Posted on 01/15/2010 3:29:29 AM PST by Man50D
Seventy Republican members of Congress want Treasury Secretary Timothy Geithner to cancel up to $6 million in bonuses and deferred compensation -- approved before Christmas 2009 -- for the chief executive officers of the failed mortgage giants Fannie Mae and Freddie Mac.
“(T)here’s a letter that’s going to Sec. Geithner from a number of us calling for a rescission of those bonuses,” Rep. Michele Bachmann (R-Minn.) told CNSNews.com Wednesday.
On Christmas Eve, at the same time the Obama administration announced that it was removing any cap on the amount of taxpayer aid to Fannie Mae and Freddie Mac, the failed mortgage giants announced that they had received approval from their financial regulator to pay $42 million in compensation packages to 12 top executives for 2009.
The compensation packages included up to $6 million each to Fannie Mae and Freddie Mac chief executives. For the CEOs, annual compensation consists of a base salary of $900,000, $3.1 million in deferred compensation and incentive pay of as much as $2 million. Public disclosure that the retention bonuses were being copnsidered first surfaced in the Spring.
(Excerpt) Read more at cnsnews.com ...
Keep up the good work Bachmann!
Heard Larry Kudlow say that since Fannie and Freddie are now totally federal agencies, the heads should be paid at a GS 18 level......$175,000 with NO bonuses!
Andrew Cuomo and Fannie and Freddie, How the youngest HUD secretary caused the mortgage crisis
Kudlow was all over this last night. Excellent show. Again it is a conservative woman leading the gutless GOP. Compare conservative women with the liberal middle aged democrat hags in congress who are helping their master run this country into the ground
Only 70, What are the rest doing?
They are doing what the spineless little dirtbags ALWAYS do best ... cower in the corner and wet temselves like scared puppies in the storm. They do it in the name of collegiality donch know.
get rid of em!
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