Fannie and Freddie exec receive bonuses $100 million of bailout money

[Ichingcarpenter]

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.


http://money.cnn.com/2011/11/15/news/companies/fannie_freddie_executive_pay/index.htm

[Booster]

1. Just who the fuck was in charge of making this decision?

Now, that I've gotten that off my chest I'll go read the article and maybe find out.

[Tippy]

2. Disgusting.......Crooks

[secondwind]

3. What's wrong with this EFFING picture????? I'm set to march tomorrow in Boston, am so sick and

tired of this crap... Will be 65 this month, and I'm hitting the streets.

[n2doc]

4. Lost tens of billions, get richly rewarded

What other job does this? If I screwed up big time and lost my company thousands, I'd be out the door that day with nothing.

[Turbineguy]

5. Hey Guys.....

Thanks for not fucking things up even more!

[LiberalEsto]

6. Fannie and Freddie are totally corrupt

Some years back, just before Fannie Mae's stock tanked, those same executive bastards sent out a memo ORDERING ordinary employees not to sell their stock. The execs immediately dumped their own stock while the price was still good, and left the workers, many of who had invested their retirement savings in Fannie Mae stock, holding the bag. My husband was one of them. He lost $45,000 in retirement savings. Several years later he got some pittance of $1000 or so as a "settlement". Some of his co-workers lost as much as $1 million they had invested for retirement. We have zero savings now.

I wouldn't mind seeing these bastards rotting in prison for the rest of their lives.