 million,
> which will be paid by Fannie's insurance policies.>>
>
>
> Jeez Louise!   What kind of moronic negotiators do we have representing
the
> American taxpayers??
>
> In fact, it doesn't even sound like there were any negotiations - maybe
the
> crooks, crooked lawyers talking to the stupid US GOV lawyers saying ,
"well,
> duh, how about $3 mil to make this go away?"  to which they responded,
"well
> sure, sounds fair - we steal $225 million (almost a 1/4 od a billion
$$'s!)
> and give back $3 - less than 1.5% - hmm seems fair - btw, can we get the
> gov't insurance to pay the fine for us?"
>
> When I read the part of your post which said raines was being sued in
civil
> court, I thought, "Ah Ha!  maybe we'll get some justice - not even close.
> It wasn;t even worth filing the lawsuit"
>
> My Saturday's been ruined - well, maybe not, but it definately irritated
> me -
>
> Evidently the politicians *real* emphasis is on screwing the public as
much
> as possible.  And they're pretty successful.
>
> IMHO this is why Palin is so popular - she seems to be one of *US* -
perhaps
> she won't become part of the problem before she can do some good. - if
she's
> makes it into office.   I know VPs are typically cosmetic positions, but
if
> something should happen to McCain (God forbid) I have a good feeling the
> country would be in good hands.
>
> I wonder if I'd be able to sleep at night if I'd stolen so much money?
>
> Take Care,
> Larry T
> http://youroil.net
> Carb & Jet Settings:
> http://members.rennlist.org/oil/  - Oil Testing
> http://members.rennlist.org/webercarbs/
> ----- Original Message ----- 
> From: "Doug and Terri Anderson" <dnt [at] dock.net>
> To: "Larry Turner" <l02turner [at] comcast.net>
> Cc: <ferrari [at] ferrarilist.com>
> Sent: Friday, September 19, 2008 11:55 PM
> Subject: Re: [Ferrari] Latest Government Actions (NFC) [Ferrari Digest,Vol
> 26, Issue 27]
>
>
> > We start off with a question:
> >
> > And where is Franklin Raines today?  He is a chief
> > economic advisor to the presidential campaign of Senator
> > Barack Obama.
> >
> > And here is an answer:
> >
> > Franklin Rains is the former chairman and chief executive
> > officer of Fannie Mae, the government sponsored enterprise
> > started in 1939 to offer mortgages to Americans wishing to
> > become home owners.  After serving as budget director under
> > President Bill Clinton, Mr. Raines served as CEO at Fannie
> > Mae from 2000 until 2004.  While Mr. Raines was CEO, Fannie
> > Mae went deep into the practice of buying mortgages based on
> > almost no or no money down given to borrowers who could not
> > afford them.  During this time he received bonuses and
> > salary over 90 million dollars.  In 2004 he was offered
> > "early retirement" after the accounting practices used
> > at Fannie during his tenure to secure top executive bonuses
> > were shown to be fraudulent.  Civil charges were filed
> > against Raines and two other former executives which 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.
> > When pressed by the Bush administration to tighten down
> > regulations on Fannie Mae and Freddie Mac, members of
> > congress - Republicans and Democrats alike - in positions
> > to pass such regulations, did nothing.  Today, Fannie Mae
> > owns or guarantees over half of America's 12 trillion
> > dollar mortgage market, and we are in the middle of a credit
> > crunch and housing slump brought on in large part by
> > government backed Fannie Mae going down this dangerous
> > credit slope under Mr. Raines.
> >
> >>From Wikipedia:
> > On July 16, 2008, The Washington Post reported that Franklin Raines had
> > "taken calls from Barack Obama's presidential campaign seeking his
advice
> > on
> > mortgage and housing policy matters." [6]. Also, in an editorial in
August
> > 27, 2008 titled "Tough Decision Coming", the Washington Post editorial
> > staff
> > claimed that "Two members of Mr. Obama's political circle, James A.
> > Johnson
> > and Franklin D. Raines, are former chief executives of Fannie Mae."[7]
> >
> > On September 18, 2008 John McCain's Campaign, in an ad critical of
Obama,
> > quoted the Washington Post to claim that Franklin Raines advises Barack
> > Obama on economic matters. Both Raines and the Obama Campaign claim that
> > Raines is not an Obama advisor and has never advised Senator Obama. [8]
> >
> > Is Obama smart?  Sure seems so.  Is he a good speaker?  Pretty good with
a
> > prompter - and if he smiled at me and kept touching my knee when he
didnt
> > have one to answer my question - - - I'd swat him.  He gonna do that to
> > Ahmadinejad?  Is he a charmer?  A+  Do I trust him to lead us?  Sure,
but
> > not were I want to end up.  Do I believe we will get change?  Ayep -
Three
> > dimes, 2 nickels and four pennies from my dollar an hour job.  Does he
> > have
> > experience?  Sure - he can write books and attract sycophants like
candle
> > to
> > a moth.
> >
> > Alas -
> >
> > DOUG
> >
> >
> >
> >
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