I love the smell of money being reappropriated. It smells like justice!
If we keep up the effort, we could balance the budget.
Plenty of this kind of chicanery to go after.
This is an administrative settlement. Wonder if there are civil and/or criminal liabilities waiting in the wings (the allegations seem to indicate fraud on a massive scale).
If not, this would be like a judge telling a robbery defendant that he doesn't have to do jail time if he gives the money back.
Consent? Why go so easy on these criminals? It was a conspiracy to defraud a public company for personal gain. I think a criminal investigation is in order.
Deterent??? This guy gives up a month's interest on his takings and a bunch of currently worthless (and probably permenantly worthless) options and out come the proclaimations that justice is served. Right.
among other charges, undertook inappropriate earnings management, failed to ensure that adequate internal controls were put in place, released misleading financial reports and permitted the accounting function to operate without adequate resources. The charges concluded that such allegations represented misconduct and unsafe and unsound practices that led to losses suffered by Fannie Mae.
Oh for a second there I thought they were talking about Bernanke and Company.
Years ago, Franklin Raines called in the Mozillos of the world, and demanded they extended low-price products to non-qualified applicants, they acquiesced, and here we are, with a real estate depression.
Maybe a year or two ago, a GAO report came out stating that about 12% of penalties & fines assessed by federal gov't or obtained through litigation were actually collected (sorry, I didn't look for a cite or link to an article).
Who knows how much of this amount will actually be collected?
This administration has demonstrated less than zero ability to actually administer anything effectively. Corrupt, yes, fanatical & given to unconstitutional actions, yes, con artists, yes, but actually governing? No.
I lost all interest in the judicial system's ability to regulate financial firms and executives when I realized that, even when caught and successfully prosecuted, the crime is still quite profitable and safe.
Amazing how efficient and effective Bush administration appointees can be when they are investigating Clinton appointees.
and here i was thinking that my fnm options were worthless.
Did you forget to buy the special ones with the backdated strike price?
What albrt said. Regardless it was good to see some recourse vis--vis a few overpaid executives; would that we could see much, much more.
I love the smell of money being reappropriated. It smells like justice!
If we keep up the effort, we could balance the budget.
Plenty of this kind of chicanery to go after.
This is an administrative settlement. Wonder if there are civil and/or criminal liabilities waiting in the wings (the allegations seem to indicate fraud on a massive scale).
If not, this would be like a judge telling a robbery defendant that he doesn't have to do jail time if he gives the money back.
No Jail time? I am shocked,shocked, where are MY winnings?
Consent? Why go so easy on these criminals? It was a conspiracy to defraud a public company for personal gain. I think a criminal investigation is in order.
Now if OFHEO would just begin a Special Examination with the latest bunch of retards/crooks!
Not nearly enough. This won't act as much of a deterent.
Deterent??? This guy gives up a month's interest on his takings and a bunch of currently worthless (and probably permenantly worthless) options and out come the proclaimations that justice is served. Right.
They should have turned the dumb son of a bitch over to Conjure.
Ow! My wrist hurts! Owww! Owwwww!
All of these bastards should have been shot, that's the only way to clean up this kind of crap.
among other charges, undertook inappropriate earnings management, failed to ensure that adequate internal controls were put in place, released misleading financial reports and permitted the accounting function to operate without adequate resources. The charges concluded that such allegations represented misconduct and unsafe and unsound practices that led to losses suffered by Fannie Mae.
Oh for a second there I thought they were talking about Bernanke and Company.
Years ago, Franklin Raines called in the Mozillos of the world, and demanded they extended low-price products to non-qualified applicants, they acquiesced, and here we are, with a real estate depression.
Why doesn't the MSM report this??? hmmm....
don't feed the troll
There are an hundred Raines who kept everything. Roland Arnall anyone?
Maybe a year or two ago, a GAO report came out stating that about 12% of penalties & fines assessed by federal gov't or obtained through litigation were actually collected (sorry, I didn't look for a cite or link to an article).
Who knows how much of this amount will actually be collected?
This administration has demonstrated less than zero ability to actually administer anything effectively. Corrupt, yes, fanatical & given to unconstitutional actions, yes, con artists, yes, but actually governing? No.
I lost all interest in the judicial system's ability to regulate financial firms and executives when I realized that, even when caught and successfully prosecuted, the crime is still quite profitable and safe.