Obama adviser spun Enron-like accounting scandal

Former Fannie Mae CEO to repay millions in bonuses, stock options

By Jerome R. Corsi
WorldNetDaily


NEW YORK – Former Clinton administration budget adviser and current Obama housing adviser Franklin Raines perpetrated an Enron-like accounting scandal as chief executive officer of Fannie Mae, resulting in his receiving millions in compensation over a six-year period.

Raines and two other top Fannie Mae executives agreed to pay $24.7 million, including a $2 million fine, to settle a civil lawsuit filed in December 2006. It accused Raines and the two other executives of manipulating Fannie Mae earnings, allowing executives to pocket hundreds of millions in bonuses from 1998 to 2004, according to the Associated Press.

The AP also reported Raines was forced to give up Fannie Mae stock options valued at $15.6 million as part of the settlement.......