Franklin Raines: Another one bites the dust :(

[blackangrydem]

I don't know which disappoints me more, the fact that I hoped to see Raines return to the national political scene someday, or that Democrats are knee-deep in Corporate scandal to the tune of 9 billion dollars. Some of our leaders are becoming more republican-like every day. For running FM into the ground for 5 years he will receive a pension worth an estimated 1.5 million a year, at taxpayer expense.

Franklin Raines's Lost Gamble
Fannie Mae's chairman and CEO bet that his political prowess could protect him from an accounting scandal. He was wrong
Franklin D. Raines, long known for his steady hand and deep Washington connections, staked his job as chairman and CEO of Fannie Mae (FNM ) on a series of political bets. On Dec. 21, he lost big.

<snip>

MISJUDGED AND MISHANDLED. For Raines, early retirement at age 55 is an inglorious end to a charmed career. From his childhood -- one of seven children of a Seattle city worker and a Boeing mechanic -- Raines earned degrees from Harvard College and then its Law School, a Rhodes scholarship, and enoyed a successful a career with investment banker Lazard Freres until he became Fannie's vice-chairman in 1991.

He took two years off to serve as President Clinton's Office of Management & Budget directory -- the first OMB chief to preside over a balanced budget in 30 years. He returned to Fannie in 1998 and became the first African-American CEO of a Fortune 500 company in 1999.

http://www.businessweek.com/bwdaily/dnflash/dec2004/nf20041222_8027_db035.htm

[DoYouEverWonder]

1. I don't care what this dude's affiliation is

this is just obscene. But then again, Ken Lay is still living the high life, so what do you expect?

[blackangrydem]

2. I expect better from Democrats.

I wonder if he can recover from this. I also have heard that Jamie Gerelick (sp) is somehow linked.

[DoYouEverWonder]

3. Why should Dems be held to a higher standard

than the ruling party?

[Tom Rinaldo]

4. EVERYONE should be held to a higher standard than this ruling party n/t

[blackangrydem]

5. Because they are better