Posted on 04/02/2011 7:04:13 AM PDT by Libloather
Fannie, Freddie Execs Get Big Bucks Despite Downturn
by Sonari Glinton
April 1, 2011
Sure the past year was a tough one for the millions of Americans who lost jobs or faced foreclosure, but at least some people did well. The top executives of bailed-out mortgage finance giants Fannie Mae and Freddie Mac were paid very large salaries — without proper written procedures or analysis, according to an inspector general's report.
MICHELE NORRIS, host:
A new report out this week is criticizing the pay for top executives at Fannie Mae and Freddie Mac. Those are the mortgage giants that were taken over by the government at the height of the financial crisis. They've cost taxpayers $130 billion and counting.
Since the bailout, the top six executives have been paid more than $35 million. That news comes as Congress is deciding the fate of Fannie and Freddie, as NPR's Sonari Glinton reports.
SONARI GLINTON: Freddie Mac's chief executive, Charles Haldeman, got nearly $8 million in 2009 and 2010. His counterpart at Fannie Mae, Michael Williams, got more than $9 million in the same period.
Professor RICHARD GREEN (University of Southern California): The way these guys are being compensated now is sort of the way CEOs of profitable banks would be.
GLINTON: Richard Green is a professor at the University of Southern California. He specializes in real estate. He says figuring out what to pay execs at Fannie and Freddie is hard because they don't really have counterparts in the private or public sector.
Prof. GREEN: These are not banks. They're specialized financial institutions. They're supposed to help provide mortgage credit to people. And second, they're broke, and they wouldn't be there if the government weren't pumping money into them.
(Excerpt) Read more at npr.org ...
Minimum wage in some places.
Just another example of the kleptocracy that this government has become.
So...it's okay...the Wal-Mart CEO says he is going to seriously raise prices, they'll need a little extra for that.
I can't wait for the revolution.
Before the downfall of any government the treasury is always raided by those on the inside. Always.
“The company ties executive compensation to meeting certain corporate and executive performance benchmarks.”
They need new benchmarks!
I’ll bet no Republican has ever been an exec there.
This is simply a Dem enrichment program for their henchmen and women, like Jamie Gorelick’s $26 Million take a few years back.
This crime needs some sunshine!
Corporations have high salary levels to retain the best talent.
With idiots like Jamie Gorelick at the helm, clearly “talent” is not an objective at Freddie Mae and Freddie Mac.
Great post. Thanks.
Thanks to your man Obama, NPR.
And this is why, with pitchforks and torches we should be outside of Gorelicks house demanding her head.
When are we going to begin giving these people what they deserve, and start using them to decorate lamp posts?
This has happened to Washington politicians on both sides of the aisle.
Whether it is the old hands with tenure or the difference in parties, is hard to say. But it is definitely the way of things in the government: evil is winning out.
Too much money too little oversight, too much power.
God help us in our day, in Jesus name, amen.
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