Risk Pro for Fannie

By Barbara A. Rehm, Robert Julavits, and Geeta Sundaramoorthy

Fannie Mae is adding former Citigroup Inc. banker Leslie Rahl to its board of directors, filling the seat formerly held by Goldman Sachs & Co. alum Stephen Friedman, who joined the Bush administration as the director of the National Economic Council in late 2002.

As the president and founder of Capital Market Risk Advisors Inc., Ms. Rahl specializes in risk management and capital markets strategy. She previously ran her own consulting firm, Leslie Rahl Associates, which concentrated on swaps, options and derivative products.

Her years at Citi stretched from 1972 through 1991; she rose to co-head of the company's North American derivatives group. She holds two academic degrees, including an MBA from Massachusetts Institute of Technology.

"Leslie Rahl's experience in the financial markets and her understanding of the derivatives markets will bring us an extremely broad range of skills, which will benefit our board, senior management, and our company as a whole," said Franklin D. Raines, Fannie's chairman and chief executive, in a news statement. "Leslie has a keen understanding of financial markets and an interest in the mission of Fannie Mae, and we look forward to benefiting from her expertise."

February 20, 2004