Franklin Raines
Forced-out CEO pension set at $114,000 a month
WASHINGTON (AP) — Franklin Raines, who was forced out as Fannie Mae’s chief executive after five years, is slated to receive a monthly pension of more than $114,000 for life.
Raines has deferred compensation of $8.7 million to be paid out through 2020 and owns more than $5.5 million in Fannie Mae’s stock.
He is slated to take home more than $1.3 million annually, plus benefits such as life and health insurance.
Raines was forced out Dec. 21 by Fannie Mae’s board of directors.
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"Mommy Mommy, when I grow up I want to be a forced-out CEO!"
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