More Bonuses for Bail-Out Executives

[I AM NOT THAT GUY 5,715]

Fannie plans bonuses of up to $611K for 4 execs

WASHINGTON (AP) -- Fannie Mae plans to pay retention bonuses of as much as $611,000 each to key executives this year as part of a plan to keep hundreds of employees from leaving the government-controlled company.

Rival mortgage finance company Freddie Mac is planning similar awards, but has not yet reported on which executives will benefit.

The two companies, which together own or back more than half of the home mortgages in the country, have been hobbled by skyrocketing loan defaults. Fannie recently requested $15 billion in federal aid, while Freddie has sought a total of almost $45 billion.

Fannie Mae disclosed its "broad-based" retention program in a recent regulatory filing with the Securities and Exchange Commission. The company was only required to disclose the amounts for the top-paid executives, who will pocket at least $470,000 on top of their base salaries. The bonuses are more than double last year's, which ranged from $200,000 to $260,000.

A company spokesman declined further comment.

(more)

http://finance.yahoo.com/news/Fannie-plans...f-14679491.html

[Ban Hammer 13,333]

The bonuses are more than double last year's, which ranged from $200,000 to $260,000.

A company spokesman declined further comment.

yeah he better decline comment.

[Nagishkaw 510]

The company was only required to disclose the amounts for the top-paid executives, who will pocket at least $470,000 on top of their base salaries.

Good God!

[dalegg 143]

None of this seemed like a bad idea to any of these guys? sheesh.

[spookyturtle 9,465]

I wonder if they're hiring?

[peejay 327]

I wonder if they're hiring?

Only if your resume is littered with malfeasance and failure. How many companies have you bankrupted and looted?

[MrsCat 6]

Personally I think the exec's at Freddie and Fanny should get a foreclosed home as a bonus. What was once worth $400,000 will now be a $150,000 liability.

[Amby 490]

I got my bonus today and quit

[spookyturtle 9,465]

I wonder if they're hiring?

Only if your resume is littered with malfeasance and failure. How many companies have you bankrupted and looted?

Only a few and they weren't noteworthy.

And it is good to see the government get on AIG's case about the money. They were exposed for the cheats they are and some of the money will be returned. Not all of it, but some and they now have two nice black eyes where the American public is concerned. I hope that more accountability will be forth coming.

Edited March 19, 2009 by spookyturtle

[spookyturtle 9,465]

Come on Obama haters, where are you?

[I AM NOT THAT GUY 5,715]

Come on Obama haters, where are you?

Wrong thread. We be hating money grubbing executives here.

[~*Maria*~ 1]

As if they don't earn enough already

[spookyturtle 9,465]

Come on Obama haters, where are you?

Wrong thread. We be hating money grubbing executives here.

But you are supposed to criticize Obama for making them own up.