Skip to comments.GIMMICKS: Obama Bans Swag but Fannie-Freddie Get Obscene Bonuses
Posted on 11/10/2011 1:24:39 PM PST by Driftwood1
The swag hunt is on, but finding it is proving a lot harder than President Barack Obama might think.
Obama signed an executive order Wednesday to promote cut costs and section seven, titled extraneous promotional items, states that agencies should limit the promotional items (e.g., plaques, clothing, and commemorative items), in particular where they are not cost-effective.
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. EFdp
(Excerpt) Read more at nation.foxnews.com ...
Only in government could a business lose money and hand out bonuses...
It's the humane thing to do for Americans.
[ Only in government could a business lose money and hand out bonuses... ]
Eeyup, failure is always an option for government and an incentive for more money because obviously the problem needs more money mentality from federal agencies...
Not only are they losing money and handing out millions in bonuses, they’re asking for millions more in stimulus money!!!
Government is a leech.
Government, unlike business, exists permanently in the red, as it makes nothing, produces nothing, but pays itself handsomely, for life, in fact, for it’s “services”.
Fannie and Freddie need to be shut down and sold to the highest bidder. All assets sold and the proceeds pay down the debt.
New loans will be underwritten by private lenders, and VA loans given will be give a tax break, nothing else.
It would work and free up billions.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.