Raines: Fannie Mae Ex-CEO Could Get $1.3M Yearly For Life
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Thanks for the memories? Fannie Mae (nyse: FNM - news - people ) may be scrambling to restate billions in past profit, but it apparently has plenty of cash for golden parachutes.
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Maybe $1 million. Maybe more, given all the time it would take from a prosperous career on the Champions Tour. And Nelson would do it in a second.
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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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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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Franklin Raines, Fannie Mae's former  chief executive, who retired last week after regulators exposed  accounting errors expected to force a massive earnings  restatement, stands to get an annual pension of $1.37 million,  the No. 1 U.S. mortgage finance company said on Monday in a  regulatory filing.
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Because Fannie Mae&#39;s board of directors allowed CEO Franklin Raines to &quot;retire&quot; and chief financial officer Timothy Howard to resign late Wednesday, the Office of Federal Housing
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Fannie Mae (FNM) CEO Franklin Raines defended his stewardship of the housing finance giant Wednesday, as a former employee said Raines ignored warnings of accounting problems.
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The forced departure of Franklin D. Raines as chief executive of Fannie Mae hardly ends the turmoil at the nation's second largest financial institution. Civil, criminal and congressional investigations are under way as the mortgage giant's interim managers begin what could be a lengthy process of cleaning up the books and re-establishing its credibility.
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Fannie Mae chief executive Daniel H. Mudd received salary, stock and bonuses of more than $14.4 million in 2006, an increase of about 25 percent from the year before, the government-chartered mortgage funding company disclosed.
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Coca-Cola Co. KO.N, which warned  earlier this week of lower-than-expected profits this year,  said on Friday it will pay Chairman and Chief Executive Neville  Isdell $1.5 million a year.
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Rupert Murdoch, the billionaire CEO of News Corp. (NWS)(NWSA), has reportedly offered to buy a three-story penthouse for $44 million, which would be the highest price ever paid for a Manhattan apartment if the deal goes through.
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Fannie Mae will withhold $44.4 million in long-term incentive pay to former and current executives, the company said.
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His $3.1 trillion budget would be the largest ever.
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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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MacDermid said that a group led by its chairman and chief executive and several investment funds would buy it for more than $1.3 billion.
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James Murdoch, son of media mogul  Rupert Murdoch, will receive a base salary of $3.4 million and  could earn another estimated $16 million in annual bonuses as  part of his promotion to News Corp's  head of Asian and  European operations, the company said on Thursday.
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The forced departure of Franklin D. Raines as chief executive of Fannie Mae hardly ends the turmoil at the nation&#39;s second largest financial institution.