“Ed Haldeman, who announced last week that he is quitting as Freddie Mac’s CEO, received a base salary of $900,000 last year — and garnered a $2.3 million bonus. Fannie Mae CEO Michael Williams received a $2.37 million bonus.”
By Dell Hill via AoSHQ
Your tax dollars have been subsidizing Fannie Mae and Freddie Mac for the past three years to the tune of billions. That trend is fully expected to continue for at least another two or three years...maybe longer. Why then are the CEOs of those two finance agencies receiving HUGE bonuses?
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 Mac’s CEO, received a base salary of $900,000 last year — and garnered a $2.3 million bonus. Fannie Mae CEO Michael Williams received a $2.37 million bonus.
Aside from totally misleading the country as to their financial stability five years ago....and somewhat constantly since....what have these two men done to deserve bonuses that exceed their annual salaries by more than double?
Fannie Mae and Freddie Mac to seek billions more in federal bailout money in 5 - 4 - 3 - 2 - 1.