Salary Watch: Fannie Mae's Convicts-in-Training

US mortgage finance giant Fannie Mae, found guilty of violating accounting rules and accused of paying dizzying bonuses to its bosses, has made public the entitlements and compensation claimed by its departing chief executive and finance director.



In a document delivered to the SEC, Fannie Mae reveals former chief executive Franklin Raines (at left) can claim $600,000 salary for the period from December 22 to June 22, 2005, the date at which his retirement becomes effective. That's right -- $600k for six months work, and he won't actually be working. His monthly pension payments should then amount to $116,300. Yes, monthly. He also has more than 1.6 million stock options and can claim $8.7 million in deferred payments from Fannie Mae.

Former finance director Timothy Howard (at right) could be eligible for $84,000 dollars in salary between December 20 and the end of January 2005, before claiming $36,000 a month once retired.

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