Fannie and Freddie to Get Unlimited Aid…and Huge Executive Bonuses

Sunday, December 27, 2009
Michael J. Williams has been with Fannie Mae sice 1991

The Obama administration made like Santa Claus just before the Christmas holiday, enlarging the potential bailout of mortgage giants Fannie Mae and Freddie Mac—and approving Wall Street-like compensation packages for their leaders. On Thursday, President Barack Obama unilaterally raised the $400 billion cap on emergency aid to the companies, which were heavily criticized for helping bring about the housing crisis.

 
Prior to the announcement by the White House, the Federal Housing Finance Agency approved $42 million in salaries and bonuses to the top 12 executives at Fannie Mae and Freddie Mac. Fannie Mae chief executive Michael J. Williams and Freddie Mac chief executive Charles Haldeman each will receive a base salary of $900,000 and bonuses and incentive payments of up to $5 million for running companies that might have collapsed had it not been for the federal government’s rescue in 2008.
 
“The Obama administration’s decision to write a blank check with taxpayer dollars for the continued bailout of Fannie Mae and Freddie Mac is appalling,” said Representative Scott Garrett (R-New Jersey), a member of the House Subcommittee on Financial Institutions and Consumer Credit that oversees the two companies. “Not only is this a continued bailout of failed entities that need to be privatized to protect the taxpayer, the timing of the announcement is clearly designed to try and sneak the bailout by the taxpayers.”
-Noel Brinkerhoff
 

Comments

Lydia Kingston 9 years ago
Fannie Mae is a company that destroyed the lives of their previous employees.. How can they give themselves bonuses, this company terminated my job while out on sick leave and then attempted to deny my unemployment by lying about my position! Fannie Mae is full of LIES. What comes around will eventually come around.. My family could have used Mike Williams, Kenneth Bacon, and all of the other execs bonuses.. my family and I would have had a different Christmas if I wasn't laid off.. but, the company is good for stepping on the workers and rewarding those that do not deserve a position or paycheck! I am appalled that they are allowed bonuses!!! COME ON Mr. President and Mr. Herb Allison!!!... I am disgusted with Fannie Mae and it's GOD LIKE MENTALITY!!!
Shari sopourn 9 years ago
We have loving renamed Fanny Mae and Freddy Mac - Frantic May and Frivolous Mac
Joe Ryan 9 years ago
Everybody involved in the criminal looting of America is being paid for their silence and cooperation. AIG scammers, Fannie Mae crooks, and all involved in the looting have a 'get out of prosecution free' pass, and all we can do is pay the criminals as we trip thru life landing in their hotels, and paying all our money in rent or mortgage. This is slavery, pure and simple. The usury kings rule the world. We are their peon, unchosen, unwashed chattel. Gotta go, the IRS wants more money, so they can feed it to billionaire thieves.
Patriotson 9 years ago
What a bunch of crooks. Where is the pay czar when you need him? 42 million being paid to a group of thugs who have driven this government agency into the ground. But, alas, didn't we just pay the postmaster general a huge bonus for driving the post office into the ground? This president and congress are a bunch of slime and crooks who need to be put in Gitmo Cuba for high crimes against the country.

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