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Christopher

Christopher

Portland, OR
November 2002

DEC 27, 2004 11:15 PM

The former CEO of Fannie Mae, Franklin Raines, will receive a pension of $114, 000 a month for the rest of his life. Raines was forced out following a Security and Exchange Commission accounting correction request that essentially erases $9 billion in profit for the last four years.

The documents also reveal that Raines has deferred compensation of $8.7 million to be paid out through 2020 and owns more than $5.5 million in Fannie Mae's stock.

Federal regulators have asked Fannie Mae to hold off paying out any compensation to Raines until they have time to investigate the package, and whether it was appropriate for the federally chartered lender to let Raines retire early rather than be dismissed.

Fannie Mae and smaller rival Freddie Mac pump money into the home mortgage market. The firms buy and guarantee repayment of billions of dollars of home loans [as well as student loans] each year from banks and other lenders, then bundle them into securities that are resold to investors. Their stock and debt are held by investors around the world.


Raines will be paid an annual salary and receive health & life insurance to not tell people what he knows.

Pirate_Romeo

Pirate_Romeo

Oklahoma City, OK
November 2004

DEC 28, 2004 03:38 AM

Looks like my dream job hjust opened up. All I'll have to do is work for a month or so, lose a couple billion dollars (shit I lose money all the time. between the cushions of my couch looks like Ft Knox) and I can retire. biggrin Sweet! tongue

Edited because I'm not too bright

[Edited on Dec 28, 2004 5:39AM]

Lord_Devlin

Lord_Devlin

Santa Cruz, CA
December 2002

DEC 28, 2004 05:35 AM

Fuck over a company while you're in charge and get rewarded. Only in the USA. puke

Lord_Devlin

Lord_Devlin

Santa Cruz, CA
December 2002

DEC 28, 2004 05:36 AM

biggrin

[Edited on Dec 28, 2004 5:37AM]

geekgurl

geekgurl

Philadelphia, PA
June 2003

DEC 28, 2004 08:24 AM

Is this going to affect my student loans? It would be nice if they "lost" those. whatever

RACER_X

RACER_X

Philadelphia, PA
February 2003

DEC 28, 2004 08:29 AM

Luckily enough, i sold all my shares in Fannie Mae...at a nice profit.

biggrin

RACER_X

RACER_X

Philadelphia, PA
February 2003

DEC 28, 2004 08:30 AM

Lord_Devlin said:
Fuck over a company while you're in charge and get rewarded. Only in the USA. puke




yeah , because you know there have NEVER been any other accounting scandals throughout recorded history until the USA came along to screw everything up.... whatever

jake_lex

jake_lex

Lexington, KY
February 2003

DEC 28, 2004 08:54 AM

Racer_X said:

Lord_Devlin said:
Fuck over a company while you're in charge and get rewarded. Only in the USA. puke




yeah , because you know there have NEVER been any other accounting scandals throughout recorded history until the USA came along to screw everything up.... whatever



The "cult of the CEO" phenomenon does seem to be pretty much limited to the US. I'll have to go digging for hard figures, but the gulf between the pay of the CEO and the average salary at his or her company is far larger in the US than any other industrialized nation.

silverstreak

silverstreak

Fort Wayne, IN
October 2004

DEC 28, 2004 09:16 AM

geekgurl said:
Is this going to affect my student loans? It would be nice if they "lost" those. whatever



Only if you own a house. But they're losing money, not paper, so really you'd just get double-billed the $200,000.

Bummer.

per

per

Norway
August 2004

DEC 28, 2004 01:30 PM

Lord_Devlin said:
Fuck over a company while you're in charge and get rewarded. Only in the USA. puke



WRONG! We have that over here as well. "Here" being Norway in my case, but I know it applies for other European countries as well. The rule of thumb seems to be - the higher you rise, the softer you fall.

The companies sign insane deals with brand name CEOs that sound good on the stock market (that is to whoever happens to own the shares at the moment), and cannot throw the CEOs out when they fuck up unless the company pays insane amounts of money in "damages" to the CEO.

There is no fucking accountability. That is, unless you screw up in illegal ways so badly that you get caught and end up in jail.

On the other hand, for ordinary wage slaves, life is tough, as the big CEOs get rewarded for sacking more of us every business year, even if the company shows record profits. Apparently the stock market goes crazy when a company announces a downsizing - and the bigger, the better. And the stock market is the god of their world.

kealli

kealli

Chicago, IL
September 2003

DEC 28, 2004 03:28 PM

i thought this thread was going to be about candy until i realized it is spelled different.

mmmm candy