Fannie, Freddie execs score $100 million payday

[The Straight Story]

Fannie, Freddie execs score $100 million payday


NEW YORK (CNNMoney) -- Mortgage finance giants Fannie Mae and Freddie Mac received the biggest federal bailout of the financial crisis. And nearly $100 million of those tax dollars went to lucrative pay packages for top executives, filings show.

The top five executives at Fannie Mae received $33.3 million in 2009 and 2010, while the top five at Freddie Mac received $28.1 million. And each company has set pay targets of as much as $17 million for its top managers for 2011.

That's a total of $95.4 million, which will essentially be coming from taxpayers, who have been keeping the mortgage finance giants alive with regular quarterly cash infusions since the Federal Home Finance Agency (FHFA) took control of the companies in September 2008.

Fannie CEO Michael Williams and Freddie CEO Charles Halderman, each received about $5.5 million in pay for last year, and they could receive more when their final deferred compensation for 2010 is set. All the executives receive a significant portion of their pay in the year or years after they earn it.

http://money.cnn.com/2011/11/15/news/companies/fannie_freddie_executive_pay/index.htm?hpt=hp_t2

[Rex]

1. Crime pays.

Just as Darrell Issa.

[cyberpj]

2. J.F.Christ on a cross! When does it end? or, from another DUer's button... How does it end? nt

[Philosopher King]

3. It makes you wonder why people accuse these guys of "stealing it."

Why break the law, when the folks who write the laws, are giving you everything that you ask for?

[Fumesucker]

4. If you want the very best you have to pay the market rate..

:shrug:

[Initech]

5. They get it all, we get nothing. Grrr....

:argh: