OpinionIndustry News

Fannie, Freddie CEOs set for life

Perspective: Top executives – if guilty – should be fired, not retired

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Franklin Raines and Leland Brendsel, the former CEOs of mortgage finance giants Fannie Mae and Freddie Mac, respectively, were two of the most important and powerful executives in the country. Today, they're both officially retired from their posts in the wake of accounting scandals that erased billions of dollars in income from the two corporations' financial statements. Neither executive has been charged with a crime in connection with the scandals that took place on their watches. Yet some tough questions should be asked about these two executives: Why were they retired instead of fired? Why haven't they been held responsible for the accounting scandals? Why were they given retirement packages that amount to such outrageous sums of money? Should they have been escorted out of their offices with their personal belongings in cardboard boxes? It's a curious turn of events that both Raines, 55, and Brendsel, 62, are now set for life financially, despite the scandals that unfolded at th...