Where is Warren Buffet???

[BoKnows]

I read somewhere on here that someone...uh I mean Fish.... was voting for Obama because his financial advisors would be the ones to clean up this Economic Black Hole we are in.....great research!:laughing:

Here is a quick look into 3 former Fannie Mae executives who have 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. DoomWatch - Former Fannie Mae Executives Charged | Housing Doom . 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 "stable 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 Street ?

[BIGBALLER]

Obama By Bill Brown of the Billy Graham Team

Bill Brown, is a highly respected retired member of the Billy
Graham team so, I take his assessment of Obama very seriously and for that
reason accept his challenge to pass this on. I share his concern about the
'rock star' image Obama has and watch with growing concern at the celebrity
status the media has foisted upon him. Here is hope this email informs you
in a wise way.
________________________________

The Obama Tidal Wave

We are witnessing a political phenomenon with Barack Obama of
rare magnitude.

His speeches have inspired millions and yet most of his followers
have no idea of what he stands for except platitudes of 'Change' or that he
says he will be a 'Uniter'.

The power of speech from a charismatic person truly can be a
powerful thing. Certainly Billy Graham had charisma. Both his manner of
speech and particularly the content changed millions.

On the extreme other hand, the charisma of Adolph Hitler, too,
inspired millions and the results were catastrophic.

Barack Obama certainly is no Hitler or a Billy Graham, but for
many Americans riding on the Obama Tidal Wave it is just like a surfer who
might be ecstatic and euphoric while riding a tidal wave, but the reality of
the ride is what happens when it hits shore.



Just Some of What Defines Barack Obama:

* He voted for partial birth abortion.
* He voted no on notifying parents of minors who get out-of-state abortions.
* Supports affirmative action in Colleges and Government (quotas)..
* In 2001 he questioned harsh penalties for drug dealing as being
too severe.
* Says he will deal with street level drug dealing as minimum
wage affair.
* Admitted his use of marijuana and cocaine in high school and
in college.
* His religious convictions are very murky.
* He is willing to meet with Fidel Castro, Hugo Chavez, Kim Jung
Il and Mahmoud Ahmadinejad.
* Has said that one of his first goals after being elected would
be to have a conference with all Muslim nations. Why?
* Opposed the Patriot Act.
* First bill he signed that was ever passed was campaign finance reform.
* Voted to allow law suits against gun manufacturers.
* Supports universal health-care.
* Voted yes on providing habeas corpus for Guantanamo detainees.
* Supports granting driver's licenses to illegal immigrants.
* Supports extending welfare to illegal immigrants.
* Voted yes on comprehensive immigration reform.
* Voted yes on allowing illegal aliens to participate in Social
Security.
* Wants to make the minimum wage a 'living wage'.
* Voted with Democratic Party 96 percent of 251 votes. (241
votes Demo, 10 votes Republican)
* Is a big believer in the separation of church and state.
* Opposed to any efforts to Privatize Social Security and instead
supports increasing the amount of tax paid into Soc. Sec. Tax
Increase.
* He voted No on repealing the Alternative Minimum Tax which now
hits middle income brackets. Tax Increase.
* He voted No on repealing the 'Death' Tax. Tax Increase.
* He wants to raise the Capital Gains Tax. Tax Increase.
* Has repeatedly said the surge in Iraq has not succeeded...which
is not true.
* He is ranked as the most liberal Senator in the Senate today
and that takes some doing.

If your political choices are consistent with Barack Obama's and
you think that his positions will bring America together or make it a better
place, then you will probably enjoy the ride.
If you are like most Americans that after examining what he stands for, are
truly not in line with his record, it would be prudent to get off the wave
or better yet, never get on, before it comes on shore and undermines the
very foundations of this great Country. We have limited time to save
America or the Supreme Court as we know it.

Inaction is action.


If you agree this is important, pass it on. The mainstream media
will not do it for you!

Bill Brown

Billy Graham Team, Retired

[FlyersFan]

Obama -400 will be a huge wager for me. i think there is little doubt he wins and it's pretty much a LOCK. Obama by DD.

[JohnnyMapleLeaf]

Obama -400 will be a huge wager for me. i think there is little doubt he wins and it's pretty much a LOCK. Obama by DD.

FF pulling out all stops with the reverse janx...lol

[dananderson32]

Obama -400 will be a huge wager for me. i think there is little doubt he wins and it's pretty much a LOCK. Obama by DD.

damn it i should get out and campaign in new york and california now since FF is pulling out that reverse jinx

[Larry]

Obama -400 will be a huge wager for me. i think there is little doubt he wins and it's pretty much a LOCK. Obama by DD.

Remember to come in here 2 minutes after the tv coverage starts the night of the election and declare it over.

[FlyersFan]

Where did the money come from for Obama?

I (unnamed source) researched all of the below information on line. If you would like to check it - Wikipedia, encyclopedia, Barack Obama;
Tony Rezko; Valerie Jarrett: Daily Times - Obama visited Pakistan in 1981; The Washington Times - September 7, 2008; The Times May 10, 2008.

If I could research (Source unnamed) this information, why hasn't it been reported in the news? It is very disturbing, especially in light of reporting that Obama has been receiving huge campaign donations from the Middle East. Groups receiving some contributions from that area have broken the them into smaller donations that would be less conspicuous.

To All My Friends, this is long, but very important, please take the time to read it.

This election has me very worried. So many things to consider.

About a year ago I would have voted for Obama. I have changed my mind three times since than. I watch all the news channels, jumping from one to another. I must say this drives my husband crazy. But, I feel if you view MSNBC, CNN, and Fox News, you might get some middle ground to work with. About six months ago, I started thinking "where did the money come from for Obama". I have four daughters who went to College, and we were middle class, and money was tight. We (including my girls) worked hard and there were lots of student loans.

I started looking into Obama's life.

Around 1979 Obama started college at Occidental in California. He is very open about his two years at Occidental, he tried all kinds of drugs and was wasting his time but, even though he had a brilliant mind, did not apply himself to his studies.
"Barry" (that was the name he used all his life) during this time had two roommates, Muhammad Hasan Chandoo and Wahid Hamid, both from Pakistan. During the summer of 1981, after his second year in college, he made a "round the world" trip. Stopping to see his mother in Indonesia, next Hyderabad in India, three weeks in Karachi, Pakistan where he stayed with his roommate's family, then off to Africa to visit his father's family. My question - Where did he get the money for this trip? Nether I, nor any one of my children would have had money for a trip like this when they where in college. When he came back he started school at Columbia University in New York.
It is at this time he wants everyone to call him Barack - not Barry. Do you know what the tuition is at Columbia? It's not cheap! to say the least. Where did he get money for tuition? Student Loans? Maybe. After Columbia, he went to Chicago to work as a Community Organizer for $12,000. a year. Why Chicago? Why not New York? He was already living in New York.

By "chance" he met Antoin "Tony" Rezko, born in Aleppo Syria, and a real estate developer in Chicago. Rezko has been convicted of fraud and bribery this year. Rezko, was named "Entrepreneur of the Decade" by the Arab-American Business and Professional Association". About two years later, Obama entered Harvard Law School. Do you have any idea what tuition is for Harvard Law School? Where did he get the money for Law School? More student loans?

After Law school, he went back to Chicago. Rezko offered him a job, which he turned down. But, he did take a job with Davis, Miner, Barnhill & Galland. Guess what? They represented "Rezar" which Rezko's firm. Rezko was one of Obama's first major financial contributors when he ran for office in Chicago. In 2003, Rezko threw an early fundraiser for Obama which Chicago Tribune reporter David Mendelland claims was instrumental in providing Obama with "seed money" for his U.S. Senate race. In 2005, Obama purchased a new home in Kenwoood District of Chicago for $1.65 million (less than asking price). With ALL those Student Loans - Where did he get the money for the property? On the same day Rezko's wife, Rita, purchased the adjoining empty lot for full price. The London Times reported that Nadhmi Auchi, an Iraqi-born Billionaire loaned Rezko $3.5 million three weeks before Obama's new home was purchased. Obama met Nadhmi Auchi many times with Rezko.

Now, we have Obama running for President. Valerie Jarrett was Michele Obama's boss. She is now Obama's chief advisor and he does not make any major decisions without talking to her first. Where was Jarrett born? Ready for this? Shiraz, Iran! Do we see a pattern here? Or am I going crazy?

On May 10, 2008 The Times reported, Robert Malley advisor to Obama was "sacked" after the press found out he was having regular contacts with "Hamas", which controls Gaza and is connected with Iran. This past week, buried in the back part of the papers, Iraqi newspapers reported that during Obama's visit to Iraq, he asked their leaders to do nothing about the war until after he is elected, and he will "Take care of things."

Oh, and by the way, remember the college roommates that where born in Pakistan? They are in charge of all those "small" Internet campaign contribution for Obama. Where is that money coming from? The poor and middle class in this country? Or could it be from the Middle East?

And the final bit of news. On September 7, 2008, The Washington Times posted a verbal slip that was made on "This Week" with George Stephanapoulos. Obama on talking about his religion said, "My Muslim faith". When questioned, "he make a mistake". Some mistake!

[FlyersFan]

Dear Friends, I am sounding an alarm! For the life of me, I cannot figure out why this is not being discussed on the media or why conservatives are not making their case: IT IS SO IMPORTANT!!!!! The following is a condensation of a series from the Investor's Business Daily explaining "What Caused the Loan Crisis":

1977: Pres. Jimmy Carter signs the Community Reinvestment Act into Law. The law pressured financial institutions to extend home loans to those who would otherwise not qualify. The Premise: Home ownership would improve poor and crime-ridden communities and neighborhoods in terms of crime, investment, jobs, etc. Results: Statistics bear out that it did not help. How did the government get so deeply involved in the housing market? Answer: Bill Clinton wanted it that way.

1992: Republican representative Jim Leach (IO) warned of the danger that Fannie and Freddie were changing from being agencies of the public at large to money machines for the principals and the stockholding few.

1993: Clinton extensively rewrote Fannie Mae and Freddie Mac's rules turning the quasi-private mortgage-funding firms into semi-nationalized monopoies dispensing cash and loans to large Democratic voting blocks and handing favors, jobs and contributions to political allies. This potent mix led inevitably to corruption and now the collapse of Freddie and Fannie.

1994: Despite warnings, Clinton unveiled his National Home-Ownership Strategy which broadened the CRA in ways congress never intended.

1995: Congress, about to change from a Democrat majority to Republican, Clinton orders Robert Rubin's Treasury Dept to rewrite the rules. Robt. Rubin's Treasury reworked rules, forcing banks to satisfy quotas for sub-prime and minority loans to get a satisfactory CRA rating. The rating was key to expansion or mergers for banks. Loans began to be made on the basis of race and little else.

1997 - 1999: Clinton, bypassing Republicans, enlisted Andrew Cuomo, then Secretary of Housing and Urban Developement, allowing Freddie and Fannie to get into the sub-prime market in a BIG way. Led by Rep. Barney Frank and Sen. Chris Dodd, congress doubled down on the risk by easing capital limits and allowing them to hold just 2.5% of capital to back their investments vs. 10% for banks. Since they could borrow at lower rates than banks their enterprises boomed. With incentives in place, banks poured billions in loans into poor communities, often "no doc", "no income", requiring no money down and no verification of income. Worse still was the cronyism: Fannie and Freddie became home to out-of work-politicians, mostly Clinton Democrats. 384 politicians got big campaign donations from Fannie and Freddie. Over $200 million had been spent on lobbying and political activities. During the 1990's Fannie and Freddie enjoyed a subsidy of as musch as $182 Billion, most of it going to principals and shareholders, not poor borrowers as claimed. Did it work? Minorities made up 49% of the 12.5 million new homeowners but many of those loans have gone bad and the minority homeownership rates are shrinking fast.

1999: New Treasury Secretary, Lawrence Summers, became alarmed at Fannie and Freddie's excesses. Congress held hearings the ensuing year but nothing was done because Fannie and Freddie had donated millions to key congressmen and radical groups, ensuring no meaningful changes would take place. "We manage our political risk with the same intensity that we manage our credit and interest rate risks," Fannie CEO Franklin Raines, a former Clinton official and current Barack Obama advisor, bragged to investors in 1999.

2000: Secretary Summers sent Undersecretary Gary Gensler to Congress seeking an end to the "special status". Democrats raised a ruckus as did Fannie and Freddie, headed by politically connected CEO's who knew how to reward and punish. "We think that the statements evidence a contempt for the nation's housing and mortgage markets" Freddie spokesperson Sharon McHale said. It was the last chance during the Clinton era for reform.

2001: Republicans try repeatedly to bring fiscal sanity to Fannie and Freddie but Democrats blocked any attempt at reform; especially Rep. Barney Frank and Sen.Chris Dodd who now run key banking committees and were huge beneficiaries of campaign contributions from the mortgage giants.

2003: Bush proposes what the NY Times called "the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago". Even after discovering a scheme by Fannie and Freddie to overstate earnings by $10.6 billion to boost their bonuses, the Democrats killed reform.

2005: Then Fed chairman Alan Greenspan warns Congress: "We are placing the total financial system at substantial risk". Sen. McCain, with two others, sponsored a Fannie/Freddie reform bill and said, "If congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system and the economy as a whole". Sen. Harry Reid accused the GOP ;of trying to "cripple the ability of Fannie and Freddie to carry out their mission of expanding homeownership" The bill went nowhere.

2007: By now Fannie and Freddie own or guarantee over HALF of the $12 trillion US mortgage market. The mortgage giants, whose executive suites were top-heavy with former Democratic officials, had been working with Wall St. to repackage the bad loans and sell them to investors. As the housing market fell in '07, subprime mortgage portfolios suffered major losses. The crisis was on, though it was 15 years in the making.

2008: McCain has repeatedly called for reforming the behemoths, Bush urged reform 17 times. Still the media have repeated Democrats' talking points about this being a "Republican" disaster. A few Republicans are complicit but Fannie and Freddie were created by Democrats, regulated by Democrats, largely run by Democrats and protected by Democrats. That's why taxpayers are now being asked for $700 billion!!


amazing we still have people in this country and on this site that don't understand this. the dumbing of america is well underway.

[BoKnows]

Dear Friends, I am sounding an alarm! For the life of me, I cannot figure out why this is not being discussed on the media or why conservatives are not making their case: IT IS SO IMPORTANT!!!!! The following is a condensation of a series from the Investor's Business Daily explaining "What Caused the Loan Crisis":

1977: Pres. Jimmy Carter signs the Community Reinvestment Act into Law. The law pressured financial institutions to extend home loans to those who would otherwise not qualify. The Premise: Home ownership would improve poor and crime-ridden communities and neighborhoods in terms of crime, investment, jobs, etc. Results: Statistics bear out that it did not help. How did the government get so deeply involved in the housing market? Answer: Bill Clinton wanted it that way.

1992: Republican representative Jim Leach (IO) warned of the danger that Fannie and Freddie were changing from being agencies of the public at large to money machines for the principals and the stockholding few.

1993: Clinton extensively rewrote Fannie Mae and Freddie Mac's rules turning the quasi-private mortgage-funding firms into semi-nationalized monopoies dispensing cash and loans to large Democratic voting blocks and handing favors, jobs and contributions to political allies. This potent mix led inevitably to corruption and now the collapse of Freddie and Fannie.

1994: Despite warnings, Clinton unveiled his National Home-Ownership Strategy which broadened the CRA in ways congress never intended.

1995: Congress, about to change from a Democrat majority to Republican, Clinton orders Robert Rubin's Treasury Dept to rewrite the rules. Robt. Rubin's Treasury reworked rules, forcing banks to satisfy quotas for sub-prime and minority loans to get a satisfactory CRA rating. The rating was key to expansion or mergers for banks. Loans began to be made on the basis of race and little else.

1997 - 1999: Clinton, bypassing Republicans, enlisted Andrew Cuomo, then Secretary of Housing and Urban Developement, allowing Freddie and Fannie to get into the sub-prime market in a BIG way. Led by Rep. Barney Frank and Sen. Chris Dodd, congress doubled down on the risk by easing capital limits and allowing them to hold just 2.5% of capital to back their investments vs. 10% for banks. Since they could borrow at lower rates than banks their enterprises boomed. With incentives in place, banks poured billions in loans into poor communities, often "no doc", "no income", requiring no money down and no verification of income. Worse still was the cronyism: Fannie and Freddie became home to out-of work-politicians, mostly Clinton Democrats. 384 politicians got big campaign donations from Fannie and Freddie. Over $200 million had been spent on lobbying and political activities. During the 1990's Fannie and Freddie enjoyed a subsidy of as musch as $182 Billion, most of it going to principals and shareholders, not poor borrowers as claimed. Did it work? Minorities made up 49% of the 12.5 million new homeowners but many of those loans have gone bad and the minority homeownership rates are shrinking fast.

1999: New Treasury Secretary, Lawrence Summers, became alarmed at Fannie and Freddie's excesses. Congress held hearings the ensuing year but nothing was done because Fannie and Freddie had donated millions to key congressmen and radical groups, ensuring no meaningful changes would take place. "We manage our political risk with the same intensity that we manage our credit and interest rate risks," Fannie CEO Franklin Raines, a former Clinton official and current Barack Obama advisor, bragged to investors in 1999.

2000: Secretary Summers sent Undersecretary Gary Gensler to Congress seeking an end to the "special status". Democrats raised a ruckus as did Fannie and Freddie, headed by politically connected CEO's who knew how to reward and punish. "We think that the statements evidence a contempt for the nation's housing and mortgage markets" Freddie spokesperson Sharon McHale said. It was the last chance during the Clinton era for reform.

2001: Republicans try repeatedly to bring fiscal sanity to Fannie and Freddie but Democrats blocked any attempt at reform; especially Rep. Barney Frank and Sen.Chris Dodd who now run key banking committees and were huge beneficiaries of campaign contributions from the mortgage giants.

2003: Bush proposes what the NY Times called "the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago". Even after discovering a scheme by Fannie and Freddie to overstate earnings by $10.6 billion to boost their bonuses, the Democrats killed reform.

2005: Then Fed chairman Alan Greenspan warns Congress: "We are placing the total financial system at substantial risk". Sen. McCain, with two others, sponsored a Fannie/Freddie reform bill and said, "If congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system and the economy as a whole". Sen. Harry Reid accused the GOP ;of trying to "cripple the ability of Fannie and Freddie to carry out their mission of expanding homeownership" The bill went nowhere.

2007: By now Fannie and Freddie own or guarantee over HALF of the $12 trillion US mortgage market. The mortgage giants, whose executive suites were top-heavy with former Democratic officials, had been working with Wall St. to repackage the bad loans and sell them to investors. As the housing market fell in '07, subprime mortgage portfolios suffered major losses. The crisis was on, though it was 15 years in the making.

2008: McCain has repeatedly called for reforming the behemoths, Bush urged reform 17 times. Still the media have repeated Democrats' talking points about this being a "Republican" disaster. A few Republicans are complicit but Fannie and Freddie were created by Democrats, regulated by Democrats, largely run by Democrats and protected by Democrats. That's why taxpayers are now being asked for $700 billion!!


amazing we still have people in this country and on this site that don't understand this. the dumbing of america is well underway.

It is the "U" philosophy, uniformed, unintelligent, and unwavering. See the story on the Pide Piper...the kids liked the music but did not understand the words.:thumbs: Time to turn the page because as you said unless Hussein gets caught with a 15 yr old hooker this one is a lock....on second thought based on the moral compass of most liberals that would probably not even hurt his chances.

[FlyersFan]

It is the "U" philosophy, uniformed, unintelligent, and unwavering. See the story on the Pide Piper...the kids liked the music but did not understand the words.:thumbs: .

sad what has become of this place better known as the USof A. when you have people in general....and when you members here do nothing but litter the forum in support of a guy who is as shady as obama, im not quite sure where this country is going. how many times can you post things like this and have people say, yeah but......yeah but....yeah but.......the media continues to ignore it.......sarah palin says "maverick" too many times and that is front page material....obama consorts with a racist minister for 20+ years, a known domestic terrorist, 3 guys directly responsible for the Fannie/Freddie thing which tanked the market for openers.....he has no foreign policy experience other than a field trip to Afghanistan....the democrats have been in power for 2 years and are repsonsible for 90% of the housing and wall street mess......and yet here line up the people and our media to support the guy......:ohman: I've never been less proud of my fellow citizens than i am now. But all those obama supporters are going to get everything they have coming to them....domestic terrorism, no raises due to small business being taxed and taxed and taxed to death.......then the rich are just going to funnel their money elsewhere....whole thing is a joke. As KGB said in Rounders......"whole thing eees fuking joke anyvays......im paying you wees your mon-ey from when i steeeek it to you".