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Lone_Star_Dem Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 05:22 PM
Original message
Ex-Fannie boss fingers White House
Source: AP

Says administration orchestrated accounting scandal that led to his downfall; White House denies wrongdoing.


WASHINGTON (AP) -- The former chief executive officer of Fannie Mae says the Bush administration helped orchestrate an accounting scandal that cost him his job and that he wants to use White House documents to defend himself in a shareholder lawsuit.

Franklin Raines, who served as President Clinton's budget director, argues in court documents that the Bush administration felt the quasi-government agency wielded too much power in the mortgage industry. His attorneys say the White House pushed regulators to weaken Fannie Mae and triggered a $6 billion accounting scandal.

Raines subpoenaed the White House for documents in July. Justice Department lawyers will go before a federal judge Thursday to fight it.

Relying primarily on articles by financial journalists and the testimony of industry analysts, Raines describes in court documents an unofficial task force dubbed "Noriega" that was formed to weaken Fannie Mae and drive down its stock price.

Read more: http://money.cnn.com/2007/12/19/news/newsmakers/fannie.ap/index.htm?postversion=2007121916
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Joanne98 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 05:25 PM
Response to Original message
1. I knew it! K&R!
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kanrok Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 05:34 PM
Response to Original message
2. So why does the title of this thread make me laugh?
I am over the age of 12, after all.
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muriel_volestrangler Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 05:38 PM
Response to Reply #2
3. It's worse when you use British slang (nt)
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salib Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 06:31 PM
Response to Reply #2
6. At least they wrote "White House"
rather then "Bush"!
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Schema Thing Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 06:53 PM
Response to Reply #6
9. LOL! good catch
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uppityperson Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 07:30 PM
Response to Reply #6
12. Now that would be a good headline
fannie mae fingers bush?
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aquart Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 08:30 PM
Response to Reply #12
18. Fannie Man Fingers Bush
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maseman Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 10:45 PM
Response to Reply #2
26. It could say
Bush Fingers Mae's Fannie...
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DCKit Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-20-07 02:32 AM
Response to Reply #26
35. But Clinton got an impeachable Blowjob
Sorry, had to do it.
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Oreo Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 05:51 PM
Response to Original message
4. Good luck getting those papers
Gotta love the title
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99th_Monkey Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 06:20 PM
Response to Original message
5. National Security Alert!!! State Secrets!! National Security Alert!!! State Secrets!!
it would be appeasing Terrahists to turn over those documents, and I'm the Decider see!
:puke:
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aggiesal Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 10:01 PM
Response to Reply #5
22. I can hear the accent! Yuck. Stop it. Really, stop it! n/t
Edited on Wed Dec-19-07 10:02 PM by aggiesal
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mahatmakanejeeves Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 10:56 PM
Response to Reply #5
27. It utilitzes the techniques of al Gebra,
which has its origins in the middle East.

Start Your Own Cult - The Cult Of Al-Gebra

At New York's Kennedy International Airport today an individual, later discovered to be a public school teacher, was arrested trying to board a flight while in possession of a ruler, a T-square, a protractor, a slide rule, and a calculator.

Attorney General John Ashcroft believes the man is a member of the notorious Al-gebra movement. He is being charged with carrying weapons of math instruction.

"Al-gebra is a very fearsome cult indeed," Ashcroft said. "They desire average solutions by means and extremes, and sometimes go off on a tangent in a search of absolute value. They consist of quite shadowy figures, with names like "x" and "y" and although they are frequently referred to as "unknowns," we know they really belong to a common denominator and are part of the axis of medieval with coordinates in every country. As the great Greek philanderer, Isosceles, used to say, "there are three sides to every triangle."

When asked to comment on the arrest, President {sic} Bush said, "If God had wanted us to have better weapons of math instruction, He would have given us more fingers and toes."
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Roy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 11:30 PM
Response to Reply #27
29. Now that was GREAT!!! n/t
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0rganism Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 06:32 PM
Response to Original message
7. NOW can our reps impeach the bush crime family?
No? Not yet? What's that, have to wait until they actually destroy the entire biosphere first? Okey dokey. x(
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rateyes Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 09:41 PM
Response to Reply #7
21. What, and risk getting the powder damp? nt
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ladywnch Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 11:31 PM
Response to Reply #7
30. face it, junior could be found on national tv screwing a goat and small children while wiping his
ass with the Constitution and Pelosi and company would keep impeachment off the table. Get used to it.
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krkaufman Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-20-07 11:19 AM
Response to Reply #30
44. Let's not lay ALL the blame at the feet of the slim Democratic majorities
I don't exactly see the public marching in the streets.
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ladywnch Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-21-07 11:31 AM
Response to Reply #44
54. you really think that would make a difference?!
they don't care what the people think.
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Schema Thing Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 06:51 PM
Response to Original message
8. This headline should play well in Britain
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moggie Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 07:40 PM
Response to Reply #8
14. It's the only reason I clicked on it
Now I'm a little disappointed.

Also: that's a bloody stupid name for a corporation.
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marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 07:23 PM
Response to Original message
10. How much sh*t has to hit the fan before Congress decides it's time for a cleansing?
Edited on Wed Dec-19-07 07:24 PM by marmar
It's a new outrage every day.
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jhrobbins Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 07:45 PM
Response to Reply #10
15. I used to say to my friend when a new scandal would surface, that
this has got to be the one that brings them down. After dozens and no action on the part of COngress, we have decided that it isn't gonna happen and that will be the sad legacy of this Congress. Bush will be known as the worst president of all time (unless, of course, he decides that dictator thing he talked about isn't such a bad idea and declares martial law) and that this COngress will be the most ineffectual.
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Independent_Liberal Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 11:09 PM
Response to Reply #15
28. Nobody thought anything would come of Watergate...
...and surprise, surprise, when they least expected it, the Repubs went and told Nixon the gig was up. Never say never.
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loudsue Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-20-07 01:11 AM
Response to Reply #28
33. Yeah? Well, this bunch of republicans KEEPS ON overriding the Dem majority
on every single thing bush asks for. Them, and of course, the DLC republican infiltrators into the Dem party.

There really is no Santa Claus in this story.

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krkaufman Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-20-07 11:21 AM
Response to Reply #33
45. Wait a minute..? Are you daring to postulate ...
... that the state of our country and the ravaging of the Constitution is not wholly the fault of the Democratic Party? :)

Nice to see someone highlighting some reality.
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jhrobbins Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-21-07 03:19 PM
Response to Reply #45
58. I never thought that all of the above was the fault of the Democratic
Party, but I do believe that the Democratic Congress is at least complicit.
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jhrobbins Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-21-07 03:16 PM
Response to Reply #28
57. From your lips to God's ears...
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ooglymoogly Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 07:26 PM
Response to Original message
11. Who ya gonna trust?...kr
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jeff30997 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 08:15 PM
Response to Reply #11
17. Ghostbusters !
:bounce:
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DeeDeeNY Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-20-07 09:37 AM
Response to Reply #17
41. Yes!!
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Bitwit1234 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 07:32 PM
Response to Original message
13. OK explain why the white house has a right to refuse these documents
what in the hell is it about Fannie Mae that would be national security. This administration should all be indicted and arrested on the RICCO statutes. They are all performing acts of racketeering.
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Venus Dog Donating Member (419 posts) Send PM | Profile | Ignore Wed Dec-19-07 08:04 PM
Response to Original message
16. In 2001, Bush appt "friend", Victor Ashe, to BoD of Fannie Mae
http://www.usmayors.org/uscm/us_mayor_newspaper/documents/07_23_01/ashe_fannie_mae.asp

Wouldn't be surprised if he had something to do with all this.

Also in 2004, Bush appointed him Ambassador to Poland, home to black sites where CIA headquarters would be in the embassy.

http://en.wikipedia.org/wiki/Victor_Ashe

What a guy

:puke: :mad: :nuke:
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cstanleytech Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 08:44 PM
Response to Original message
19. G'luck to him getting
Edited on Wed Dec-19-07 08:45 PM by cstanleytech
any papers from the Bush whitehouse.
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aggiesal Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 10:05 PM
Response to Reply #19
23. Oh! I'm sorry. We distroyed those paper in 2003, against court orders. Nevermind. n.t
Edited on Wed Dec-19-07 10:05 PM by aggiesal
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MiniMe Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-20-07 09:11 AM
Response to Reply #23
40. If they weren't destroyed in 2003, they were destroyed in the OEOB fire
Which could be a cover-up for the documents already destroyed. I have a feeling that we are going to hear a lot of "those documents were destroyed in the fire" excuses coming up.
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madrchsod Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 08:45 PM
Response to Original message
20.  investors won`t invest in a weaken fannie mae
so they turn to the the banks and mortgage houses...see how easy they did it without any one watching.
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shanti Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 10:11 PM
Response to Original message
24. the canary sings!
:thumbsup:
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Auggie Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 10:40 PM
Response to Original message
25. The corruption of this administration never fails to amaze
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mahatmakanejeeves Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-19-07 11:36 PM
Response to Original message
31. and....
Bush administration lawyers ... argue in court documents that conducting a search would be an enormous burden on the White House, which is "already heavily strained by responding to numerous congressional inquiries, in addition to fulfilling their other responsibilities for running the federal government."
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LostInAnomie Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-20-07 12:02 AM
Response to Original message
32. That could be the most unintentionally perverted article title ever.
That being said, I hope somebody loses their ass this time. I doubt it will happen though.
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KT2000 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-20-07 01:40 AM
Response to Original message
34. Glad to hear this
I was always hoping that Raines was not a crook. He worked like hell to get where he is and it makes more sense that they just saw him as someone to steamroll for their own ends.
Hope he continues to fight them, even after they are out of office.
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leveymg Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-20-07 03:09 AM
Response to Original message
36. Biggest, underreported story of our times. Bush sank housing lender, market collapsed. Fire sale.
Just like the'88-91 S&L crisis, including the Saudi buyout of American banks.
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LiberalLovinLug Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-20-07 03:36 AM
Response to Original message
37. Yawn...
What another scandal of epic proportions? What is it now once a day? This is the most surreal 7 year twilight zone episode yet. Has there ever been in the history of not only the USA but in the world of a government with as many major scandals, many criminal, happen in such a gob-smacking amount, so many they overlap at times two in a day. Is it that our press and so-called opposition party are so shell-shocked they simply are paralyzed?

Talk about a Shock Doctrine. Outside of any conspiracy theory, it's like the Democrats are like a harried, exhausted mother with a severe ADD kid, who is overwhelmed into just accepting any bad behavior, and the kid realizing there are no consequences just ups the ante every day. Its all really astounding.
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Caretha Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-20-07 10:50 AM
Response to Reply #37
42. Very apt analogy n/t
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krkaufman Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-20-07 11:24 AM
Response to Reply #37
46. Let's not forget that we've seen that the media will pillory any Dems ...
... really standing up for the Constitution, tagging them as angry MoveOn liberals. The media is mostly to blame for where we are, having completely failed as the arbiter of truth for the public.
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soothsayer Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-20-07 04:23 AM
Response to Original message
38. I'm pretty sure Catherine Austin Fitts says this went back to Clinton
you can find all her stuff at www.solari.com
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kikiek Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-20-07 08:09 AM
Response to Reply #38
39. Yes of course it does. Everything is his fault. And it's a coincidence that she worked for Bush I.
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progressoid Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-20-07 11:15 AM
Response to Original message
43. Wouldn't it be great to have a justice department that defended the people rather than the President
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flashl Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-20-07 12:04 PM
Response to Original message
47. K&R n/t
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Capn Sunshine Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-20-07 12:06 PM
Response to Original message
48. Fannie Fingers White House
There's a Lounge thread in there somewhere
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Myrina Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-20-07 02:57 PM
Response to Original message
49. ... and might those be some of Darth's 'up in smoke' documents?
... just askin' :tinfoilhat:
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CGowen Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-20-07 03:27 PM
Response to Original message
50. "Noriega" ? n/t
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Quantess Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-20-07 04:30 PM
Response to Original message
51. Thursday afternoon kick.
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Javaman Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-20-07 05:10 PM
Response to Original message
52. Good thing it's the white house in trouble, I would hate to see the reverse!!!
"White House fingers Fannie"

:rofl: LOLOLOLOL
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Orsino Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-20-07 05:31 PM
Response to Original message
53. It's only fair, considering the "services" rendered by the White House. n/t
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Vinca Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-21-07 01:22 PM
Response to Original message
55. So is this Fannie-gate? Calling Keith Olbermann. nt
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geardaddy Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-21-07 01:24 PM
Response to Original message
56. Yikes. Fanny and Finger in the same sentence.
:rofl:
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GoddessOfGuinness Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-21-07 04:31 PM
Response to Original message
59. What a shame those documents were all in Cheney's office...
...when that unfortunate fire broke out.
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