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Thread: Ex-Fannie Mae, Freddie Mac execs charged with fraud

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    Re: Ex-Fannie Mae, Freddie Mac execs charged with fraud

    I wonder if any of this will filter down to Barney Frank? I'm sure the timing of his retirement had nothing to do with his FNMA problems.

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    Re: Ex-Fannie Mae, Freddie Mac execs charged with fraud

    Quote Originally Posted by lpast View Post
    If found guilty lets hope they get decades long prison terms....Could this be the real reason Barney Franks isnt running for re election ?


    The Securities and Exchange Commission alleges former executives of Freddie Mac and Fannie Mae misled investors with subprime mortgages.The agency announced civil charges Friday in federal court in Manhattan. It's seeking disgorgement of any profits and penalties against three former executives for each of the government-sponsored enterprises that underwrote and sold billions of dollars worth of subprime mortgages during the housing boom.
    The SEC said the executives knew and approved of misleading statements claiming the companies had minimal holdings of higher-risk mortgage loans, including subprime loans.


    Ex-Fannie, Freddie execs charged with fraud

    Awww, darn it...And here I thought that Franklin Raines would be one of the ones charged....Then maybe we could claw back some of the money he stole.


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    Re: Ex-Fannie Mae, Freddie Mac execs charged with fraud

    Quote Originally Posted by jimbo View Post
    I wonder if any of this will filter down to Barney Frank? I'm sure the timing of his retirement had nothing to do with his FNMA problems.
    no way could it be because he is tired of doing this after thirty years at the age of 71 [/s]
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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    Re: Ex-Fannie Mae, Freddie Mac execs charged with fraud

    Quote Originally Posted by j-mac View Post
    Awww, darn it...And here I thought that Franklin Raines would be one of the ones charged....Then maybe we could claw back some of the money he stole.


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    hopefully, those charged will roll over on him
    Last edited by justabubba; 12-16-11 at 01:17 PM. Reason: kant spel
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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    Re: Ex-Fannie Mae, Freddie Mac execs charged with fraud

    Quote Originally Posted by lpast View Post
    If found guilty lets hope they get decades long prison terms....Could this be the real reason Barney Franks isnt running for re election ?


    The Securities and Exchange Commission alleges former executives of Freddie Mac and Fannie Mae misled investors with subprime mortgages.The agency announced civil charges Friday in federal court in Manhattan. It's seeking disgorgement of any profits and penalties against three former executives for each of the government-sponsored enterprises that underwrote and sold billions of dollars worth of subprime mortgages during the housing boom.
    The SEC said the executives knew and approved of misleading statements claiming the companies had minimal holdings of higher-risk mortgage loans, including subprime loans.


    Ex-Fannie, Freddie execs charged with fraud
    Civil charges do not result in prison time.Seeing how the standards for civil trials are much lower than the standards for criminal trials the execs will be found guilty really easy.
    "A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murder is less to fear"

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    Re: Ex-Fannie Mae, Freddie Mac execs charged with fraud

    Quote Originally Posted by justabubba View Post
    hopefully, those charged will roll over on him
    They will never get a chance. They will agree to the slap on the wrist.

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    Re: Ex-Fannie Mae, Freddie Mac execs charged with fraud

    Quote Originally Posted by jamesrage View Post
    Civil charges do not result in prison time.Seeing how the standards for civil trials are much lower than the standards for criminal trials the execs will be found guilty really easy.
    They will not be found guilty of anything because there will be no trial.

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    Re: Ex-Fannie Mae, Freddie Mac execs charged with fraud

    Quote Originally Posted by 1Perry View Post
    Right. On the one hand I'm glad there is something. What they are accused of doing though is supposed to be criminal. I'm going to tell you what will happen. They will agree to not pursue or forfeit any of the future earnings their contracts gave them. That is, no golden parachutes. They get to keep the millions they have already pilfered but won't get anything more.

    That's better than nothing but it's also a complete cop out on the part of the government.
    I agree. And you're likely right that it won't go to trial. Sadly.

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    Re: Ex-Fannie Mae, Freddie Mac execs charged with fraud

    Quote Originally Posted by jimbo View Post
    I wonder if any of this will filter down to Barney Frank? I'm sure the timing of his retirement had nothing to do with his FNMA problems.
    It won't, or to any of the others, which includes both republicans and democrats. Sadly.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: Ex-Fannie Mae, Freddie Mac execs charged with fraud

    Quote Originally Posted by justabubba View Post
    no way could it be because he is tired of doing this after thirty years at the age of 71 [/s]
    I would doubt it. Old politicians never fade away, they die in office, or resign when their asses are getting too close to the fire.

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