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| Name & Title |
2009 Base Salary |
2009 Bonus |
2009 LT Incentive |
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| Michael J. Williams, President & CEO |
$900,000 |
$3,100,000 |
$2,000,000 |
| David M. Johnson, EVP & CFO |
$650,000 |
$1,700,000 |
$1,150,000 |
| Kenneth J. Bacon, EVP—Housing & Community Dev. |
$475,000 |
$1,125,000 |
$800,000 |
| David C. Benson, EVP—Capital Markets |
$500,000 |
$1,369,667 |
$930,333 |
| David C. Hisey, EVP-Deputy CFO |
$425,000 |
$1,045,000 |
$730,000 |
| Timothy J. Mayopoulos, EVP, General Counsel & Sec. |
$500,000 |
$1,469,667 |
$980,333 |
| Kenneth J. Phelan, EVP & Chief Risk Officer |
$500,000 |
$1,369,667 |
$930,333 |
Explanations for the Fannie Mae compensation categories are as follows:
- An annual base salary.
- Bonus: Deferred pay, which generally will be paid in four equal quarterly installments in March, June, September and December 2010.
- LT Incentive:In the event that the executive officer and Fannie Mae achieve performance measures established by Fannie Mae and approved by FHFA, a long-term incentive award, payable in cash, with 50% of the award payable in 2010 and the remaining 50% of the award payable in 2011.
Federal largesse was not limited to Fannie Mae. No my friends, Freddie Mac was equally generous for their executives as well.
Freddie Mac 2009 Executive Compensation
| |
| Name & Covered Officer |
Title |
Semi-Monthly Base Salary |
Deferred Base |
Incentive Comp |
Target TDC |
| Charles E. Haldeman, Jr |
CEO |
$900,000 |
$3,100,000 |
$2,000,000 |
$6,000,000 |
| Bruce M. Witherell |
COO |
$700,000 |
$2,300,000 |
$1,500,000 |
$4,500,000 |
| Ross J. Kari |
CFO |
$675,000 |
$1,658,333 |
$1,166,667 |
$3,500,000 |
| Robert E. Bostrom |
EVP & Gen’l Counsel |
$600,000 |
$1,260,000 |
$930,000 |
$2,790,000 |
| Paul G. George |
EVP – HR |
$550,000 |
$1,250,000 |
$900,000 |
$2,700,000 |
The various compensation categories are defined as follows for Freddie Mac:
- Total Direct Compensation (TDC): Two thirds of the target total direct compensation (TDC) of Covered Officers will consist of a Base Salary and one third will consist of a Target Incentive Opportunity.
- Base Salary: Base Salary for each year will consist of two components. One component will be paid in cash on a semi-monthly basis during the calendar year earned (the Semi-Monthly Base Salary) and the other component will be earned on a semi-monthly basis during each calendar year, but will be paid out on a deferred basis (the Deferred Base Salary) as discussed below.
- Deferred Base Salary: The portion of Base Salary that is not paid in Semi-Monthly Base Salary will be delivered in the form of Deferred Base Salary. Deferred Base Salary earned during each calendar quarter of 2009 will be paid on the last business day of the corresponding quarter of 2010, provided the Covered Officer is actively employed by the Company on such payment date…
- Target Incentive Opportunity: Annual Target Incentive Opportunity (think bonus here), which will be equal to one-third of the Covered Officer’s TDC. A Covered Officer will be eligible to be paid 50% of their annual Target Incentive Opportunity no later than March 15 of the calendar year immediately following the performance year (the First Incentive Opportunity Payment), and the remaining 50% no later than March 15 of the second calendar year immediately following the performance year (the Second Incentive Opportunity Payment).
Seems like the only group not making a killing in our current financial crisis is the taxpayer!
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