Ex-Fannie Mae CEO falls from grace
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Friends say Franklin Raines overcame race and class barriers only to plummet into an American nightmare. â¢ Experience: Chairman and CEO, Fannie Mae, 1999-2004; director, Office of Management and Budget, 1996
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Fannie Mae&#39;s board of directors may have found it hard to get rid of the company&#39;s top two executives, but a difficult job remains in navigating the transition to the next senior management team.
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WASHINGTON (CBS.MW) -- Franklin Raines, the powerful and politically connected chairman and CEO of Fannie Mae, faces long odds in surviving the worst controversy he&#39;s been confronted with in his years as a Washington power broker.
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Will he stay or will he go? Franklin Raines still has his job as chief executive of Fannie Mae (nyse: FNM - news - people ), but an executive shakeup was on the agenda when the mortgage giant&#39;s board met Sunday.
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Chairman and CEO Raines and CFO Howard depart Fannie Mae, with interim successors named. We view this as a positive for Fannie Mae, and see an improved relationship with regulator Office of Federal Housing
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A burgeoning scandal at America&#39;s second-largest financial institution that threatens to undermine the US housing market has seen two top executives forced out.
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A Fool sees the CEO of a company he owns step down. What now?
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The ruling was a setback for regulators seeking to strip the compensation of a former Freddie Mac chief executive for his alleged role in the company's accounting scandal.
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Fannie Mae's top regulator yesterday said it is "more than likely" the federal government will sue former chief executive Franklin D. Raines and other former company officers, seeking to recover bonuses and salary and perhaps impose fines for the mortgage finance company's accounting debacle.
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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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(CBS/AP) Fannie Mae, the nation&#39;s second largest financial institution, forced out two top executives as it struggles to deal with an accounting scandal which will likely force it to wipe out $9 billion in profits over the past four years.
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Franklin D. Raines, the head of Fannie Mae, took issue with every major damaging conclusion of the mortgage giant's regulator on Wednesday.
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Federal regulators sued three former Fannie Mae executives yesterday, including former chairman and chief executive Franklin Raines, to recoup more than $115 million in compensation they received while the company's earnings were misstated.
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Gary B. Pruitt, the head of the McClatchy Company, was hailed as the white knight of newspapers, but now seems to have lost his place as the darling of the industry.
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Fannie Mae chief executive Daniel H. Mudd received $12.2 million in compensation for 2007, down 15 percent from $14.4 million in 2006, the company said yesterday.
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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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Franklin Raines, who was forced out as Fannie Mae&#39;s chief executive after five years, is slated to receive a monthly pension of more than $114,000 for life, according to documents the mortgage lending giant filed Monday with the