Just in case you might have wondered how their ineptitude affected their lives after they ruined so many dreams and lives....let me refresh your memory:
Where are Jim, Tim and Franklin now? Here's a quick look into the 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 t o retire from his position with Fannie Mae when auditing discovered severe irregularities 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 c ompany'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 million 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?
Raines works for the Obama Campaign as his Chief Economic Advisor.
Howard is a Chief Economic Advisor to Obama under Franklin Raines.
Johnson was hired as a Senior Obama Finance Advisor and was selected to run Obama's Vice Presidential Search Committee.
Vote in 2012.. it is the most important election of our lives...