Fannie Mae exec gets $116,000 a MONTH pension.

[Worst Username Ever]

How is your job search going?



SAN FRANCISCO (CBS.MW) -- Fannie Mae's outgoing Chairman and Chief Executive Franklin Raines is set to retire with a seven-figure pension and millions in stock options, the mortgage giant said in a regulatory filing Monday.

According to the lender's 8-K filing with the U.S. Securities and Exchange Commission, Raines is entitled to receive stock options worth about $5.5 million as employment benefits. He also may be eligible for more options upon retirement.

Raines has said his retirement is not effective until June 22, which would result in the executive being entitled to receive about $600,000 in salary between Dec. 22 and the June retirement date. Afterward, his pension payments would begin at $116,300 a month.

If Raines retires before then, he will receive a pension of $114,393 a month for life. The executive has about $8.7 million in deferred compensation due as of Nov. 30, according to the filing.

http://cbs.marketwatch.com/news/story.asp?guid={70d10214-1f96-4662-b230-19e2c8e9bb85}&siteid=myyahoo&dist=SignInArchive&archive=true¶m=archive&garden=&minisite=

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[RC]

1. No one is worth that much.

Especially when their retirement comes out of other peoples retirements.

[GOPFighter]

2. And Bush wants to cut his taxes!

When will Americans finally catch on that the wealthy in this country are making a kazillion times more money than the average Joe. What has this guy done in life that makes him 40 times better paid for not working than the average blue collar worker gets for working his ass off?

:grr:

[nonews]

3. OMB

this guy was the director of Clinton's OMB

[idiosyncratic]

4. I heard about this on NPR the other day and wondered if he will

still accept his Social Security check . . .


I know people think that SS money is his, but it is obscene that a little means testing on people who earn this much money in retirement can't be done.

[IStriker]

17. Do you think Theresa Heinz Kerry is collecting SS?

[Deja Q]

5. THATi s what's wrong in this country. If you're a big CEO and get fired,

you're basically getting a free ride for the rest of you life.

Since when is being FIRED a benefit, and not a PUNISHMENT? They fire us and we get nothing, and unlike them we don't play golf and do REAL work.

[Runcible Spoon]

6. that bi-atch owns my student loans!

well, Fannie and her Evil Sister Sallie Mae! :grr: (I know they are corporation names and not actual people, but somehow those names conjure up images of scowling old rich dowager crones sitting on piles of money and knitting something atrocious!)

[Name removed]

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[Worst Username Ever]

8. Yes and no

Sallie Mae, Fannie Mae, Freddie Mac, etc are all for-profit companies. Some of the payments go to more loans, just like any money you pay to any corporation goes back into the company. These companies have shareholders who get the bulk of the profit.

[Runcible Spoon]

10. awwww I'm sorry...

did I insult the poor widdle corporations who sell my loans without my imput every fucking 6 months, who trade my money and make tidy profits? I didn't realize the Mae sisters were so benevolent, and were merely lending me the money, subsidized, with reasonable interest after I finish my degree! I guess I should just bend over and take it from you, O Holy Master of the 3 Posts! :eyes:

[Name removed]

11. Deleted message

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[idiosyncratic]

12. Who paid for your education since you can't spell the word? n/t

[Runcible Spoon]

15. Nobody forced me huh...

well there was no magical trust fund for me when I turned 18. I went to a State University, and though the tuition is cheaper than private, it still went up 30% in the time I've been here. And since my (unsubsidized) loans keep getting traded around, the interest rates keep climbing. Don't cry me a river when you are shedding tears for a fucking for-profit loan shark corporation. Most "civilized" countries would be outraged to have to pay for education. Go spew your neocon screed elsewhere.

[newyawker99]

13. Hi frizzo426!!

Welcome to DU!! :toast:

[SammyWinstonJack]

9. Guess he doesn't need to collect his SS pension.

Bet he will anyway. :grr:

[InvisibleBallots]

14. What a disgusting crook

Fannie Mae is implicitly subsidized by tax payer money - and this guy is skimming right off the top. This crook needs to be humiliated in public - let's bring back the tar and feathers and run him through the streets on a rail.

[Deja Q]

16. But then the stocks would go down and shareholders lose their money.

What a crock, this stockholding shit anyway.