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Your Letters, October 6, 2008

Monday, October 6, 2008

Golden parachuting

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 the company’s accounting activities. 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.

The government noted, “The 101 charges reveal how the individuals improperly manipulated earnings to maximize their bonuses ...” These charges were made in 2006. The court ordered Raines to return $50 million he received in bonuses based on the misstated Fannie Mae profits.

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.” Howard’s golden parachute was estimated at $20 million.

Jim Johnson was a former executive at Lehman Brothers, who was later forced from his position as Fannie Mae CEO. If you look at the Office of Federal Housing Enterprise Oversight’s May 2006 report on mismanagement and corruption inside Fannie Mae, 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 in 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 chief economic adviser.

Tim Howard? Howard is also a chief economic adviser to Obama.

Jim Johnson? Johnson was hired as a senior Obama finance adviser and was selected to run Obama’s vice presidential search committee.

If Obama plans to clean up this mess, his advisers have the expertise — they made the mess in the first place. Would you trust the men who tore Wall Street down to build the new Wall Street?

John Guehlstorff,

St. Joseph

Restraint needed

Kay Barnes increased taxes by $1 billion while she was mayor of Kansas City. Divide that amount by the number of residents in the community (350,000), and you’ll find it breaks down to about $2,800 per resident.

Now change gears for a moment and consider that Congress recently passed a $700 billion bill to bail out Wall Street. Do the math on that number and it calculates to $2,300 per citizen.

This perspective does a lot for my understanding of what type of problem we are in as a nation, and it also demonstrates the type of spending Kay Barnes would support if she were in Washington. Fortunately, we can count on Congressman Sam Graves to demonstrate restraint and resist the easy out of increasing taxes on our residents to give a get-out-of-jail-free card to big business.

Kerri Rollins,

St. Joseph

Greedy people

I am totally opposed to the way the bailout for Wall Street was handled. I believe that the people who made the greedy mistakes should have to pay for it. Let them pay for it with their own taxes, not mine. I also object to the idea that we had to give various members of Congress $150 billion extra to pass the bill anyway. I think everyone of them who held up the American people should be kicked out of office. What’s wrong with America is the greedy people who are running the government, and the big businesses that own the government are thinking only of their own profit.

Jim McCrary,

St. Joseph

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Posted by sus on October 6, 2008 at 1:44 a.m. (Suggest removal)

to: John Guehlstorff,

It appears you have copied/pasted an email that has been DEBUNKED. To make it easy for you, I am providing a link to snopes that happens to include your exact text. Should you wish to look into it further, footnotes are provided by Snopes. I suggest that you read more than false emails and your Bill O'Reilly newsletter. But, I would guess that you couldn't name a newspaper or magazine that you read either.
http://www.snopes.com/politics/obama/fanniemae.asp

To: St. Joe News,

Your rules say you don't tolerate defamation? What does Mr. Guehlstorff's letter represent to you?

Posted by Orliandor on October 6, 2008 at 7:04 a.m. (Suggest removal)

Thank you, sus. I can't believe how gullible some of these people are.

Posted by Pheebs on October 6, 2008 at 7:18 a.m. (Suggest removal)

I’m really disgusted that the Newspress is now printing propaganda emails. I understand that this the opinion section of the newspaper, but one would think that some effort would be made by the Newspress to check the facts of these letters before they are printed. How many readers in our area now believe this letter to be true because they don’t read the online edition of the Newspress? I believe the Newspress has a responsibility to its readers to issue a statement in tomorrow’s paper saying the plagiarized opinion of John Guehlstorff has been proven to be false and then state the facts about Obama’s relationship or lack there of with the above mentioned parties.

Posted by pops on October 6, 2008 at 7:49 a.m. (Suggest removal)

While Mr. Guehlstorff's post is basically blatantly wrong, and quotes inaccurate or false information, it's still his opinion...and I don't feel it's defamation.

Posted by LesterCrackfield on October 6, 2008 at 9:41 a.m. (Suggest removal)

Embarrassing.

Posted by gr8fan on October 6, 2008 at 9:53 a.m. (Suggest removal)

sus,
If you would read your own "snopes" article, you will find that two of the three did have association with Obama, and if the truth be known, the third probably did as well. Obama has been the master of "distancing" once the dirt comes out on people. Just as m_chuzzlewit stated, he has already done so with terrorist Bill Ayers, convicted slumlord Tony Rezko, and racist Rev. Wright, et al. If you want to whine about unfair journalism, please read the article entitled "Palin's words could backfire" on the front page this morning. Where is the republican strategist's opinion? The biased left-wing Daniel goes as far as to blame McCain for the pork in the bail out. You can thank all of the slime balls in the Senate and House for doing "business as usual" by loading an emergency bill with their own special interest pork. And then again, as all the liberals seem to want to do this election, he turns it into a race issue. The race issue isn't being addressed with BET having nightly telethons to get the black vote out. What is that? Racism at its best! I dont see WET as a network where they try to get the white vote out. It's all about what benefits your cause. And your cause, as you will see, is us headed back to the early 80's with runaway taxes, inflation and interest rates. Be careful what all you left wingers wish for. Youre about to get it!

Posted by tigersfan on October 6, 2008 at 11:06 a.m. (Suggest removal)

If m_chuzzlewit can post his racially biased comments about the Muslim religion then why can't the News Press publish inaccurate facts? They been doing it for years..

Really Winger, wait I mean m_chuzz.... what do you have against Muslims, east coast, west coast, and Obama? Do you think Obama is a muslim terrorist because of his name?

Posted by sus on October 6, 2008 at 11:23 a.m. (Suggest removal)

It isn't his opinion. He copied/pasted a propaganda email. How can anyone consider that "his opinion"? And now that propaganda email has been printed in the newspaper as an opinion based on fact. Which, neither is true.

And, I really do read both sides. I read National Review. I read Wall Street Journal. I read The New York Times. I read the Washington Post and The Washington Times. I mean articles from each. If you visit websites from each viewpoint, you will find links to articles from these papers supporting each viewpoint. And, I find that if you read both sides, the truth is somewhere sandwiched in between. But, to just listen to one side will never be "fair and balanced". Try it.

Posted by tigersfan on October 6, 2008 at 11:25 a.m. (Suggest removal)

They are getting faster at removing his comments....

Thought I would get a better reaction from you on that one, there wasn't anything in particular that you commented on. What about the East and West coast thing.

Posted by Rockchalk on October 6, 2008 at 12:01 p.m. (Suggest removal)

It's a shame, but not all that surprising, that Mr. Guehlstorff and other McCain supporters keep bringing up this B.S. They have no other issues to discuss.

In a real discussion of the issues that matter to the American public, McCain loses. Even his top advisors agree--"It's a dangerous road [personal attacks on Obama], but we have no choice," a top McCain strategist told the Daily News. "If we keep talking about the economic crisis, we're going to lose."

Posted by tigersfan on October 6, 2008 at 12:08 p.m. (Suggest removal)

I can not believe I am going to agree with a KU fan, but great comment Rock, right on- they really have nothing to contend.

Even if everyone feels that taxes among everything else will go up because Obama wants to raise this and that, just remember at least he has a plan. All McBush keeps saying is he's a Maverick and he'll change Washington (which he helped to create).

Posted by tigersfan on October 6, 2008 at 12:49 p.m. (Suggest removal)

I was actually going to put my all my money in rubber boots, b/c it's going to get deep around here fast.

Posted by burn_dodger on October 6, 2008 at 3:53 p.m. (Suggest removal)

i took all my money out of the bank a few years back. i keep it in my office safe. now i'm glad i did that.

Posted by Rockchalk on October 6, 2008 at 5:22 p.m. (Suggest removal)

To follow-up on my earlier post--here are the results of the most recent Rasmussen Poll on the top 10 issues on American's minds. The Dems are more trusted on ALL of them.

Trust More on Issues: Dem/Rep (Dem minus Rep)

Healthcare -- 54/34 (20)
Education -- 53/34 (19)
Economy -- 51/38 (13)
Social Security -- 49/37 (12)
Gov't Ethics & Corruption -- 40/30 (10)
Abortion -- 47/38 (9)
Taxes -- 47/42 (5)
Iraq -- 47/42 (5)
Nat'l Security/War on Terror -- 47/44 (3)
Immigration -- 40/38 (2)

No wonder the McCain campaign is trying to avoid talking about anything of substance.

Posted by gr8fan on October 6, 2008 at 6:43 p.m. (Suggest removal)

Man I hate to disagree with a Tigersfan, but Obama has a plan? A plan to do what? Make promises to the lower and middle class that he will change everything by taxing the upper class? Give us all a break! He proposes trillions of dollars of spending and where the heck do you think it is going to come from? The magic thousand dollar bill tree? You are correct. Its called the IRS, which will get all his social services money directly from that tree. And where is that tree? Its called "the people". The snake oil salesman hath cometh and yee all is buying it.

Posted by gr8fan on October 6, 2008 at 7:12 p.m. (Suggest removal)

Rockchalk,
If your mom told you to eat your veggies everyday, would you do it? Of course. If your wife asked you to..........oh wait, you're a KU guy, no gal would marry you.......ok, again, if your mom told you to pick up your socks everyday, would you do it? Its called conditioning. When you hear all the biased left wing mumbo jumbo day after day on every media outlet, you get conditioned. Most people are not capable of making their own decisions, so they listen to their source for info.......The liberal media.....2+2=4 (even at KU). After hearing it day after day, you believe it, even if it is a lie or wrong. Thus, the reason you see the results in your polls. Basic brain washing 101!

Posted by Rockchalk on October 6, 2008 at 9:36 p.m. (Suggest removal)

gr8fan--
Yes, my mom told me to eat my veggies and my wife (yes I'm married--to a KU gal) wants me to pick up my socks. But according to my doctor I don't eat enough vegetables and my wife tells me I don't pick up after myself often enough. :-)

I guess I just think for myself and I believe that most other people do the same. To say that "most people are not capable of making their own decisions" is very insulting and seems to go against what I hear most self-described conservatives say. That's why they say we need less government--because we should let people decide what's best for themselves.

Posted by gr8fan on October 7, 2008 at 8:51 a.m. (Suggest removal)

For once we agree Rockchalk. We should think for ourselves, but most Liberals follow the flow. Thus, your poll results. And congrats on finding a lady. Most "hawkers" have trouble with that.


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