Fannie Mae, the mortgage concern faced with a massive restatement, eliminated cash bonuses for its top executives and said that its top accounting officer stepped down, the company disclosed in a regulatory filing.
In an 8-K filed last week with the Securities and Exchange Commission, the mortgage giant said that its compensation committee and board decided not to pay cash bonuses to the company's executive officers or senior vice presidents for 2004. It said that it will also postpone the payment of company stock under its performance share program until it has "reliable financial data" for prior fiscal years.
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