Sunday, April 03, 2011
GRETCHEN MORGENSON, The New York Times
Submitted by: Kevin J. Ziruolo
GRETCHEN MORGENSON, The New York Times
Submitted by: Kevin J. Ziruolo
Fanny, Freddie Executives Paid Millions On Backs of Tax Payers
[NYT] According to a report published by the inspector general of the Federal Housing and Finance Agency, Fannie Mae and Freddie Mac paid a combined $17 million to their chief executives in 2009 and 2010, the two full years when Fannie Mae and Freddie Mac were owned by U.S. tax payers under TARP.
The top six executives at the companies received $35.4 million over the two years.
Fannie Mae and Freddie Mac were taken over by the government in September 2008. Since then the companies’ mounting mortgage losses have required a $153 billion infusion from taxpayers. Total losses may reach $363 billion through 2013, according to government estimates.
Pay packages for poor performance:
- Freddy CEO Charles E. Haldeman Jr. was paid $7.8 million for 2009 and 2010
- Fanny CEO Michael J. Williams was paid $9.3 million for 2009 and 2010
Executive compensation in this country is a scam on par with robbing Fort Knox.
Read Full The New York Times Article
Posted by Editor on 04/03/11 at 09:08 AM •
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