CNN ...Mortgage finance giants Fannie Mae and Freddie Mac received the biggest federal bailout of the financial crisis. And nearly $100 million of those tax dollars went to lucrative pay packages for top executives, filings show.
The top five executives at Fannie Mae received $33.3 million in 2009 and 2010, while the top five at Freddie Mac received $28.1 million. And each company has set pay targets of as much as $17 million for its top managers for 2011.
That’s a total of $95.4 million, which will essentially be coming from taxpayers, who have been keeping the mortgage finance giants alive with regular quarterly cash infusions since the Federal Home Finance Agency (FHFA) took control of the companies in September 2008.
Fannie CEO Michael Williams and Freddie CEO Charles Halderman, each received about $5.5 million in pay for last year, and they could receive more when their final deferred compensation for 2010 is set. All the executives receive a significant portion of their pay in the year or years after they earn it...read more
It’s an all-too-familiar pattern, yet this time it’s occurring within a government agency rather than a publicly traded company: executives getting handsome rewards while their businesses flounder.
Fannie Mae and Freddie Mac, the secondary mortgage companies, have required about $170 billion in taxpayer assistance and are now wards of the government. In the quarter that ended in September, they posted a combined loss of about $10 billion. Yet Fannie and Freddie — and really, U.S. taxpayers — are on track to pay their top executives more than $95 million since 2009.
As CNN Money reported:
Fannie CEO Michael Williams and Freddie CEO Charles Halderman, each received about $5.5 million in pay for last year, and they could receive more when their final deferred compensation for 2010 is set. All the executives receive a significant portion of their pay in the year or years after they earn it...Read MoreAnother article on Government / Corporatist corruption
No comments:
Post a Comment