Fannie, Freddie CEOs denied exit bonuses - report (thank you Obama)

[UpInArms]

Source: Reuters

WASHINGTON, Sept 14 (Reuters) - U.S. regulators will not allow mortgage giants Fannie Mae and Freddie Mac to pay their departing chief executives multimillion-dollar severance packages outlined in their contracts, The Washington Post reported on Sunday.

The Federal Housing Finance Agency (FHFA) has notified former Fannie Mae Chief Executive Officer Daniel Mudd and former Freddie Mac Chief Executive Officer Richard Syron that the so-called "golden parachutes" will not be paid, the Post reported, citing an agency statement.

Mudd and Syron were entitled to combined pay and bonus packages worth about $24 million as part of the government's plan to restructure the troubled companies, which own or guarantee about half of the $11 trillion outstanding home mortgages in the United States.

<snip>

The golden parachute payments drew criticism from Democrats, including presidential contender Barack Obama, who said such a windfall was unacceptable and the government's failure to block the packages violated the public's trust.

Read more: http://www.reuters.com/article/bondsNews/idUSN1446496320080915?sp=true

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only McCain's "spokesman" came out against those golden parachutes - I guess it was one of those "economic" things that McLame didn't understand :eyes:

[MercutioATC]

1. There will be lawsuits...and the CEOs will probably win.

...but it'll be years from now and we'll never hear about it.

[MidwestTransplant]

2. Maybe because their campaign chairman's legislation was responsible for the implosion, he felt the

CEOs should be paid something.

[wordpix]

3. probably had something to do with a WaPo "Style" report re: Mudd's app to Chevy Chase Country Club

Seems the club charges $85K for entry and Mudd had applied. WaPo noted that would be no big deal for Mudd, who chanced to say goodbye with a $10 million sendoff, but he might have to pay the fee himself now instead of getting it from the company, which apparently had agreed to pay for the perk.

I would like to know why anyone involved in running this quasi public corporation would even CONSIDER paying a CEO's country club fees. What does that have to do with benefiting taxpayers?

[wordpix]

4. these guys were replaced by new head honchos who are McBush cronies

This according to a friend who works for Fannie. Said the new head of Fannie was a McCain financial advisor.

[4lbs]

5. This is a chance to use this for Obama's advantage.

Hit them with the "Fannie Mae's new head honcho is more of the same as the previous one."

To quote The Who's "Won't Get Fooled Again":

Welcome to the new boss, same as the old boss.

[skyounkin]

6. Hopefully this will pan out

and the CEOs get nothing.

[truthisfreedom]

7. ALREADY IN CHARGE... Obama controls actions by government everywhere.

He's the new way of doing things.

He's already presidenT!

[Buttercup McToots]

8. Thank Gawd...

...