The Federal Housing Finance Agency, the government regulator for Fannie and Freddie, approved $12.79 million in bonus pay after 10 executives from the two government-sponsored corporations last year met modest performance targets tied to modifying mortgages in jeopardy of foreclosure. The executives got the bonuses about two years after the federally backed mortgage giants received nearly $170 billion in taxpayer bailouts — and despite pledges by FHFA, the office tasked with keeping them solvent, that it would adjust the level of CEO-level pay after critics slammed huge compensation packages paid out to former Fannie Mae CEO Franklin Raines and others.
Related Story: Freddie Mac reports Q3 loss, asks for $6B in aid
Securities and Exchange Commission documents show that Ed Haldeman, who announced last week that he is stepping down as Freddie Mac’s CEO, received a base salary of $900,000 last year yet took home an additional $2.3 million in bonus pay. Records show other Fannie and Freddie executives got similar Wall Street-style compensation packages; Fannie Mae CEO Michael Williams, for example, got $2.37 million in performance bonuses. Including Haldeman, the top five officers at Freddie banked a combined $6.46 million in performance pay alone last year, though a second bonus installment for 2010 has yet to be reported to the SEC, according to agency records. Williams and others at Fannie pocketed $6.33 million in incentives for what SEC records describe as meeting the primary goal of providing “liquidity, stability and affordability” to the national market.
“It is outrageous that senior executives at Fannie and Freddie are receiving multimillion-dollar compensation packages when they now rely on funding from U.S. taxpayers, many of whom face foreclosure or whose homes are underwater,” Rep. Elijah Cummings of Maryland, who has led House Democrats in efforts to ease Fannie and Freddie’s restrictions on restructuring loans or lowering payments for mortgage holders who owe more than their homes are worth, wrote in an email.
And the Obama deception stays the course.
But then again, these guys are required to have sex with Barney Frank. I think they are under-compensated.
Jail the bankers and the politicians that empower them.
Too bad we can’t jail all Republican and Democrat voters; the root cause of the problem.
These CEO compensation stories keep reminding me of “The Goose That Laid The Golden Eggs.”
Question is, when does the slaughter begin?
Performance bonuses for failure? Really, wtf.
No, they got a performance bonus for meeting “…modest performance targets .” In my world if you only meet modest targets, you’re looking for a job. And, now, O’Bama wants Fannie and Freddie to start REfinancing failing mortgages at even BETTER rates!
It’s crap like this that makes me sympathize with the OWS protesters. Or I would if the OWS idiots had any idea what they were doing.
In other astonishing news: The White House seriously considered a bailout of Solyndra to keep them solvent. Please let the insanity end…
AP news story at: http://bit.ly/tO81vQ
Sustainable energy is invaluable. That said I am amused by all the flack towards the current administration. I am no O’Bama fan but the right wingnuts harping on a project put forth during Dubya’s administration astonishes me.
Bailing out another private corp. in the days of lean is fiscally irresponsible. Agreed.
http://mediamatters.org/research/201109190020
“At a congressional hearing, Jonathan Silver, the Executive Director of Department of Energy’s Loan Programs Office, testified that the Bush administration’s DOE [Department of Energy] selected Solyndra from 143 submissions to move forward in the process.”
Obama is in “charge” now…or didn’t you get the memo?
You mean Bush 2.0 don’t you?
“You can take that to the bank!”
http://boingboing.net/2011/11/02/photo-of-a-crosswalk-light.html
Hmmmm. Fanny Mae, Freddy Mac… two globs of Greece.
This is precisely what the OWS protesters are protesting. Anyone who can’t survive, nae, thrive on $900,000 a year salary alone isn’t worth a plug nickle and should be jettisoned asap!
Oh. I thought the OWS protesters wanted an end to capitalism and for all wealth to be distributed by vote.
At least the college educated ones.
I’m hearing their major gripe (OWS) is money in politics, which in turn means doing away with our current oligarchy or kleptocracy.
You choose which system you think we (The People) are being represented by.
The SCOTUS is to blame for the current government.
Corporations are not people. Carl Rove for President, yeah.
Burn Wall Street and the “White” House to the ground
We must bail them out to avoid a train wreck!!
http://foxnews.com/opinion/2011/08/16/stop-fy-2012-defense-budget-train-wreck/
Oops, wrong train wreck .
Here’s another train wreck for ya Dallas.
“U.S. Army Secretary John McHugh said the service may consider buying German or Israeli vehicles for a ground combat vehicle program potentially valued at $40 billion.”
Made in U.S.A. no more. Our last vestige in manufacturing at home. After 30 years experience in the job shop industry machining parts for the DoD I’m furious.
Brain fart forgot to submit link.
http://bloomberg.com/news/2011-11-02/u-s-army-may-look-to-germany-israel-for-ground-combat-vehicles.html?cmpid=yhoo
The military as an $800B gov funded jobs program and is not as strong as it once was. Now it’s too big to fail.
My solution is the same as it always has been. Cut their budge 10% each year for the next 10 years. That way, they don’t whine as much.
Agreed. We don’t have to just manufacture weapons. Our technology can be transformed into creating jobs for alternative energy or some new manufacturing base for a positive world presence. Not just drone attacking brown peoples.
Speaking of OWS, You all realize that universal participation in party primaries is the necessary and sufficient condition for reform?
I would ask each OWS participant if they had ever voted in a primary election in their lives and, if not, would they be willing to accept their own share of the blame for the current sate of affairs?
For the impatient, I would also propose that the ratio of representatives to “represented” be restored to and fixed at at least the original ratios from the 18th century.
As for the Democrat and Republican parties, they are obviously just the house niggers of our foreign over-lords. But we field niggers could do hostile takeovers of both parties by first joining and then out-voting the current party drones.
In fact, if we don’t do that, and soon, we’ll be more screwed than you will permit yourself to imagine.
Peace and Prosperity through Liberty and Justice should be your motto.
“Peace and Prosperity through Liberty and Justice should be your motto.”
Don’t hold your breath. “in God We Trust” is first on the list.
They might negotiate for “Peace and Prosperity through God”, or
“God and Jesus through more God and Jesus.”
I’m in PA and can’t vote in primaries because I am registered “no party”. This law is thanks to Rs an Ds. This is probably unconstitutional too, but I have to work for a living so I can’t pursue this issue. And I would rather be dead than be part of the problem (a D or R voter).
Idiot Liberals who want to raise taxes until this crap is addressed should go fuck themselves.
bobbo
I must congratulate you on succinctly stating the case as I see it.
The bottom line is the Fed Gov is still in the business of loaning money to people that can’t pay it back and giving away bonus money for jobs poorly done.
There is a word to describe people like that starting with and f but then they aren’t that reckless when it comes to their money so maybe we are the f**** for keeping on electing them.
Don’t worry folks, I’m almost gone. Habits die hard. No need to rush, not with all this new talent showing up weekly.
So sad. Why can’t a Puke ‘EVER ARGUE THE FACTS?” Instead of taking the time to actually deal with a situation, they do the Limbaugh, lie, and turn it into a talking point.
A Demonstration from Puke Idiot Kernel Panic: “Idiot Liberals who want to raise taxes until this crap is addressed should go fuck themselves.” //// Only a Puke cannot consider more than one issue at a time. No liberal, certainly not myself has ever come close to saying “UNTIL.”
No. This is all more PARTISAN BS. Continue the corruption and get enough cover by blaming the other side. I was actually thinking last week there was a point to Cantor’s argument: when you raise taxes all that happens is that spending goes up as well, so we require that no new taxes be imposed in order to bring the cost of government programs down. BUT THAT IS A PUKE LIE. Repeatedly, all the PUKES do after they have not raised taxes is deficit spend===more than the Liberal typically do after raising some taxes to pay for some of it. You’ve seen those charts of higher deficit spending under Pukes compared to Dumbos.
And to McCulloughs point==yes, Obama is breaking all records for deficit spending and I do blame that on BushtheRetard. He set off a financial bomb==two wars with tax cuts===the blast of which is still going off. He was THAT destructive.
I love the Pukes: the dare to say (Boner that is) that Obama is the cause of all the current mess as “He got everything he wanted during his first two years.” What a lying Puke. Pukes filibustered common issues even they supported in previous years.
Its not the do nothing congress====ITS THE DESTROY THE MIDDLE CLASS CONGRESS, courtesy of the pukes.
Reality is a bitch. Look. Just look.
VOTE ALL “NO NEW TAXES” POLITICIANS OUT OF OFFICE.
Yea verily stoopid hoomans.
bobbo said,
“Its not the do nothing congress====ITS THE DESTROY THE MIDDLE CLASS CONGRESS, courtesy of the pukes.”
Exactly on point and unfortunately absolutely correct.
Though O’Bama is no prize so far.
Hey the really funny thing is, they will get the bailout.
Citizens are pwned bitches
That is all
What do you expect? These guys are Democratic Party contributors. Franklin Raines, Jim Johnson, Jamie Gorelick rewarded for her serial coverups.
Now I realize why all the protesting. The White House is solely responsible for allowing these assholes to receive the bonuses. If the White House can’t do anything about it, at least tax there bonuses at 95%.
Talk about winning life’s lottery. Is there any doubt that there are thousands if not tens of thousands of people in the US who were just as mentally and administratively capable of meeting “moderate performance goals”, but these people by virtue of whom they know get to be compensated vastly for very little real work. (How many loan documents did they process personally?).
I keep hearing that if they were to fail, they’d get fired. So? That is what all of us outside of government deal with. These guys get millions on the upside, 800 to 900K per year while they fail on the downside. Government corporations should be abolished.
OTOH
If you can’t save the country, maybe you can save yourself?
http://antiwar.com/radio/2011/10/31/charles-goyette-15/
LOL!!!
You Republicrats were warned but you didn’t listen.
Will you listen at the next election?
Yo bobbo, check out the current deficits before you say that pukes deficit spend more.
newformat===read much? Thats just what I said.
And thats the “other problem” with pukes.
Clearly the inmates are in charge of the asylum and have been for awhile now. I think there’s only one way out of this madness and it isn’t going to be pretty.
If one of my employees could squeeze $170bn out of the government for me I would pay them a $1M bones – and wash their car!
Solyndra got millions in bonuses before going bankrupt, and the White House considered bailing them out too.
For confused foreigners, Freddie and Fannie are unusually named mortgage guarantee corporations set up by the US government a long time ago to broker home finance for low and middle income American families. They are quasi-autonomous non-governmental organisations.
Fannie Mae went private a long time ago and Freddie was never government at all.
The crap hit the fan when lobbyists demanded that government let loose the reins on their lending while still insisting that government guarantee the loans.
Its basically the “return of the Savings & Loans” where Ronald Reagan deregulated the industry but continued government guarantees of investments made by the S&Ls.
Many foreigners are well aware of who Fannie and Freddie are. More than a few of us are considerably better informed than even the mayor of New York City, Mr Bloomberg, on their role in the recent financial crash.
He recently made some egregiously inaccurate remarks on this topic and they’re taken to pieces here
http://andrewsullivan.thedailybeast.com/2011/11/dish-check-who-caused-the-financial-collapse-not-fannie-and-freddie.html
Fannie and Freddie didn’t cause the financial collapse. Deregulation was the primary cause. For a comprehensive review I recommend the book 13 Bankers by Simon Johnson and James Kwak.
This whole notion of free trade is phoney. We are becoming a nation of financial services companies All these companies do is recycle money. The result is no useful products and services are being produced or sold. The idea that the bedrock of the united states economy can be a country of bankers financial planners financial researchers dealing with numbers marketing consultents’ lawyers is completly false. I could go on and on but I need not. The intangable economy of sorts must be replaced with a economy that produces or provides useful products and services that are really needed. Otherwise we will end up with a few bright CPA’s with master degrees siting behind desks making a good living and everybody else cleaning the carpeting and emptying the wast paper baskets.For three dollars an hour.
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