Top Exec at Fannie Mae makes 90 Million in 6 years...

itzamirakul

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Wed May-24-06 11:47 AM
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Top Exec at Fannie Mae makes 90 Million in 6 years...

On C-Span this morning during one of the interviews with the Investigative committee that delved into Fannie Mae's finances, they find that a Mr. Rainken (I believe that is his name) who is one of two Chairmen of Fannie Mae, was able to do that switching of dates thing on his stocks so that he made 90 million during the past six years.

And just think, all that Fannie Mae has to pay in fines is 400 Million (and that will probably be taxpayer dollars).

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The_Casual_Observer

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Wed May-24-06 11:49 AM
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1. Rainken better watch his fannie when they send him up the river.

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Yupster

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Wed May-24-06 12:39 PM
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3. Isn't that Raines, as in Franklin Raines?

If Raines is still Fannie Mae CEO, I wouldn't expect him to go anywhere. He's got to be the most politically connected CEO in business.

He's gone from the Carter Administration to Fannie Mae to the Clinton Administration back to Fannie Mae.

As politically connected as he is and as the first African-American CEO of a Fortune 500 Company, he's about as bulletproof as anyone no matter how many times Fannie Mae has to refigure their losses.

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A HERETIC I AM

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Wed May-24-06 12:19 PM
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2. Fannie Mae is a publicly traded organization, traded on the NYSE

It is a corporation, NOT a Government agency. It's solvency is assured by Government securities but it is still a private company.

Any fines wont be from Tax dollars.

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