During that period, the report says, Raines and his team grossly overstated Fannie Mae's earnings--to the tune of $10.6 billion--for the purpose of paying themselves big bonuses. "By deliberately and intentionally manipulating accounting to hit earnings targets," the report says, "senior management maximized the bonuses and other executive compensation they received, at the expense of shareholders."

And now, since the glorious Congress will step in to keep it afloat, it's all REALLY at the expense of taxpayers.

Even though his salary never topped $1 million, Raines' total compensation shot from $6.48 million in 1998 to $8.52 million in 1999, to $13.89 million in 2000, to $18.86 million in 2001, to $18.20 million in 2002, to $24.15 million in 2003, all on the strength of EPS bonuses. Investigators found that of the $90.12 million Raines was paid in that six-year period, more than $52 million came from EPS bonuses.

And why is someone not already sitting in jail again...?