[Rhodes22-list] Bob Skinner said, "I am delighted...

[Robert Skinner]

I am delighted to see that there exist some
forms of restraint and regulation of an
otherwise run-away pure capitalist (take
the money and run) business model.  Thank
you for the good news.  An injection of
socialist ideology, like seasoning,
improves things.

As to the rest, I note that the FBI has
employed former hackers to advise then on
computer security issues.  I'd sure want a
safecracker on the team building a better
safe.  Would definitely keep an eye open
to make sure that there was no free-lance
activity, though.

/Robert

Tootle wrote:
> Bob Skinner said, "I must admit that I will not be satisfied with any
> solution that does not severely penalize those who
> sat on top of this pile of paper with their golden
> parachutes.  The very existence of the parachutes
> is evidence that they had no confidence that the
> market would survive their mismanagement.
> 
> And I know that I have a lot of company in that
> sentiment.
> 
> Those of us who believe in good pay for good work
> are bent beyond tolerance by the obvious disregard
> for merit in determining executive pay at the top.
> A double standard if I ever saw one, the antithesis
> of the classless society we flaunt to the rest of
> the world.
> 
> I smell revolution - bloodless, I hope, but
> nevertheless with sharp teeth and a great hunger
> for revenge.
> 
> As the French once said, heads will roll.  And
> the first will be those of the legislators who do
> not enact appropriate penalties and limitations
> during the process of rebuilding our financial
> structure.
> 
> There should be no free ride for either the
> lenders who made ill-advised loans, or the fools
> who took the money and mis-spent it.
> 
> /Robert
> 
> What Bob Skinner DID NOT SAY:
> 
> Here is a quick look into 3 former Fannie Mae executives who have 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 irregulaties in Fannie Mae's accounting activities. At the
> time of his departure The Wall Street Journal noted, " Raines, who long
> defended the company's accounting despite mounting evidence that it wasn't
> proper, issued a statement late Tuesday conceding that "mistakes were made"
> and saying he would assume responsibility as he had earlier promised. News
> reports indicate the company was under growing pressure from regulators to
> shake up its management in the wake of findings that the company's books ran
> afoul of generally accepted accounting principles for four years."  Fannie
> Mae had to reduce its surplus by $9 billion. 
> 
> 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. http://housingdoom.com/2006/12/18/fannie-charges/ .
> The Government noted, "The 101 charges reveal how the individuals improperly
> manipulated earnings to maximize their bonuses, while knowingly neglecting
> accounting systems and internal controls, misapplying over twenty accounting
> principles and misleading the regulator and the public. The Notice explains
> how they submitted six years of misleading and inaccurate accounting
> statements and inaccurate capital reports that enabled them to grow Fannie
> Mae in an unsafe and unsound manner."  These charges were made in 2006.  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," 
> 
> On June 16, 2006, Rep. Richard Baker, R-La., asked the Justice Department to
> investigate his allegations that two former Fannie Mae executives lied to
> Congress in October 2004 when they denied manipulating the mortgage-finance
> giant's income statement to achieve management pay bonuses. 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.   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.  
> 
> Johnson's Golden Parachute was estimated at $28 Million.
>  
> 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 hired as a Senior Obama Finance Advisor and was
> selected to run Obama's Vice Presidential Search Committee[until public
> clamor]
>  
> IF OBAMA PLANS ON CLEANING UP THE MESS - HIS ADVISORS HAVE THE EXPERTISE -
> THEY MADE THE MESS IN THE FIRST PLACE.   Would you trust the men who tore
> Wall Street down to build the New Wall Street ?
> 
> Pay close attention because should Obama be elected you will see more of
> these three, if they are not indicted,. tried and incarcerated. 
> 
> Ed K
> Greenville, SC, USA
> attachment:
> http://www.nabble.com/file/p19779478/Peter%2Band%2BBen.jpg Peter+and+Ben.jpg