Fannie Mae's Ken lay.

• Author: Peters, Charles
• Position: Tilting at Windmills

Last month we noticed how Fannie Mae had cooked its books by moving losses to another year so that generous bonuses could be paid to its executives, including chairman Franklin Raines. We neglected to report the kind of bonuses to which Raines has become accustomed. In 2002, the bonus was $3,300,000. According in a House...