Franklin Raines
Franklin Delano Raines ( born January 14, 1949 in Seattle, Washington) is an American business leaders and former director of the Office of Management and Budget ( OMB ).
Biography
Ascent to the Director of OMB
After visiting the Franklin High School, he studied government administration at Harvard University and graduated in 1971 with a Bachelor of Arts (BA Government) from. He subsequently studied with a Rhodes Scholarship at Oxford University first, before he finished postgraduate studies in law at the Law School of Harvard University in 1976 with a Juris Doctor ( JD). During his studies he switched from the Republican to the Democratic Party and was active in the national board of the Urban League, one of the oldest African-American freedom movement.
Later he joined as a manager in the private sector and was also a member of the boards of Teachers Annuity and Assurance Association - College Retirement Equities Fund ( TIAA -CREF ), a pension fund for academics, Pfizer, Pepsi and AOL, and most recently from 1995 to 1996 by Boeing.
On September 13, 1996, he was appointed by U.S. President Bill Clinton as director of the Office of Management and Budget and has held this function in the Clinton Cabinet until 21 May 1998.
Later, he also supported the applications of democratic politicians such as Al Gore's in the presidential election in the United States in 2000 and Barack Obama in the election for Senator for Illinois, 2004.
CEO of Fannie Mae and real estate scandals
After his retirement from government service Raines, who is also a member of the Council on Foreign Relations and the American Academy of Arts and Sciences was. Between 1999 and Chief Executive Officer of Fannie Mae 2004
Because the real estate boom, which now continued in the U.S. since the mid- 1990s, financial markets saw an increasing risk that a decline in housing prices Fannie Mae could be in serious trouble, which, given the amount of debt to global turmoil in the financial markets could lead and is now also occurred. This led ultimately to the fact that in July 2008 the head of the Fed in St. Louis, William Poole, Fannie Mae first time as a " de facto insolvent " and called the policy urged to seek rescue options. On 13 July 2008, the U.S. government announced to support Fannie Mae and Freddie Mac billions of dollars in loans and equity purchases in order to avoid bankruptcy. Critics accused Raines before, to be at least partly to blame for this situation.
In one method over its role in the Fannie Mae scandal, he agreed in April 2008 with two other managers to pay the sum of 24.7 million U.S. dollars ready.