[yoe]

For two years he was the President's (William Jefferson Clinton) key negotiator in the talks that led to passage of the bipartisan Balanced Budget Act of 1997. Raines was the first OMB director in a generation to balance the federal budget. Raines also helped the President manage the federal government by coordinating procurement, financial management, information technology, and regulatory policies for all federal agencies.

Maybe he can run for mayor of New Orleans................

[Liz]

OFHEO | September 22, 2004 | Office of Federal Housing Enterprise Oversight

Federal regulator OFHEO released a damning report on accounting irregularities at mortgage finance giant Fannie Mae. One critical finding was that in 1998, Fannie misstated expenses in order to meet earnings targets that triggered huge executive bonuses. The report states:

1998 Salary and Bonus of Senior Fannie Mae Executives

Officer Title Salary AIP Award/Bonus

James A. Johnson Chairman and CEO $966,000 $1,932,000

Franklin D. Raines Chairman and CEO Designate $526,154 $1,109,589

Lawrence M. Small President and COO $783,839 $1,108,259

Jamie Gorelick Vice-Chairman $567,000 $779,625

J. Timothy Howard EVP and CFO $395,000 $493,750

Robert J. Levin EVP, Housing and Comm. Develop. $395,000 $493,750