Fannie, Freddie CEOs denied exit bonuses

[katty]

(boo f***in hoo)

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

Fannie, Freddie CEOs denied exit bonuses: report
Sun Sep 14, 2008 11:08pm EDT

More Business & Investing News... WASHINGTON (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.

[AndyA]

1. Good. They don't deserve any bonuses.

If you run a company into the ground, you shouldn't be rewarded with a bonus.

This kind of crap is why some of this sh!t needs to be regulated!

[Lasher]

2. They still get their bonuses. This is just about their golden parachutes.

Daniel H. Mudd / 2008 Executive Compensation Report

Total Compensation $14,231,650
Salary $986,923
Non-equity bonus $2,227,500
Stock Awards $9,999,947
Change in Pension Value $863,749
Other Compensation $153,531

Equity Gains & Retirement Plans
Gains from stock vested $5,423,735
Pension balance $5,031,218

http://projects.washingtonpost.com/post200/2008/executive/4998/

Richard F. Syron / 2008 Executive Compensation Report

Total Compensation $14,497,981
Salary $1,200,000
Bonus $3,450,000
Stock Awards $8,342,333
Change in Pension Value $734,063
Other Compensation $771,585

Equity Gains & Retirement Plans
Deferred compensation balance $814,315
Gains from stock vested $4,433,106
Pension balance $1,546,108

http://projects.washingtonpost.com/post200/2008/executive/4997/

[Kweli4Real]

3. Good ...

That's what? 240 maxed out bank deposits that are safe.