It is Raines's retirement--as opposed to what would have been an outright dismissal--that has led federal regulators to temporarily halt any payments until they can investigate the legality of Fannie Mae allowing Raines to retire instead of simply firing him. Regardless, it is unlikely that Raines will be seen in the unemployment line; he holds $5.5 million in Fannie Mae stock.
In September, the Office of Federal Housing Enterprise Oversight released a report based on an eight-month investigation concluding that the government-sponsored enterprise had manipulated earnings and engaged in dubious accounting practices.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
