The 3 men who pulled down Wall Street

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. IF OBAMA PLANS ON CLEANING UP THE MESS - HIS ADVISORS CERTAINLY 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 back up? I don't think so ! ! !

September 2011 Newsletter

MEETING REMINDERS
September 13,2011 - 6:30 P. M. Beacher’s Lodge

Remember, this meeting is a “pitch-in” or “pot-luck” – whatever you’re used to calling it!
Bring a dish to share and your own table servings. Treasure Beach will furnish plates, napkins and drinks. Pot luck meals are always a great time and a good way to see friends you haven’t seen all summer and to make new friends.

If you have thinking about attending one of our community meetings, this is the way to start! These meetings are open to owners AND renters.

GUEST SPEAKER(S)

I have invited Karen Bruner and/or James Acosta to this meeting to bring us to up date on code enforcement. I hope one or both of them can attend. I’m just waiting for a confirmation. Put your thinking caps on and come up with some good questions.

October 11,2011- 7:30 P. M. Beacher’s Lodge

As I mentioned in my last newsletter…..this is a VERY important meeting. October is the month we nominate board members for the following year. If you are a Treasure Beach property owner, think about how you, and/or one of your neighbors, may be able to help our community by being a board member. We have current members that have served on the board for quite a long time and are ready to hand over the reins!

Being on the board is not a difficult job….no special degrees required! (Well, a degree is patience may be needed!)

First – Our Bylaws

The purpose of the TBPOA bylaws is to promote the general interests of property owners and other residents in Treasure Beach in cooperation with the proper officials in St. Johns County, property owners and residents to the end that the Treasure Beach Community shall be a desirable place for better living.

President

The president shall be the chief executive officer of the Association. He/she shall have all of the power and duties usually vested in the office of President of an association, including, but not limited to, the power to appoint committees from among the members from time to time to assist in the conduct of the affairs of the Association.

1st Vice-President

In the absence or disability of the President, the 1st Vice President shall exercise the powers and perform the duties of the President. He/she shall also assist and perform such other duties as shall be prescribed by the Executive Board. He/she shall also be Chairman of Membership and appoint his/her committee.

2nd Vice-President

In the absence or disability of the President, and the 1st Vice President, the 2nd Vice President shall exercise the powers and perform the duties of the President. He/she shall also assist and perform such other duties as shall be prescribed by the Executive Board. He/she shall be Chairman of the Entertainment and Fund Raising and appoint his/her committee.

Recording Secretary

The Recording Secretary shall keep the minutes of all proceedings of the meetings of members of the Executive Board.

Treasurer

He/She shall have custody of all property of the Association, including funds, securities and evidences of indebtedness. He/she shall keep the books of the Association in accordance with good accounting practices and shall perform all other duties as prescribed by the Executive Board or President.

Rules and Regulations

Inasmuch as each resident of Treasure Beach Community is affected in his daily living, and the value of all property is reflected by the attitude and actions of his neighbors, the following are set forth as rules and/or policies for a quality home development and the enforcement of such shall be promoted by the development and the enforcement of such shall be promoted by the Association.

The rules, regulations and By Laws, together with restrictions set forth in St. Johns County Ordinances, regulations and by laws; such shall include but not be limited to Zoning Ordinances, Code Enforcement, Building Regulations, Health Regulations, County Noise laws and County Animal Leash laws.

WHO TURNED THE LIGHTS ON????

Hopefully you all have noticed the new spot lights at our front entrance walls. The lights seem to light up the walls nicely and make it easier for people to see the entrance to our community (and….miss the wall when they are turning in!).

WHO LET THE DOGS OUT??????

I’m sorry…..I couldn’t help myself. Ever since I saw the movie “Men in Black” I laugh at that song.

But…on a serious note….please always be prepared to pick up your dog’s waste. (Of course I mean #2, not #1.) Even in front of a vacant lot or along the east side of Costenaro. That’s a great way to put those Publix and Winn Dixie grocery bags to good use. Here are 2 tricks I learned: 1. Always “double bag”. There always seems to be a small hole in the bag by the time I get it home. Invariably, that’s where my finger goes through. UGH! If you double bag you cut your chance of getting #2 on your finger!
2. Pick up the doo-doo, then pull the bags over your hand so they can be tied. Viola….no doo-doo on the ground and none on your hand!

WORD OF WARNING ABOUT PETS

Some residents have to use deadly chemicals to get rid of “canal rats”. (Are they different than regular rats?) If a domestic dog or cat gets into some of that poison, it can be fatal.

VOLUNTEER APPRECIATION DINNER

We will be planning another Volunteer Appreciation dinner for October. The actual place has not yet been decided by the board. Last year’s dinner was held at Stephen’s Fine Foods and it was great food and great company! (It’s worth volunteering for something just to get the dinner!)

We’ve said it before and we’ll say it again. We could not survive without our awesome volunteers!

WALKWAY NEWS
You will see (or may have already seen) repair work being done on the walkway to the beach. Please be extra careful during these times to prevent injury.

To give you a “heads up”. There will be a new sign posted that will advise everyone: THIS WALKWAY IS FOR THE USE OF TREASURE BEACH AND SEYCHELLES RESIDENTS ONLY

NO SKATES OR SKATEBOARDING, NO ROLLER BLADES, NO BICYCLE RIDING. (Walking your bike to and from the beach is fine.)

I know it sounds like TBPOA and SCA are trying to take the fun out of everything. Not true! We are, however, trying to prevent any injuries occurring while using the walkway for access to the beach.

I hope everyone is surviving this terrible heat. If a resident is having air conditioning problems, please let a board member know. We may be able to offer some help.

Sincerely,

TREASURE BEACH PROPERTY OWNERS ASSN.
www.treasurebeachflorida.com


Paula Murphy (paula@tbpoa.com), Sharon McIlhenney, Richard Grubb, Barbara Warman and Doug Berndt