Posted on 03/18/2009 11:12:41 AM PDT by TenthAmendmentChampion
WASHINGTON (AP) -- Fannie Mae is planning to pay retention bonuses of as much as $611,000 each to several top executives of the government-controlled mortgage finance titan. Sibling company Freddie Mac is planning similar awards.
(Excerpt) Read more at finance.yahoo.com ...
Your tax payer bailout at work!
Government sanctioned graft.
Let’s see how outraged Bawney Frank is about this!
This is different bonuses....they earned theirs. Well...they tried to.
So is Barney going to sue for full recovery ?
Most certainly Chucky will tax all this at 100%?!
After all Fannie and Freddy have cost we taxpayers billions in bailout
So how much is Barney’s old boyfriend going to have to give back?
NOT UNTIL THEY CLAW BACK FROM RAINES AND GORELICK!!!
Oh the horror, where is the outrage?
Hello, Barney, Chuck, anyone?? Helloooo
Is Barney’s boyfriend on the list, or is he no longer there?
Clawback to Franklin Raines, Jamie Gorelick, Jim Johnson, etc!!
I’m going to ask for a bailout and then get a bonus for my performance. Think that will work?
I love it....Fannie/Freddie and ACORN...getting rewarded by Obama!
So why have Obama and his cronies in the media drummed up all this excitement and anger about AIG. The gov’t owns this too and knew about the proposed bonuses a year ago. The American people are beginning to resemble lemmings in their emotional tantrums. It’s all the Lil’ Obama Theater Group on display. Don’t buy it.
Maybe Barney can call his ex husband and make him come in and testify.
Fannie Mae is saying one of the reasons for the bonuses is (like AIG said) "Objective To retain as many people as possible for 18 months (through March, 2010)"
Yeah, right...as if these execs would leave now, considering it would be almost impossible for them to get a job elsewhere at the same salary in this economy. Give me a break - retention bonuses in a recession???
But, Fannie, AIG, and other firms won't have to worry because they are covered. Dodd and Obama made it perfectly legal for these bonuses to be handed out, by placing it in the stimulus bill:
UPDATE: CNN is now running a story on how the stimulus bill protects the AIG bonuses. Reid says ”Hindsight is 20/20″ as reason for the mistakes. my comment: So now we, the taxpayers are paying our Congress for HINDSIGHT! We pay AIG and Fannie Mae execs for poor work, and give them bonuses...and we are paying politicians for being stupid, not reading the stimulus bill they passed, and saying later "a mistake; now hindsight!" Oh Peeeleeze get these clowns out of Washington one way or another! - end comment
From CNN: But though some lawmakers did move to prevent bonuses in the stimulus bill last month, the final language actually makes an exception for pre-existing contracts, effectively exempting AIG.
HIGH IMPACT - Thanks to our stimulus spending bill search engine, we discovered that Obama granted AIG a free legal pass to give high bonuses because of the following stipulation in Obama’s stimulus bill he personally orchestrated and signed into law.
From page H1412 of the Final Stimulus Bill, “SEC. 111. EXECUTIVE COMPENSATION AND CORPORATE GOVERNANCE:
“(iii) The prohibition required under clause (i) shall not be construed to prohibit any bonus payment required to be paid pursuant to a writte [sic] employment contract executed on or before February 11, 2009, as such valid employment contracts are determined by the Secretary or the designee of the Secretary.”
This amendment provides an exception for contractually obligated bonuses agreed on before Feb. 11, 2009, which exempts the very AIG bonuses Obama is condemning every single chance he gets. The amendment is in the final version and is law.
Sen. Dodd was AIG’s largest single recipient of campaign donations during the 2008 election cycle with $103,100, according to opensecrets.org — According to the Wall Street Journal, Sen. Dodd placed this section into the final stimulus bill, making him responsible, along with Obama, for AIG receiving these bonuses.
The stimulus bill should have nothing to do with executive compensation. However, woven within the stimulus bill are laws dealing with executive bonuses and TARP cash. Other pork legislation, such as health care mandates, were in the bill to ’stimulate’ the economy.
Are any of them Blarney Frank’s boyfriends?
The unconscionable behavior of Fannie Mae is a huge contributor to the current financial woes of the country so, I’m glad we’re rewarding these sons of bitches.
Rats in Congress and Obama support anything that Fannie/Freddie and ACORN want. No outrage over this, I’m sure.
Amazing how Conservative taxpayers are now subsidizing the very institutions that work toward their demise, this must be unconstitutional. It certainly is ant-Republic.
Wonder how much Obama and Barney Franks will get of THAT bailout!
What a slimy administration this has been!....to say the least!
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