The Office of Federal Housing Enterprise Oversight, the regulator for troubled mortgage financing concern Fannie Mae, said it would examine the lavish severance packages the company plans to pay ousted chief executive Franklin D. Raines and former chief financial officer J. Timothy Howard. According to an SEC filing, Raines is entitled to receive monthly pension payments of $114,393 for life, or roughly $1.4 million a year. He is also owed $8.7 million in deferred compensation. Raines also holds vested options for 1.6 million shares of stock, plus options for another 368,800 shares. In total, Raines would be due more than $19 million. Howard, also 55, would be eligible for $36,071 in monthly pension payments and deferred compensation of $4 million. He holds vested options for 481,600 shares. Howard is also eligible for $84,000 in salary from Dec. 20, 2004 through January 2005. Both Raines and Howard were ousted last week by the Fannie Mae board. The SEC has ordered the company to restate its financials for the three-year period from 2001-2004. That would reduce earnings by roughly $9 billion.
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Speedy decision; trouble in paradise; diplomatic imbecility; and other highlights of recent tax cases.
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Experts from the Fed, Intuit and the Urban-Brookings Tax Policy Center explored ideas for more effective ways to advance the goals of the mortgage interest deduction.
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Ross Tennenbaum said he intends to improve its customer experience, and hinted at an e-invoicing partnership with a blue chip company.
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Accounting and finance professionals are expressing greater confidence about the world economy this year, according to a new survey.
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PricewaterhouseCoopers US is realigning its organizational structure across three lines of service — Assurance, Tax and Advisory — starting in July.
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Ernest John Nedder, a partner and chief strategy officer at RSM US, will be the next CEO of the RSM International network, succeeding Jean Stephens on June 1.
April 18