Tuesday, September 9, 2008

Fannie & Freddie CEO's to walk away with millions

Is this a great country or what?

The ex-CEO of Fannie Mae, Daniel Mudd, is expecting to receive "up to $8.4 million in compensation," and the former head honcho of Freddie Mac, Richard Syron, is looking to pocket $15.5 million.

That's pretty damn good wages for running two of the most important corporations in the nation into the ground! How important? "The two companies own or guarantee about $5 trillion of the nation's outstanding mortgages, about half the nation's total."

Senators Charles Schumer, D-NY, and Jack Reed, D-RI, are not happy about this. In a letter to James Lockhard, director of the FHA, Schumer and Reed state emphatically "We find it way out of line that these two executives will be rewarded with millions of dollars in bonus compensation at a time when taxpayer dollars may have to be deployed to cover any financial losses caused by errors in management."

Lockhart, however, has the power to reduce the numbers if he so desires.

This is just another example of how the corporate predators prey on the public with the advice and consent of the Bush administration!


Anonymous said...

There is something terribly wrong when executives get bonuses for failing.How do I get a job like that. I can fail easily at many jobs and will work for a lot less than these guys.
Bob Poris

Betty said...

Not only the CEO'S took money so did a lot of politicans .one politican got over one hundred and thirty dollars .

opinions powered by SendLove.to