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November 04, 2011

Freddie Mac and Fannie Mae Executives: Hey, You Know Who Deserves $12 Million In Bonuses For All Their Great Work? We Do, That's Who

We totally, totally do.

The Federal Housing Finance Agency, the government regulator of Fannie Mae and Freddie Mac, approved the bonuses for 10 executives from the two government-sponsored agencies after they met modest performance targets tied to modifying mortgages at risk of foreclosure, Politico reports.

Given that there have been very few modifications, critics can be forgiven for questioning why the generous bonuses were doled out. They come only two years after the agencies received $170 billion in taxpayer aid. The housing finance agency pledged at that time that it would curb executive pay after the humongous compensation offered to former Fannie Mae CEO Franklin Raines and others.

Ed Haldeman, who announced last week that he is quitting as Freddie Macís CEO, received a base salary of $900,000 last year ó and garnered a $2.3 million bonus. Fannie Mae CEO Michael Williams received a $2.37 million bonus.

Update To Last Story: I'm posting it here so it gets seen.

The funds found at JPMorgan are not the funds missing from MF Global.

That didn't really make sense to me. We're missing $630 million and we have this huge investigation over it. Oh, here's the money, over here.

Just seemed like something they'd find out within 24 hours, if that was all there was to it.



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posted by Ace at 02:31 PM

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