SLM Corp., the country's largest provider of student loans, announced that it had fired the chief financial officer for one of its units,** and demoted another manager for inflating revenue in a bid to achieve performance goals and collect higher bonuses.
The company, better known as Sallie Mae, said that the Securities and Exchange Commission had decided not to take enforcement action against it or the managers over the accounting errors, which took place in 2003. The chief financial officer was terminated in July 2005. The SEC had opened an informal probe in January 2004.
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