Fannie, Freddie executives score $100M payday post bailout

[MrsSmith]

Fannie, Freddie executives score $100M payday post bailout

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...

And the DUmmies are targetting "Wall Street" by sitting in parks.   

[DLR Pyro]

"Fannie got bailed out, we got sold out"
"Fannie got bailed out, we got sold out"

come on kids, sing a long with me..

"Fannie got bailed out, we got sold out"

abandon your job, house, family and responsibilities.  Lets go occupy fannie mae and have a good old fashioned occupation sit in...

[Eupher]

Newt had the temerity to put an argument on this issue out there - I think it was about a week ago during Bret Baier's Fox show.

Newt claimed that those currently getting these massive bonuses are those who were brought on AFTER Freddie Mac and Fannie Mae became owned by the we, the taxpayers. He maintained that it was incumbent on us to provide fair and competitive compensation to the executives who run these programs.

Of all the things that Newt has said over the past several weeks, this one is the only one that sticks in my craw.

Newt - sometimes you're a dipshit.

[thundley4]

Newt had the temerity to put an argument on this issue out there - I think it was about a week ago during Bret Baier's Fox show.

Newt claimed that those currently getting these massive bonuses are those who were brought on AFTER Freddie Mac and Fannie Mae became owned by the we, the taxpayers. He maintained that it was incumbent on us to provide fair and competitive compensation to the executives who run these programs.

Of all the things that Newt has said over the past several weeks, this one is the only one that sticks in my craw.

Newt - sometimes you're a dipshit.

And I have heard Demonrats using that same talking point too.  What that doesn't address is the fact that Fannie and Freddie are still hemorrhaging  money and continuously needing cash infusions of tax payer dollars.

[Eupher]

And I have heard Demonrats using that same talking point too.  What that doesn't address is the fact that Fannie and Freddie are still hemorrhaging  money and continuously needing cash infusions of tax payer dollars.

Correct. And it's okay with Congress because that's how those who couldn't afford a house to begin with and who are now dumpster-diving can continue to live in their house -- complete with HDTV and other princely gadgets.

The taxpayer pays the mortgage while the critter sits home and watches Oprah.