Saturday, November 19, 2011

Fannie, Freddie executives score $100M payday post bailout - Nov. 15, 2011

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.


Aynonymous Tea Partier said...

This is more proof that Obama's government socialism has failed, and we need more deregulation of Wall Street and more tax cuts for the rich!

Anonymous said...

from "An Investment Manager's View on the Top 1%" (July 2011, read the whole thing):

"Last year, the average S&P 500 CEO made $9M in all forms of compensation....The year 2010 was a record year for compensation on Wall Street, while corporate CEO compensation rose by over 30%, most Americans struggled."