down the tubes with life s policies. the spending includes $24 million to defend former fannie ceo franklin rains and two other executives, in fannie and freddie, as the rest of corporate america, it s standard practice to pay legal fee of former and present employees caught up in lawsuits. the chairman of the house sub committee that overseas fannie and freddie plan hearings. we re shocked that some of the individuals that have been with them for a number of years and some people feel like had culpability in entities getting in the shape they re in we are still advancing them money for their legal fee. reporter: the head of the government agency that controls fannie and freddie says he understands the frustration regarding the advancement of legal fees associated with the ongoing litigation involving fannie and certain former employees. but he says he is responsible to follow the law. and that the payments are in the best interest of taxpayers. the controversy comes just
down the tubes with life s policies. the spending includes $24 million to defend former fannie ceo franklin rains and two other executives, in fannie and freddie, as the rest of corporate america, it s standard practice to pay legal fee of former and present employees caught up in lawsuits. the chairman of the house sub committee that overseas fannie and freddie plan hearings. we re shocked that some of the individuals that have been with them for a number of years and some people feel like had culpability in entities getting in the shape they re in we are still advancing them money for their legal fee. reporter: the head of the government agency that controls fannie and freddie says he understands the frustration regarding the advancement of legal fees associated with the ongoing litigation involving fannie and certain former employees. but he says he is responsible to follow the law. and that the payments are in the best interest of taxpayers. the controversy comes just
the fifth largest shareholder in the chicago climate exchange. gore s company has several former goldman employees on the roster. this is where i took you on what? monday, and said gee, if they re so bad how come we are allowing them to get into the carbon exchange business? c.c.x., fifth largest investor. then goldman sachs themselves step to the plate and they buy 10% of the climate exchange or carbon exchange in chicago. so we have the exchange. we have investors. but we don t have technology. we don t have the big board or the system of selling air. puffs of smoke. so under the leadership of franklin rains, they find the technology. now franklin rains is at fannie mae. remember fannie mae? they are currently one of the bad guys where everyone is saying why is goldman sachs hung out to dry? why isn t freddie or fannie?
has nothing to do with that. so the disgrace franklin raines is sitting around in the back of enterprise. you know, watching women dance and he says hey, i ve got an idea. let s call our friends at the joyce foundation. wait a minute, who are his friends at the joyce foundation? the joyce foundation, oh, yeah, i remember. they re the people through barack obama and valerie jarret. they give the money to an o ridgeally start the climate originally start the climate exchange in chicago. so he has the same idea. let s get some more money. we ll call hello joyce foundation. speaking of call. call me if any of this is wrong. if i get any of it wrong. we re just doing our best here. we are alone on this story. so we re just doing our best here. if you can clear up anything that we the white house has the number. they can i m sure they will be sending
ask yourself why. and you watch. you watch. all the blogs and everything else will make cheap shots at me. go ahead. go ahead. look how fat he is, look how stupid, look at his hair, look at the blackboards. whatever! how about we talk about the conp tent on the content on the blackboards. the chicago climate exchange story, i m trying to show how the entire government is turning in to crime inc. we left it at if i m going to do this scam, i need a carbon exchange, investors, i need technology, i need the law and i need cover. hee is your investors. fannie mae buys this technology with franklin raines. he s a bad dude. he inflated earnings so he could get bonuses. in his five-year career with fannie raines pockets $90 million. $52 million of that in bonuses. tied to earnings.