Tuesday, December 28, 2004

Fannie Mae Be Ripping You Off

According to this story from the Associated Press, Franklin Raines, disgraced ex-head of Fannie Mae, will pay for his misdeeds (cooking the books to create a false profit) by being given $1.3 million dollars a year for life. That's right...they're paying him in U.S. currency!

What a cruel punishment! While the dollar slides deeper into oblivion, his measly 1.3 mil will seem like a paltry 1.2 or even .9 mil in a few years! Imagining trying to live on that! And if you think that punishment is not severe enough for his role in misleading and ripping off investors, you should know that he has an 8.7 million dollar deferred payment on top of that, and 5.5 million in stock options. All in U.S. funds!

Fannie Mae: tough on crime.


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8:45 PM  

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