According to an ABC news story things inside the Beltway are beginning to look a lot like...well business as usual:
"One of Obama's top transition team members, Thomas Donilon, oversaw an aggressive, backdoor lobbying campaign by mortgage giant Fannie Mae to undermine the credibility of a probe into the firm's accounting irregularities, according to a 2006 government report on the company.
The effort -- which reportedly included attacks on the funding for the oversight agency, the Office of Federal Housing Enterprise Oversight, and an attempt to launch a separate investigation into OFHEO itself -- was ultimately unsuccessful, and regulators eventually discovered top Fannie Mae executives had been manipulating the company's financial reporting to maximize their bonuses.
Facing accusations of misstating its earnings from 1998 to 2004, Fannie Mae settled with the Securities and Exchange Commission for $400 million in 2006, although it did not admit any wrongdoing."
Faces change but the games continue. Obama's win was about marketing a brand not selling a substance.
Showing posts with label OFHEO. Show all posts
Showing posts with label OFHEO. Show all posts
Monday, November 17, 2008
Friday, November 7, 2008
Paul Kanjorski, Rahm Emanuel, and Freddie Mac
The ink isn't dry on this election before we start to hear the horror stories. Here is the latest about Rahm Emanuel.
Emanuel Was Director Of Freddie Mac During Scandal By BRIAN ROSS and RHONDA SCHWARTZ
November 7, 2008
New Obama Chief of Staff, Others on Board, Missed "Red Flags" of Alleged Fraud Scheme
President-elect Barack Obama's newly appointed chief of staff, Rahm Emanuel, served on the board of directors of the federal mortgage firm Freddie Mac at a time when scandal was brewing at the troubled agency and the board failed to spot "red flags," according to government reports reviewed by ABCNews.
According to a complaint later filed by the Securities and Exchange Commission, Freddie Mac, known formally as the Federal Home Loan Mortgage Corporation, misreported profits by billions of dollars in order to deceive investors between the years 2000 and 2002.
Emanuel was not named in the SEC complaint (click here to read) but the entire board was later accused by the Office of Federal Housing Enterprise Oversight (OFHEO) (click here to read) of having "failed in its duty to follow up on matters brought to its attention."
Paul Kanjorski is part of the fraud perpetrated on American citizens. It is not coincidental that all the players live in the same House.
Emanuel Was Director Of Freddie Mac During Scandal By BRIAN ROSS and RHONDA SCHWARTZ
November 7, 2008
New Obama Chief of Staff, Others on Board, Missed "Red Flags" of Alleged Fraud Scheme
President-elect Barack Obama's newly appointed chief of staff, Rahm Emanuel, served on the board of directors of the federal mortgage firm Freddie Mac at a time when scandal was brewing at the troubled agency and the board failed to spot "red flags," according to government reports reviewed by ABCNews.
According to a complaint later filed by the Securities and Exchange Commission, Freddie Mac, known formally as the Federal Home Loan Mortgage Corporation, misreported profits by billions of dollars in order to deceive investors between the years 2000 and 2002.
Emanuel was not named in the SEC complaint (click here to read) but the entire board was later accused by the Office of Federal Housing Enterprise Oversight (OFHEO) (click here to read) of having "failed in its duty to follow up on matters brought to its attention."
Paul Kanjorski is part of the fraud perpetrated on American citizens. It is not coincidental that all the players live in the same House.
Thursday, October 9, 2008
Kanjorski Told Us Fannie and Freddie Weren't Failing In July
7/11/08: Kanjorski Reacts to Fannie and Freddie Share Losses
WASHINGTON - Today, Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, released the following statement on his reaction to recent turmoil in the stock prices of Fannie Mae and Freddie Mac.
"We must not over react to the recent drops in Fannie Mae's and Freddie Mac's stock prices. It is important to have contingency plans in the works, but the two government sponsored enterprises are not failing. The Office of Federal Housing Enterprise Oversight has assured me that it is working to ensure the safety and soundness of Fannie Mae and Freddie Mac. Both companies continue to have sufficient capital and liquidity, as I understand.
WASHINGTON - Today, Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, released the following statement on his reaction to recent turmoil in the stock prices of Fannie Mae and Freddie Mac.
"We must not over react to the recent drops in Fannie Mae's and Freddie Mac's stock prices. It is important to have contingency plans in the works, but the two government sponsored enterprises are not failing. The Office of Federal Housing Enterprise Oversight has assured me that it is working to ensure the safety and soundness of Fannie Mae and Freddie Mac. Both companies continue to have sufficient capital and liquidity, as I understand.
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