Tuesday, December 28, 2004

What's wrong with this picture?

Problem.
Fannie Mae ousted CEO Franklin Raines and finance chief Timothy Howard after regulators found accounting problems at the giant mortgage company.

Outcome.
The mortgage finance company disclosed yesterday that ousted Chief Executive Franklin Raines is owed a pension of $1.3 million per year for life and deferred compensation of $8.7 million.
I hope he can get by.