Definition of Ineptocrac​y

Ineptocracy (in-ept-o-cra-cy) – A system of government where the least capable to lead are elected by the least capable of producing, and where the members of society least likely to sustain themselves or succeed are rewarded with goods and services paid for by the confiscated wealth of a diminishing number of producers.

Newest 12 step program

Fannie Justice?

I haven’t had a chance to verify this yet, but it sounds right.  Anybody have info on this?

Interested in knowing who the culprits were that caused the economic melt down of Wall Street and where they are now, then read on in utter disgust.

Be sure to read the “where they are now” at the end !

Here’s a quick look into the three former Fannie Mae executives who 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 irregularities 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.http://housingdoom.com/2006/12/18/fannie-charges/ . 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.

Net windfall . . . $190 million!

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 his Chief  Economic Advisor.

TIM HOWARD?  Howard is a Chief Economic Advisor to Obama under Franklin Raines.

JIM JOHNSON?  Johnson was hired as a Senior Obama Finance Advisor  and was selected to run Obama’s
Vice Presidential Search Committee.

Would you trust the men who tore Wall Street down to build the New Wall Street back up?  I don’t think so !

The more things change…

WTF?

I know this is supposed to be the smartest administration ever, but I’m sorry; if I were running a campaign with a fairly unpopular incumbent, the last thing I’d do is have a reelection slogan whose initials were  WTF.

From a teacher in the Nashville area

“We are worried about ‘the cow’ when it is all about the ‘Ice Cream.’  The most eye-opening civics lesson I ever had was while teaching third grade this year…

The presidential election was heating up and some of the children showed an interest. I decided we would have an election for a class president.

We would choose our nominees. They would make a campaign speech and the class would vote.

To simplify the process, candidates were nominated by other class members.

We discussed what kinds of characteristics these students should have.

We got many nominations and from those, Jamie and Olivia were picked to run for the top spot.

The class had done a great job in their selections. Both candidates were good kids.

I thought Jamie might have an advantage because he got lots of parental support.

I had never seen Olivia’s mother.

The day arrived when they were to make their speeches.Jamie went first.He had specific ideas about how to make our class a better place. He ended by promising to do his very best.

Everyone applauded and he sat down.

Now is was Olivia’s turn to speak.

Her speech was concise. She said, “If you will vote for me, I will give you ice cream.”She sat down.

The class went wild. “Yes! Yes! We want ice cream.”

She surely would say more. She did not have to.

A discussion followed. How did she plan to pay for the ice cream? She wasn’t sure.

Would her parents buy it or would the class pay for it. She didn’t know.

The class really didn’t care. All they were thinking about was ice cream.Jamie was forgotten. Olivia won by a landslide.

Every time Barack Obama opened his mouth he offered ice cream and 52 percent of the people reacted like nine year olds. They want ice cream.

The other 48 percent know they’re going to  have to feed the cow and clean up the mess.

This is the ice cream Obama promised us!

I agree President Obama!

“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the US Government can not pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.”

— Senator Barack H. Obama, March 2006

Those who don’t learn from history are doomed to repeat it.

Egypt

Hard? It’s impossible

“It’s so hard for government planners, no matter how sophisticated, to ever substitute for millions of individuals working night and day to make their dreams come true.”

President Ronald Reagan
May 31, 1988