Top executives at Fannie Mae and Freddie Mac were paid more than $35 million in the past two years while the two bailed-out mortgage finance giants were receiving $153 billion in support from taxpayers.
The huge payouts came to light in a new report published on Thursday by the Federal Housing Finance Agency’s Office of Inspector General.
“Although the Enterprises [Fannie Mae and Freddie Mac] have lost billions of dollars and continue to depend upon federal support to remain in business,” the reported states, “their senior executives continue to receive multi-million dollar salaries.”
At Fannie Mae [Federal National Mortgage Association], its chief executive officer received $9.3 million in total compensation in 2009 and 2010, the report reveals. The CEO is Michael J. Williams, who joined the company in 1991.
At Freddie Mac [Federal Home Loan Mortgage Association], CEO Charles E. Haldeman Jr., former head of Putnam Investments, made $7.8 million in the two years since the company was taken over by the federal government.
Fannie Mae’s chief financial officer made $4.6 million, and its chief accounting officer/general counsel received $4.5 million.
At Freddie Mac, the CFO made $3.9 million, and the general counsel/secretary received $5.1 million.
In all, the top six executives made $35.4 million. Meanwhile, total losses at the two companies could reach $363 billion through 2013, according to government estimates.
The pay was approved by the Federal Housing Finance Agency, which is charged with conserving the assets of Fannie and Freddie on behalf of taxpayers, the New York Times noted on Friday.
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The huge payouts came to light in a new report published on Thursday by the Federal Housing Finance Agency’s Office of Inspector General.
“Although the Enterprises [Fannie Mae and Freddie Mac] have lost billions of dollars and continue to depend upon federal support to remain in business,” the reported states, “their senior executives continue to receive multi-million dollar salaries.”
At Fannie Mae [Federal National Mortgage Association], its chief executive officer received $9.3 million in total compensation in 2009 and 2010, the report reveals. The CEO is Michael J. Williams, who joined the company in 1991.
At Freddie Mac [Federal Home Loan Mortgage Association], CEO Charles E. Haldeman Jr., former head of Putnam Investments, made $7.8 million in the two years since the company was taken over by the federal government.
Fannie Mae’s chief financial officer made $4.6 million, and its chief accounting officer/general counsel received $4.5 million.
At Freddie Mac, the CFO made $3.9 million, and the general counsel/secretary received $5.1 million.
In all, the top six executives made $35.4 million. Meanwhile, total losses at the two companies could reach $363 billion through 2013, according to government estimates.
The pay was approved by the Federal Housing Finance Agency, which is charged with conserving the assets of Fannie and Freddie on behalf of taxpayers, the New York Times noted on Friday.
Read more on Newsmax
5 comments:
The next 2 years will end this country , obamie better hide.
How can your companies lose (drum roll, please)...363 BILLION DOLLARS and you get a multi-million dollar salary??? Approved, of course, by the Federal Government. And THAT ladies and gentleman, should be no surprise. I truly am beginning to believe that our "leaders" couldn't count to 10 even if you let them use their fingers. WHY hasn't anyone been indicted or jailed?? Someone mismanages a company so poorly that they lose hundreds of billions and it wasn't anyone's fault??? I promise you the Federal Government has imprisoned people for crimes like this. And "crime" is the best description for this boondoggle....
Stories like this should not be diversions but reminders. Citizens need to finish what they started in 2010 when the 2012 elections occur. It no longer matters whose fault it is as the liberals have worn that excuse way too thin to count anymore.
Do yourself a favor and watch the flick "Waiting for Superman"
And you can't pay teachers, or your county employees, or take care of the vets...
And we wouldn't up their tax rate. Same with all the Wall Street crooks who cooked the system and walked off with multimillions.
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