Friday, June 22, 2007
Fannie Mae plans to pay millions of dollars in incentive compensation to current and former officers and employees based on corporate performance since 2003, including the periods in which earnings were misstated and regulators say the company was mismanaged. The payments are subject to the approval of oversight agency OFHEO. The company did not disclose whether former CEO Franklin D. Raines would receive any payments. OFHEO and Raines are fighting over whether Raines has to return some of his previously paid compensation. See WPost, Fannie Proposes Releasing Executive Incentive Payments.