Franklin D. Raines leaves Fannie Mae under less than ideal circumstances
Franklin D. Raines one of fortunes magazines 25 most powerful business people and one of just a few African-American CEOs of a Fortune 500 company was forced to resign from Fannie Mae the big U.S. government back mortgage finance giant. Mr. Raines leaves under duress from Fannie's chief regulator, the Office of Federal Housing Enterprise Oversight after discovering improper accounting had vastly overstated profits and misrepresented Fannie Mae's financial position. Mr. Raines will receive an annual pension of more than $1 million under the terms of his exit. Regulators are now investigating the compensation awarded to Fannie's executives.
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