December 27, 2004

How would you like it if this happened to you?

Let's say you ran the second-largest corporation in America, with 5055 employees working for you.

Suddenly, you're forced out of the corporation over some minor matters.

How would you feel? Wouldn't you want to be compensated for your sweat and toil over the years? If this happened to you, I'm sure you'd agree this is only fair:

WASHINGTON (AP) - Franklin Raines, who was forced out as Fannie Mae'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 Securities and Exchange Commission.

The documents also reveal that Raines has deferred compensation of $8.7 million to be paid out through 2020 and owns more than $5.5 million in Fannie Mae's stock... [...the amount might be disputable...]

[...But,...] either way, Raines is slated to take home more than $1.3 million annually, plus benefits such as life and health insurance...

Fair is fair!

Posted to Politics at December 27, 2004 07:14 PM

Comments