Where is Democrat outrage over Franklin Raines $ 90 million bonus?

Franklin Raines is an Obama financial advisor who took $90 million in
bonuses while running F-mae and F-mac straight in to the ground. He was
also directly involved in causing the subprime financial crisis. This scum
bag basically "cooked the books" to put more money in his own pockets and in
the pockets of his "pals". However, for some strange reason, Obama and the
Democrats don't seem to be a bit outraged by Raines "performance" bonuses.

"On December 21, 2004 Raines accepted what he called "early retirement" [4]
from his position as CEO while U.S. Securities and Exchange Commission
investigators continued to investigate alleged accounting irregularities. He
is accused by The Office of Federal Housing Enterprise Oversight (OFHEO),
the regulating body of Fannie Mae, of abetting widespread accounting errors,
which included the shifting of losses so senior executives, such as himself,
could earn large bonuses [5].
In 2006, the OFHEO announced a suit against Raines in order to recover some
or all of the $90 million in payments made to Raines based on the overstated
earnings [6] initially estimated to be $9 billion but have been announced as
6.3 billion.[7].

Civil charges were filed against Raines and two other former executives by
the OFHEO in which the OFHEO sought $110 million in penalties and $115
million in returned bonuses from the three accused.[8] On April 18, 2008,
the government announced a settlement with Raines together with J. Timothy
Howard, Fannie's former chief financial officer, and Leanne G. Spencer,
Fannie's former controller. The three executives agreed to pay fines
totaling about $3 million, which will be paid by Fannie's insurance
policies. Raines also agreed to donate the proceeds from the sale of $1.8
million of his Fannie stock and to give up stock options. The stock options
however have no value. Raines also gave up an estimated $5.3 million of
"other benefits" said to be related to his pension and forgone bonuses.[9]

An editorial in The Wall Street Journal called it a "paltry settlement"
which allowed Raines and the other two executives to "keep the bulk of their
riches." [10]

In the New York Times John Steele Gordon wrote an opinion criticizing
Raines' contribution to the 2008 financial crisis caused by the failure of
Fannie Mae. "He cooked the books at Fannie to increase his compensation
(more than $90 million)." [19]"

Irish Mike

Very, very proud to be one of the 55,000,000+ Americans who did not vote for
Obama or his crooked "pals".

In 2003 alone, Raines's compensation was over $20 million.[11]

A statement issued by Raines said of the consent order, "is consistent with
my acceptance of accountability as the leader of Fannie Mae and with my
strong denial of the allegations made against me by OFHEO."[12]

In a settlement with OFHEO and the Securities and Exchange Commission,
Fannie paid a record $400 million civil fine. Fannie, which is the largest
American financier and guarantor of home mortgages, also agreed to make
changes in its corporate culture and accounting procedures and ways of
managing risk. [13]

In June 2008 The Wall Street Journal reported that Franklin Raines was one
of several public officials who received below market rates loans at
Countrywide Financial because the corporation considered the officeholders
"FOA's"--"Friends of Angelo" (Countrywide Chief Executive Angelo Mozilo). He
received loans for over $3 million while CEO of Fannie Mae. [14]

[edit] Role in the subprime mortgage crisis
See also: Subprime mortgage crisis
In accordance with the mission of Fannie Mae to enable home ownership by a
greater proportion of the population, Franklin Raines, while Chairman and
CEO, began a pilot program in 1999 to issue bank loans to individuals with
low to moderate income, and to ease credit requirements on loans that Fannie
Mae purchased from banks. Raines promoted the program saying that it would
allow consumers who were "a notch below what our current underwriting has
required" to get home loans. The move was intended in part to increase the
number of minority and low income home owners.[15] Some observers have noted
that the expansion of easy credit to home buyers with a lesser ability to
pay them back was one of the major contributing factors to the subprime
mortgage crisis.[16] Although under Raines, Fannie Mae invested in some
securities backed by subprime loans, it didn't start buying subprime and
Alt-A loans directly (and bundling them into securities) until late 2004
after the accounting scandal. Purchasing of subprime and alt-A mortgages
expanded exponentially under the guidance of Raines's successor Daniel H.
Mudd.[17][18] (See also Subprime lending.)

On December 9, 2008, he testified before the United States House Committee
on Oversight and Government Reform on Capitol Hill regarding Fannie Mae,
Freddie Mac, and financial market instability.[20][21][22]

[edit] Question of Raines and Obama connection
On 16 July 2008 The Washington Post reported that Franklin Raines had "taken
calls from Barack Obama's presidential campaign seeking his advice on
mortgage and housing policy matters." [23]. Also, in an editorial in August
27, 2008 titled "Tough Decision Coming", the Washington Post editorial staff
wrote that "Two members of Mr. Obama's political circle, James A. Johnson
and Franklin D. Raines, are former chief executives of Fannie Mae."[24] On
September 18, 2008, John McCain's campaign published a campaign ad that
quoted the Washington Post reporting regarding Raines and Obama. The ad also
notes that "Raines made millions and then left Fannie Mae while it was under
investigation for accounting irregularities".[25]

Neither Raines nor the Obama campaign had disputed the Post's reporting
before the ad. The text in question consisted of one sentence in each
article. After McCain's attack ad however, both denied that Raines was or
had been a provider of advice to Obama or the Obama campaign.[26][27][28].

In later commentary the Washington Post (the original source) described
McCain's attempts to connect Obama with Franklin Raines based on their
reporting as "a stretch" and said all reporting they did about the matter
actually stems from a single conversation a reporter had with Raines in
which she recalls Raines said he "had gotten a couple of calls from the
Obama campaign". When the reporter queried Raines to the nature of the calls
he said "oh, general housing, economy issues".[29]

Additionally, an email hoax falsely claims Raines was made "Chief Economic
Advisor" for the Obama presidential campaign.[30]

"Irish Mike"

> (Cut and Paste crap cut)

> Irish Mike

You’re proud to have voted for the loser? You’re proud of a bad decision?
Who do you pick in March Madness?

Jerry (who doesn’t pick) ‘n Vegas