Dems: Raines:$91 million;Gorelick $26 million pymts Fannie/Freddie

[healthmyths]

Raines was in charge in 2001, when Fannie chose to create what the SEC dryly called "its own unique methodology" to calculate the earnings impact of its trillion-dollar portfolio of derivatives.

Raines' total compensation from 1998 through 2004 was $91.1 million, including some $52.6 million in bonuses, according to OFHEO.
Howard earned $30.8 million during the period, including $16.8 million in bonuses;
Spencer received $7.3 million, of which some $3.5 million was bonus money.

Rham Emmanuel, NOW OBAMA CHIEF OF STAFF and Jamie Gorelick were employees and directors of Fannie and freddie took between the two took out over $20 million.

Gorelick was appointed Vice Chairman of Federal National Mortgage Association (Fannie Mae) from 1997 to 2003.
She served alongside former Clinton Administration official Franklin Raines During that period, Fannie Mae developed a $10 billion accounting scandal. Gorelick took home $26.46 million in the period from 1998 to 2002 (she left in that year, so she wasn’t there for the entire period under investigation). Of that figure, nearly $15 million came from EPS bonuses.
and while serving as Deputy Attorney General under Bill Clinton, Gorelick spoke in favor of banning the use of strong encryption and called for a key escrow system to allow the Federal government access to encrypted communication.

 

[blastoff]

Quick, someone tell truthmatters! I can't wait to hear how these folks aren't Democrats.

 

[waltky]

Granny says `bout time somebody got charged...

Ex-Fannie Mae and Freddie Mac bosses charged with fraud
16 December 2011 : The SEC said the former executives had made "material mis-statements"

The US financial regulator has brought civil fraud charges against six former top executives at mortgage giants Fannie Mae and Freddie Mac. The Securities and Exchange Commission (SEC) said the executives had misled investors about the companies' exposure to risky subprime mortgages they held when the housing bubble burst. Fannie Mae and Freddie Mac were rescued by the US government in 2008.

Those charged include former chiefs Daniel Mudd and Richard Syron. Mr Mudd was fired from Fannie after the government took over. Mr Syron resigned from Freddie in 2008. In a statement released through his lawyer, Mr Mudd said the lawsuit "should never have been brought" and said the government had reviewed and approved all of the company's financial disclosures. "The SEC is wrong, and I look forward to a court where fairness and reason - not politics - is the standard for justice," he said.

Mr Syron's lawyers said the case was "without merit" and said the term subprime "had no uniform definition in the market" at that time. Fannie and Freddie both entered into agreements with the government on Friday, accepting responsibility for their conduct without admitting or denying the charges. The companies also agreed to co-operate with the SEC on the cases against the former executives.

BBC News - Ex-Fannie Mae and Freddie Mac bosses charged with fraud

 

[Listening]

I thought Raines had to return a wad of cash.

Gorelick is the one who slays me.

Apparently she was as qualified for the job as I am.

 

[Oddball]

The rules don't apply to the crooks with the (D) by their name.

It's right there in the Constitution, next to to the good-and-plenty clause.