Former Fannie CEO Snubs Senate Panel

Law360, New York (June 15, 2006, 12:00 AM EDT) -- Shunning lawmakers, the ousted former chief executive officer of Fannie Mae refused to testify at a U.S. Senate Banking Committee hearing scheduled this week to examine the massive, six-year accounting fraud at the government-sponsored mortgage titan.

Franklin D. Raines was set to appear before the panel along with federal regulators and Daniel Mudd, the company’s current CEO, but told the committee he was unavailable, according to Reuters.

The rebuff came as Representative Richard Baker (R-La.), chair of the subcommittee holding the hearing, simultaneously called for further...
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