Clarice Feldman posted yesterday on the financial mismanagement at Fannie Mae, which, as she notes, is packed with Clinton appointees, and includes this rather staggering information:
That article in May of this year indicated that the Office of Federal Housing Enterprise Oversight had found not only that oversight of Fannie Mae’s accounting practices were lax but that the agency had fought to keep it that way.
quote:
Fannie Mae reportedly paid $400 million to settle that matter.
Today, the OFHEO is seeking another $100 million plus a return of $115 million in bonuses paid to the three top officers who engaged in this scheme..
In the period of time that Gorelick and Raines served at Fannie Mae and received substantial bonuses, they both made substantial contributions to the Democrat Party.
Fannie Mae engaged in “extensive financial fraud” over six years by doctoring earnings so executives could collect hundreds of millions of dollars in bonuses, federal officials said yesterday in a report that portrayed a company determined to play by its own rules. Regulators at the Securities and Exchange Commission and the Office of Federal Housing Enterprise Oversight, in announcing a settlement with Fannie Mae that includes $400 million in penalties, provided the most detailed picture yet of what went wrong at They portray the District-based mortgage funding giant—a linchpin of the nation’s housing market—as governed by a weak board of directors, which failed to install basic internal controls and instead let itself be dominated and left uninformed by chief executive Franklin Raines and Chief Financial Officer J. Timothy Howard, who both were later ousted.
She’s right to point out that the media seem to believe peculations committed by private companies that benefit Republicans are bigger news, but my point is this: I am available to mismanage a financial institution at a much lower rate than dozens of millions of dollars in bonuses.
And while we’re on the subject of peculation, the Captain has the story on Claudia Rosett’s latest discovery of Kofi Annan’s greed.
But, Dan, you’re missing a key point of this scheme: If you were hired to mismanage at a lesser rate, that could affect your political “donations”.
TW: Anything except “kickback”. That would be too obvious.
Clearly there is some sort of Civil Service Harkness Award Scheme going on of which I had been hitherto unaware, whereby we are shipping some of our highly trained bent bureaucrats across the pond for sabbatical or other purposes.
This finagle has the stamp of Gordon Brown, the ‘One Eyed Jock’, all over it.
Please see Jungle Jim’s comments on Raines:
http://provocateurjim.blogspot.com/
Hey, Jungle Jim needs to get some props!
Why is it that we forget that the Clinton Administration was one of the most corrupt in Presidential history? The best part is that the corruption continues unabated almost six years after he left office!!
I challenge someone to make a list of the Clinton era scandals, like Jungle Jim did, with links/sources. I have to go to a meeting but I might tackle it later.
Thanks!
Another report on this today states that the overstatements may have gone back even farther than 1998 and other board members are being investigated.
Looks like a little UN OFF program, doesn’t it?