Shot in the Fannie Mae!

Where are they now?

Here is a quick look into 3 former Fannie Mae executives who helped bring 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 irregulaties in Fannie Mae's accounting activities.

The Government filed suit against Raines when the depth of the accounting scandal became clear. http://housingdoom.com/2006/12/18/fannie-charges/. The Court ordered Raines to return $50 Million Dollars he received in bonuses based on the miss-stated Fannie Mae profits.

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. In everyday English - he was cooking the books. The Government Investigation determined that, "Chief Financial Officer, Tim Howard, failed to provide adequate oversight to key control and reporting functions within Fannie Mae."

Howard resigned under pressure in late 2004.

Jim Johnson - A former executive at Lehman Brothers and who was later forced from his position as Fannie Mae CEO. A look at the Office of Federal Housing Enterprise Oversight's May 2006 report on mismanagement and corruption inside Fannie Mae, and you'll see some interesting things about Johnson. 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.

WHERE ARE THEY NOW?

FRANKLIN RAINES?

Raines works for the Obama Campaign as Chief Economic Advisor

TIM HOWARD?

Howard is also a Chief Economic Advisor to Obama

JIM JOHNSON?

Johnson was hired as a Senior Obama Finance Advisor and was selected to run Obama's Vice Presidential Search Committee.

Obama claims he has the wherewithal to clean up the country's financial quagmire. One thing should be clear: his advisors have the expertise.

THEY MADE THE MESS IN THE FIRST PLACE!

Should we trust the men who tore Wall Street down to build the New Wall Street?

Obama promises change. How much more of the type of change he seems to promote can we as Americans afford?