Former Fannie chief agrees to $24.7 million settlement
WASHINGTON (AP) - April 18, 2008 Raines, former Fannie chief financial officer Timothy Howard and
former controller Leanne Spencer were charged with manipulating
earnings over a six-year period.
Raines, a prominent Washington figure who was President
Clinton's budget director, has agreed to pay $24.7 million,
including a $2 million fine and relinquishing of company stock
options valued at $15.6 million.
The amounts that Raines, Howard and Spencer are paying under the
settlement are far less than what the government was seeking when
it sued them in December 2006.
