Fannie, Freddie executives score $100M payday post bailout - Nov. 15, 2011
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.
This "overpay the executives" nonsense goes back to when they privatized Fannie and Freddie and put them on the stock exchange, and it created the incentive to compete with the banking industry wolves. Now they are in federal government conservatorship, and supposedly headed for some sort of extinction down the road, but I will be believe that when I see it.