Ousted Fannie Mae Chairman Awaits Pension
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Franklin Raines, who was forced out as Fannie Mae's chief executive after five years, is slated to receive a monthly pension of more than &#36;114,000 for life, according to documents the mortgage lending giant filed Monday with the Securities and Exchange Commission.
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Fannie Mae's board of directors may have found it hard to get rid of the company's top two executives, but a difficult job remains in navigating the transition to the next senior management team.
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Fannie Mae&#39;s chief executive and another top official are to appear before Congress to explain an accounting lapse at the mortgage giant amid regulators&#39; allegations of earnings manipulation and management misdeeds.
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Just how deep is the rot at one of America&#39;s bedrock corporations, Fannie Mae? The picture should be a little clearer after Frank Raines, its chairman and chief executive, testifies before Congress on Wednesday.
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Breaking his public silence since a federal regulator issued a scathing report last month, Franklin D. Raines, the chairman and chief executive of Fannie Mae, is expected
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Chairman of the board retires and cashes out.
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Former Fannie Mae chairman Franklin D. Raines has mounted a new challenge to the government's power over the federally chartered mortgage funding company, arguing that regulators have no authority to delay his receipt of a $3.9 million stock award.
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As the former CEO of PeopleSoft prepares for a court appearance, more details of his ouster are revealed. Less than a week after he was booted from the top spot at PeopleSoft, Craig Conway is expected to face
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The chief executive and top financial officer at mortgage giant Fannie Mae were forced out of the company Tuesday as America&#39;s second-largest financial institution struggled with revelations of serious financial reporting problems.
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The removal of the president of California&#39;s largest public pension fund has raised questions about whether pension funds, endowments and other big activist investors can keep wielding clout in corporate governance campaigns.
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Description: Fannie Mae&#39;s Franklin Raines retires as CEO, and Timothy Howard resigns as CFO of the mortgage giant. This comes a few weeks after the Securities and Exchange Commission told Fannie Mae to restate
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Fannie Mae, the mortgage finance giant, said yesterday that its regulator would review the benefits the company planned to pay its former top two officers, Franklin D. Raines and J. Timothy Howard, after their ouster last week.
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Roger Barnes, who left Fannie Mae last November, said today that he had taken his concerns directly to Franklin Raines, the company's chief executive.
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The board of mortgage finance enterprise Fannie Mae (FNM.N: Quote, Profile, Research) is set to meet on Sunday to discuss personnel issues after the Securities and Exchange Commission determined the company must restate
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The consumer confidence index is projected to have risen in December. Fannie Mae&#39;s former CEO will receive a pension of more than $1 million a year.
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The chief executive and top financial officer at mortgage giant Fannie Mae were forced out of the company Tuesday as the nation&#39;s second largest financial institution struggled to deal with revelations of serious financial reporting problems.
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The mortgage lender's CEO stands to make a mint in severance if the Bank of America deal goes through.