Filed under 'Black leader$ who at the very least can easily afford to start a University'... When I saw this I knew I had to blog it. All these years the handlers gave us this guy as Mr. Mild-mannered. I do realise that occasionally I have to claim - or at least acknowledge - persons like this, just like the regular Black folks. This guy's retirement package reminds me of some African so-called "leaders". Franklin
RAINE$ - I mean Raines - headed of "Fannie Mae" a well-known US government-run agency (the Federal National Mortgage Association) that's supposed to be about helping less advantaged Americans get financing to buy their own home. Now Franklin has quit, apparently a step ahead of being asked to leave. Instead he walks away with over 1oo.000 dollars a month for the rest of his life. How do you swing that?? I'd call that public service; wouldn't you? Self serving, publicly. Meanwhile most folks are just trying to eat, educate their kids if they've got 'em & keep a roof over their heads; not to mention those of us doing this as Women heads of Families.
From the Associated Press: Ex-Fannie Mae chief to get $114K a month, by Laurie Kellman, Associated Press Writer.
WASHINGTON -- 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.
Federal regulators have asked Fannie Mae to hold off paying out any compensation to Raines until they have time to investigate the package, and whether it was appropriate for the federally chartered lender to let Raines retire early rather than be dismissed.
An additional point of contention is Raines' retirement date. According to the filing, "Mr. Raines has asserted" to Fannie Mae that his retirement is effective June 22 - enabling him to receive an additional $600,000 in salary. That scenario also would add $100,000 to Raines' post-retirement monthly payment. In the filing, Fannie Mae did not agree to those terms.
Either way, Raines is slated to take home more than $1.3 million annually, plus benefits such as life and health insurance... read the rest here