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Old 07-16-2010, 04:30 PM
 
Location: the very edge of the continent
88,572 posts, read 44,294,084 times
Reputation: 13521

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Now... knowing all of this, watch this video again...


YouTube - Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis
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Old 07-16-2010, 04:42 PM
 
Location: Chicagoland
41,325 posts, read 44,799,790 times
Reputation: 7118
Quote:
Attacks of Fannie and Freddie: Red Herrings?
Since F&F are the main reason for the mortgage collapse, due to unethical and unwise mortgage practices, why would that be a red herring?
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Old 07-16-2010, 04:50 PM
 
5,036 posts, read 5,118,457 times
Reputation: 2356
Quote:
Originally Posted by InformedConsent View Post
Talk about corruption. Geez, the media was handed this huge story on a silver platter and said NOTHING!

And you have this portion:
Maxine "Socialist" Waters: "we dont have a problem at F and particularly F, under the outstanding leadership of Raines"

Oh Waters, you evil turd, you mean this Raines:

"In 2006, the OFHEO announced a suit against Raines in order to recover some or all of the $90 million in payments made to Raines based on the overstated earnings, initially estimated to be $9 billion but have been announced as 6.3 billion.


Civil charges were filed against Raines and two other former executives by the OFHEO in which the OFHEO 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. Raines also agreed to donate the proceeds from the sale of $1.8 million of his Fannie stock and to give up stock options. The stock options however have no value. Raines also gave up an estimated $5.3 million of "other benefits" said to be related to his pension and forgone bonuses.


An editorial in The Wall Street Journal called it a "paltry settlement" which allowed Raines and the other two executives to "keep the bulk of their riches."

In 2003 alone, Raines's compensation was over $20 million."
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Old 07-16-2010, 04:56 PM
 
Location: Columbus
4,877 posts, read 4,491,008 times
Reputation: 1450
Quote:
Originally Posted by damie View Post
Yes it's intellectually dishonest and reductionistic to the nth degree to say that Fannie and Freddie were the cause. Their potential omission from the Reform Bill, as an excuse not to support the bill, is just that - an excuse.

If Fannie and Freddie had been included they simply would have found another reason, "there was no Glass-Steagall", "it adds too much government control", "it will kill jobs"...

...all rationales that have recently been floated here on CD for why the bill shouldn't have passed. Their logic makes as much sense as saying, your car needs to have it's tires rotated, the oil changed, and the alternator replaced, but because you failed to rotate the tires you refuse to do anything at all.
How many times has our government passed financial reforms? Legal reforms? Social reforms? National defense reforms? Airline reform? Credit card reform? Social Security reform? Medicare reform? Environmental reform?

And none of it has ever worked, becasuse they are constantly calling for more reform. And more reform. And more reform.

Government reform is illogical. Anyone that thinks this lastest reform is going to do anything probably thinks they can rotate their tires and that will fix their alternator and change the oil.
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Old 07-16-2010, 05:01 PM
 
Location: the very edge of the continent
88,572 posts, read 44,294,084 times
Reputation: 13521
Quote:
Originally Posted by BucsLose View Post
Talk about corruption. Geez, the media was handed this huge story on a silver platter and said NOTHING!

And you have this portion:
Maxine "Socialist" Waters: "we dont have a problem at F and particularly F, under the outstanding leadership of Raines"

Oh Waters, you evil turd, you mean this Raines:

"In 2006, the OFHEO announced a suit against Raines in order to recover some or all of the $90 million in payments made to Raines based on the overstated earnings, initially estimated to be $9 billion but have been announced as 6.3 billion.


Civil charges were filed against Raines and two other former executives by the OFHEO in which the OFHEO 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. Raines also agreed to donate the proceeds from the sale of $1.8 million of his Fannie stock and to give up stock options. The stock options however have no value. Raines also gave up an estimated $5.3 million of "other benefits" said to be related to his pension and forgone bonuses.


An editorial in The Wall Street Journal called it a "paltry settlement" which allowed Raines and the other two executives to "keep the bulk of their riches."

In 2003 alone, Raines's compensation was over $20 million."
Yes, and it would be this Raines, as well...

Quote:
In the four years since he stepped down asFannie Mae's chief executive under the shadow of a $6.3 billion accounting scandal, Franklin D. Raines has been quietly constructing a new life for himself. He has shaved eight points off his golf handicap, taken a corner office in Steve Case's D.C. conglomeration of finance, entertainment and health-care companies and more recently, taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters.
On the Outside Now, Watching Fannie Falter - washingtonpost.com

Isn't that lovely? Obama's campaign sought the advice of a known corrupt scamster. Could be another reason why Obama saw fit to give Fannie and Freddie an unlimited bailout - Raines could be traced back to him and his campaign.
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Old 07-16-2010, 07:04 PM
 
Location: Fredericktown,Ohio
7,168 posts, read 5,343,607 times
Reputation: 2922
Hmmm I wonder how our friends on the left are going to answer to this mounting evidence.Do I hear crickets?
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Old 07-16-2010, 07:15 PM
 
5,036 posts, read 5,118,457 times
Reputation: 2356
Quote:
Originally Posted by reid_g View Post
Hmmm I wonder how our friends on the left are going to answer to this mounting evidence.Do I hear crickets?
Yep. I think sometimes the evidence is just so strong, they dont even bother with their usual nonsense defenses.

There is no way around this one. But then again, hearing people's own words hasnt stopped them before from rushing to defense and crafty changing the focus. This is cut and dry. No media reported on this yet like I mentioned before, its a friggin gold mine for news. And the media was silent as silent could be.
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Old 07-16-2010, 07:17 PM
 
48,505 posts, read 96,519,768 times
Reputation: 18301
Fannie and Freddie wasn't taken over by the governamnt for no reason. Their bailouts is huge and it wouldn;'t be repaid. Congress has touched the surface o it because it leads directly to them . The democrats will fairl worse only because they refused to audit when Mccain poushed for it. Barney Frank said that we can always bail them out which later came trueI.ts just a matter of time when the pendulum swings tho.
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Old 07-16-2010, 07:23 PM
 
Location: New London County, CT
8,949 posts, read 12,076,300 times
Reputation: 5145
It seems to me that the right is exaggerating the role of Fanny and Freddy while the left is de-emphasizing the role of Fanny and Freddy. Typical and predictable. The left want's to take the heat off of private business and the right off of government.
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Old 07-16-2010, 07:28 PM
 
Location: Great State of Texas
86,052 posts, read 84,148,425 times
Reputation: 27718
China is holding a lot of F&F debt and is counting on the Fed to honor the interest payments.
F&F are not going anywhere..China will see to that.
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