The firms’ chief executives have base salaries of $900,000 annually. They stand to make as much as $6 million a year after receiving deferred pay and bonuses. The executives’ compensation packages remain 40% below the levels before the government took the firms over in 2008, according to the Federal Housing Finance Agency, which regulates the two firms.
Edward DeMarco, the acting head of FHFA, argued that cutting workers’ pay would lead to losses for taxpayers in the long run. For example, he cited the agency’s lawsuits against the nation’s largest banks for poorly underwritten loans during the housing boom. “I need to have qualified and experienced counsel,” for those lawsuits, he said.
So Newt only rises to the level of junior level crook? Someone needs to tell Newt that legal doesn not necessarily mean correct or moral.