Tuesday, January 04, 2005

Golden Parachute Hall of Fame Inductee: Franklin D. Raines

Last month Franklin Raines was forced out as chief executive of Fannie Mae after allegations (not yet proven!) that Fannie Mae had misstated its earnings (allegedly over-reporting profits by $9 billion).

Mr. Raines, who served as director of the Office of Management and Budget during the Clinton administration, proved that he knows how to look after his own personal budget with this sweet package:

$1.3 million a year for life
$8.7 million in deferred compensation

And at age 55, Mr. Raines is young enough to run another company or perhaps serve in the Hillary Clinton administration (he was mentioned as a Kerry VP possibility). Kudos to you Mr. Raines for so ably demonstrating number 10 of my Top 11 ways to become wealthy.


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