NYT: Government Pays Legal Bills For Executives That Defrauded The Government

New York Times:

As a result of the Fannie takeover, taxpayers are paying millions of dollars in legal defense bills for three top former executives, including Franklin D. Raines, who left the company in late 2004 under accusations of accounting improprieties. From Sept. 6, 2008, to July 21, these legal payments totaled $6.3 million.

Read the whole story: New York Times

Comments

[uvymopkb]

Hope and Change in action.

[ImissBush]

is tht 1 of those "on the road movies"

[schatsie]

and this is exactly why I am in favor of CAPITAL PUNISHMENT FOR CAPITAL CRIMES.....These people have no compunctions and will grab every last dollar and RAID their employees PENSIONS and 401Ks.... They are the enemy of the working class.

[strangerinthenight]

And of course Mother Hen would want to protect him too.

[bighat]

Democrats do protect their own

[RevBookburn]

What is amazing is that people who depend on Social Security have been billed or deducted for any excuse to penalize them. I think the referenced defendants have a huge bill, as well as their own legal costs.

[PilotZ27]

Calvin is a crook, no matter the color of his skin.

Calvin belongs in JAIL.

[jackbutler5555]

What should the government have done?

[fryguy541]

These people should have to work off there bill in a rendering plant

[blueskybigstar]

I don't believe this at all.

http://articles.latimes.com/2009/apr/23/nation/na-freddie-mac-suicide23

Neither do I believe this.

http://www.orlytaitzesq.com/blog1/?p=1535

[blueskybigstar]

The second article does not get right to it, but look up Mark Levy.

[ObamAtomic]

Government Pays Legal Bills For Karl Rove That violated The Constitution.

[JulieSA]

Link?

[Notsofastsir]

Raines: A great friend of the Dims and BO.

[FreedomCorpse]

Obama wasn't president in 2004 and bush fired Armando Falcon, the director of the Office of Federal Housing Enterprise Oversight, after he warned for 2 years of a systemic crisis in the housing markets..in particular with the GSE's Fannie Mae and Freddie Mac. Little facts uninquiring minds would never know.

[Elephantinroom]

New Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON
Published: Thursday, September 11, 2003

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''
http://www.nytimes.com/2003/09/11/business/new-agency-proposed-to-oversee-freddie-mac-and-fannie-mae.html?sec=&spon=&pagewanted=all

[beartrack]

To HP editors--Get this story off the lead. Tired of looking at this clown's face.

[dhinds]

Did HP Editors make you come here?

[medic628]

CLASSIC!!!!

[lungfish]

"Lawyers for the three executives did not returns calls seeking comment.

An additional $16.8 million was paid in the period to cover legal expenses of workers at the Office of Federal Housing Enterprise Oversight, Fannie’s former regulator. These costs are associated with defending the regulator in litigation against former Fannie executives.

This tally of taxpayer legal costs took several months for Mr. Grayson to extract. On June 4, after Congressional hearings on the current and future status of Fannie and Freddie, he requested the information from the Federal Housing Finance Agency, now their regulator. He got its response on Aug. 26.

A spokeswoman for the agency said it would not comment for this article."

This is absolutely outrageous. Unacceptable. This is OUR money. OUR tax dollars and these people darn well better have a comment, an explanation.

I laud Mr. Grayson's efforts.... gonna send his office an email.

[redsongia]

Someone should write an article about how totally unqualified and incompetent the OFHEO people were. How many millions of dollars were paid to lawyers to collect random paperwork because OFHEO couldn't draft a proper discovery request?

[bereasonable0]

What ? No one available from the public defenders office ?