” Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets (by cooking the books).
Ex-Fannie CEO Franklin Raines (Clinton appointee) is a parasitic crook of the first order. This thief cooked the FM books precipitating losses of $9BILLION (that we know of) for the single purpose of creating $50 million fraudulent bonuses for himself (and millions for other F/M insiders). The SEC said Raines broke accounting rules by playing with risky derivatives. “
Liz, I wanna new job. I am going to design my compensation in such a way that I can reap 10’s of millions for myself. Of course, I’m going to BURY the company, but it’s only taxpayers dough anyway, and you know how stupid and uninformed THEY are. If I cook the books just right, and pay myself a veritable fortune, I might be inclined to kick back a certain amount to you. All you have to do is make a couple of people, like Dodd & Frank look the other way. Deal?
For a (cough) fee, Dodd & Frank will look the other way.