Let the Games Begin … SEC Charges Former FANNIE MAE & FREDDIE MAC Execs with Securities Fraud


And so it begins … A bit delayed, but better late than never.

The SEC, Securities & Exchange Commission,has charged six former executives of Fannie Mae and Freddie Mac with securities fraud. Get ready for the Enron of the 2010′s. Those who committed fraud and deception upon the people of the United States may finally be held accountable. However, as stated at Michelle Malkin.com, there seem to be some missing from the list … where is former Fannie Mae head and Clinton/Obama pal Franklin Raines?

The Securities and Exchange Commission today charged six former top executives of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) with securities fraud, alleging they knew and approved of misleading statements claiming the companies had minimal holdings of higher-risk mortgage loans, including subprime loans. [...]

Three former Fannie Mae executives — former Chief Executive Officer Daniel H. Mudd, former Chief Risk Officer Enrico Dallavecchia, and former Executive Vice President of Fannie Mae’s Single Family Mortgage business, Thomas A. Lund — were named in the SEC’s complaint filed in U.S. District Court for the Southern District of New York.

The SEC also charged three former Freddie Mac executives — former Chairman of the Board and CEO Richard F. Syron, former Executive Vice President and Chief Business Officer Patricia L. Cook, and former Executive Vice President for the Single Family Guarantee business Donald J. Bisenius — in a separate complaint filed in the same court.


Visit msnbc.com for breaking news, world news, and news about the economy

Now all we have to do is add Democrats  Barney Frank and Christopher Dodd to the list of those who need to be charged with fraud and misleading the public.

And more lies …

If you liked this post, you may also like these:

  • Full Contact TV: Bill O’Reilly Blasts Rep. Barney Frank, Chairman of the House Services Committee, For His Roll in Failed Fannie Mae-Freddie Mac
  • Scared Monkeys Radio Daily Commentary – Friday, September 26, 2008 – What Are Freddie Mac And Fannie Mae, Anyway?
  • McCain Finally Brings a Gun to a Gun Fight and Hammers Obama on Character, Honesty and Blasts Barack & Democrats for Fannie Mae Failure
  • Freddie Mac Acting CFO David Kellermann Found Dead in Basement of Virginia Home
  • Bernard Madoff Expected to Plead Guilty to 11Count Indictment … Bye, Bye Bernie

  • Comments

    2 Responses to “Let the Games Begin … SEC Charges Former FANNIE MAE & FREDDIE MAC Execs with Securities Fraud”

    1. A Texas Grandfather on December 17th, 2011 2:16 pm

      Franklin Raines is not there because he paid off the right people. The Clintons and Obama plus some others.

      Ninety million dollars in bonus payments for cooking the books so he looked good.

    2. gary kukis on December 17th, 2011 6:39 pm

      This is not real. Don’t think that this means anything. These are civil suits; no one is going to do any jail time. The fines, if any, may be quite small compared to what they pulled out. It is even possible that taxpayers will be on the line with their tax dollars here.

      This is a real conspiracy, and it involves lending institutions, credit appraisal companies, FNMA and FHLMC executives and many politicians from both political parties.

      At the very least, these executives have lied to Congress. They could be put behind bars almost immediately for that alone.

      SM: Gary, agreed. It is too bad all of them were not sent to Devils Island. They are all in it together. BTW, thumbs up to ‘Flopping Aces’, one of SM’s daily reads.


    Leave a Reply

    Support Scared Monkeys! make a donation.

    • NEWS (breaking news alerts or news tips)
    • Red (comments)
    • Dugga (technical issues)
    • Dana (radio show comments)
    • Klaasend (blog and forum issues)
    E-mail It