Darrell Becker:
CLASS OF 1975
Onalaska High SchoolClass of 1975
Onalaska, WI
Lincoln Technical InstituteClass of 1988
West des moines, IA
Western Wisconsin Technical CollegeClass of 1980
La crosse, WI
Logan High SchoolClass of 1976
La crosse, WI
Central High SchoolClass of 1976
La crosse, WI
Darrell's Story
i m sure interested in todays economics as a article a friend emailed me, mayb ur interested mayb not its your choiceHere is a quick look into 3 former Fannie Mae executives
who have with the Democrats in Congress, 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. 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
"stabl...Expand for more
e 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
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
Register for Free to view all details!
Yearbooks
Register for Free to view all yearbooks!
Reunions
Register for Free to view all events!