Taxpayers "On The Hook"

“Former Fannie Mae executives Franklin Raines, J. Timothy Howard, and Leanne Spencer are accused of cooking the books to increase their bonus compensation -- yet the three claim they had nothing to do with the accounting irregularities that were discovered at the mortgage giant in 2005. Shareholders sued the executives because Fannie's stock collapsed when those accounting problems emerged. But under the terms of their employment contracts, Raines, Howard, and Spencer were indemnified from having to pay legal bills that arose out of shareholder lawsuits.” What this means is they had “a license to steal,” which is not surprising, since their very company’s existence WAS a “license to steal.” They were in business to buy all the bad mortgages the “Citizen’s Reinvestment Act of 1976” forced lenders to make, until Democrats found it timely to "pull the plug," which happened just before the 2008 election and resulted in the Democrats “taking over” in Washington in a “bloodless coup.” (One News Now)