WASHINGTON - (10/07/04) -- Fannie Mae paid 21 top executivesmore than $1 million each in 2002, including bonuses, according toinformation disclosed by the House Financial Services Subcommitteeon Government Sponsored Enterprises. The compensation figures weredisclosed to drive home allegations brought by federal regulatorsthat top Fannie executives manipulated financial statements to meetearnings goals that would determine their annual bonuses. In 1998,for example, the company deferred recognition of $400 million inexpenses that allowed it to report earnings of $3.2309 a share,just beating the target of $3.23 a share, according to the Officeof Federal Housing Enterprise Oversight. This allowed six topexecutives to reap $5.9 million in bonuses for the year, OFHEOsaid. Rep. Christopher Shays of Connecticut said he was surprisedto see how big the bonuses were, with $245 million paid out between1998 and 2002. Rep. Richard Baker, chairman of the subcommittee,said he decided to make the compensation public after beingthreatened with a suit if he did by Fannie's outside lawyer KenStarr, known as the Whitewater special prosecutor.
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At a time of mild or nonexistent loan growth, middle-market borrowers in the Lone Star State are providing a boost to Fifth Third Bancorp and Huntington Bancshares.
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New details have emerged about the negotiations that culminated in Capital One's blockbuster $35 billion agreement to acquire Discover. At one point last December, the two parties broke off discussions, according to a securities filing.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
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The Alabama regional lender says it expects expenses to taper off this year and anticipates challenged loans will gradually rise to historically average levels.
April 19 -
Truist Financial's top executive leadership team announces departures; First Horizon's chief credit officer is retiring; Ferry teams with Highnote to roll out a new Visa-branded payroll card; and more in the weekly banking news roundup.
April 19 -
The Dallas-based regional bank tapped a client for its co-pilot capabilities, where employees can message a bot instead of a human to get tech assistance.
April 19