Just in case you might have wondered how their ineptitude affected their lives after they ruined so many dreams and lives... let's refresh your memory. Here's a quick look into three former Fannie Mae executives who brought down Wall Street.
Franklin Raines - was a Chairman and Chief Executive Officer at Fannie Mae. Raines was forced to retire from his position with Fannie Mae when auditing discovered severe irregularities (FRAUD) in Fannie Mae's accounting activities. Raines left with a "golden parachute valued at $240 Million in benefits. The Government filed suit against Raines when the depth of the accounting scandal became clear.
Tim Howard - was the Chief Financial Officer of Fannie Mae. Howard "was a strong internal proponent of using accounting strategies that would ensure a "stable pattern of earnings" at Fannie. Investigations by federal regulators and the company's board of directors since concluded that management did manipulate 1998 earnings to trigger bonuses. Raines and Howard resigned under pressure in late 2004. Howard's Golden Parachute was estimated at $20 Million!
Jim Johnson - A former executive at Lehman Brothers and who was later forced from his position as Fannie Mae CEO. Investigators found that Fannie Mae had hidden a substantial amount of Johnson's 1998 compensation from the public, reporting that it was between $6 and $7 million when it fact, it was $21 million." Johnson is currently under investigation for taking illegal loans from Countrywide while serving as CEO of Fannie Mae. Johnson's Golden Parachute was estimated at $28 Million.
WHERE ARE THEY NOW?
FRANKLIN RAINES
Raines works for the Obama Campaign as his Chief Economic Adviser.
TIM HOWARD
Howard is a Chief Economic Adviser to Obama under Franklin Raines.
JIM JOHNSON
Johnson was hired as a Senior Obama Finance Adviser and was selected to run Obama's Vice Presidential Search Committee.
Are we stupid or what?
