Glenn Beck: Fannie & Freddie

Okay, let me give you the players. First one, Franklin Raines. Served as Clinton's director for the U.S. Management and Budget. He is now the CEO of Fannie Mae or I'm sorry, he was CEO until 2004. He served as the CEO from '99 to 2004. He took an early retirement while the SEC was investigating Fannie for accounting irregularities. Can you imagine if, while they were doing the investigation on Enron, if Ken Lay took an early retirement? Do you think anyone would have gotten up off of him?

They overstated under this guy, Franklin Raines, they overstated their earnings by $6.3 billion. Perspective: Do you remember how horrible things were with Enron? They overstated their earnings, Enron did, $567 million. Half a billion dollars as compared to $6.3 billion. The wheels of justice turn pretty slowly, but eventually they do turn. This year Franklin Raines settled a government lawsuit against him and, boy, we taught him a lesson. Listen to what we taught him. The headlines read that Rains agreed to $24.7 million settlement to have all of the charges dismissed, okay? So in other words, you can get out of it if you pay a penalty. You don't have to go to jail. You don't even have to have your name wrecked. Nobody even knows the name Franklin Raines. Nobody even knows he's one of the guys who caused all of this.

He got off for $24.7 in a settlement. However, we looked into the settlement. The agreement includes forfeiting stock options worth $15.6 million at the time they were issued. At the time they were issued, they were worth $77.10. He could buy the options allowed him to buy shares for $77. The stock is at $9 a share. He's not even he wouldn't exercise those options. Why would you buy $9 stock for $77? It's ridiculous. But we punished him. He can no longer buy that $9 stock for $77. Then he had to also pay $2 million to the federal government. Okay, so we get $2 million out of the guy, right? No, no, no, no. The $2 million, again if you look into it, is paid by you. It is paid by Fannie Mae's insurance policy for something like this. So you've been paying for the insurance policy so this guy doesn't have to pay the $2 million to the government.

Now, he also had to give up another $1.8 million in stock. It's going to be donated to programs aimed at assisting financially strapped homeowners. So this is you know, $1.8 million that he has in stock, the only thing he's got left, $1.8 million in stock and we're going to give that now to people who are financially strapped. Unfortunately again if you read the fine print and care to do your homework on this, that $1.8 million of stock, he doesn't even own. He was suing Fannie Mae for the $1.8. He said that's mine. They said, no, it's not. Yes, it is. No, it's not, yes, it is. All right, you got me, I'm going to say no, it's not. He didn't even own the $1.8. Now we're also told that he has agreed to part with $5.3 million in other unspecified benefits. I'd like to specify those. Could we get anyone in congress, can anyone on Capitol Hill? It's my money! Can anyone on Capitol Hill ask Mr. Reins, could you specify that for me, please?

Then we have James Johnson, former CEO of Fannie Mae. You know, this guy, because he was selected by Obama to head the vice presidential search committee when the news broke that he may have received preferential loan rates for his personal loans through Countrywide. That's another scandal. By the way, Obama threw this guy under the bus. What you may not have known is Mr. Johnson was the former chief of staff to vice president Walter Mondale and during his tenure accounting results were manipulated so that executives could earn larger bonuses. The accounting manipulation of 98 resulted in the maximum payoffs and payouts to Fannie Mae's senior executives. He personally got $1.9 million. So in other words, what happened was they cooked the books under this guy again, so that way they could get the maximum bonuses. If you look back and we did. If you look back at the bonus charts, these guys never, ever missed a bonus. But there's some way you never ever hit the bonus. They got the money but they never actually accomplished anything. Your government tax dollars at work. By the way, Franklin Raines, he is entitled to his monthly pension and he is taking his monthly pension from you of $114,393 for the rest of his life and for the life of his spouse, should she survive him. Fantastic.

Monthly, $114,000. He gets free medical and dental coverage for the rest of his life, for his wife, too, and his children until the age of 21. He gets free life insurance in the amount of $5 million until the age 60 and then $2.5 million after that. It's unclear how much of these benefits, if any of them, are in those unspecified damages.

James Johnson, post employment inflation consulting contract of $390,500 that began in 2002. He also gets two employees and a chauffeur, office space at the Watergate Hotel. He even began work at an investment firm that gave him his own office. It's been reported that Johnson was supposed to reimburse the company for 50% of the chauffeur's time, but that didn't apply to the time spent waiting for him or driving his wife around. He has, by the way, reimbursed Fannie for about 15% of that cost. On March 17th, 2005, Fannie Mae was engulfed in an accounting scandal. Johnson contacted board member Steven B. Ashley and said, "I should do my part to assist Fannie Mae's efforts to reduce spent tours at this difficult time." He temporarily reduced his consulting fees, which he had increased to $600,000 a year, and he decided to end his support staff and driver. No update on whether he's rescinded that deal and is getting by the way, who else works for Fannie Mae? How about this one, Jack Quinn, Esquire. Clinton appointee, he's a board member. He was the attorney working for the pardon for Mark Rich. How about Jamie Gorelick, Janet Reno's Justice Department who served on 9/11 commission. Gorelick, Gorelick, Gorelick, oh, she's the one who built the wall between the CIA and the FBI so they couldn't communicate. Remember her from 9/11? The compensation packages for Enron executives like Andy Fastow were similar to the Fannie Mae and Freddie Mac, the CEO Franklin Raines bonuses. Fastow raked in $37 million. Do you remember what an evil dude he was? According to Business Week, Fannie had paid its top 20 executives combined $245 million in bonuses. Rains made $25.6 million in incentive pay, including stock options. $37 million for Fastow. $25 million for Rains. One is evil. One should be in prison for the rest of their life. One destroyed grandma and grandpa's savings. The other is is not that bad. You probably don't even know his name.

By the way, during all of this, when all of this was when the mortgage meltdown began, the total compensation package comes in at $18 million for Freddie Mac. The CEOs total compensation comes in at over $11 million for Fannie Mae. That's why all of this, that's why all of this is happening.

Now, let me ask the media. Where are you on this? Where are you?

Glenn Beck is one of my heroes.

SNL does it again :)

The Dem's Idea of a joke

Obama makes a Freudian slip

Notice how the reporter corrects him . . . .

NOW THIS IS A VEEP YOU CAN GET BEHIND!

SCUM

Kidnapping, sabotage part of anarchists’ plan to disrupt convention

Affidavit says group’s strategy included Molotov cocktails, urine-filled sprayers

By Pat Pheifer

Minneapolis Star Tribune

Tuesday, September 02, 2008

Almost a year to the day before the Republican National Convention began, members of a self-described anarchist group gathered to talk about ways to disrupt it, including kidnapping delegates, sabotaging air vents at the Xcel Energy Center, blocking bridges and “capturing federal buildings” in Minneapolis and St. Paul.

. . . .

In addition to buckets of urine, investigators seized homemade devices used to disable buses and other vehicles, weapons, gas masks, flammable liquids and rags that could be used to make Molotov cocktails, computer storage devices, documents, pamphlets and banners. Some materials, such as banners and signs, were returned Monday for demonstrators to use during the protest marches. Albert Goins Sr., attorney for the plaintiffs, said they are likely to file an emergency appeal to get the rest of it back.

How completely typical of the left's base. They are so ready to preach tolerance as long as they are the one's being tolerated. So ready to demand free speech for themselves and to deny it to others. So ready to claim peace while they commit violence.

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A elitists view from the left

"no crackheads . . . . no . . . . black people." This is a perfect example of what the elites on the left think of the little people they claim to support.