Free Republic

It has been tough on Fannie and Freddie. They've lost so much money (-$50 billion in 2008, more than the $42 billion they made in total from 1971-2006) that some of their top talent might be getting nervous and would consider leaving. Never fear. Bonuses are here! Ce~lebrate good times, come on! . . . it's a celebration.

Fannie Mae and Freddie Mac, the two troubled companies at the heart of the nation’s mortgage market, are set to pay their employees “retention bonuses” totaling $210 million, despite calls from lawmakers to cancel the payments.

Last year alone, more than 200 House lawmakers, both Republicans and Democrats, awarded bonuses totaling $9.1 million to more than 2,000 staff members, according to a Wall Street Journal analysis of office-disbursement forms. The money comes out of taxpayer-funded office budgets, and is surplus cash that would otherwise be forfeited if not spent.

April 2, 2009 - Dodd Falls Way Behind As Approval Drops To Lowest Ever, Quinnipiac University Poll Finds; Voters Are Angry At AIG Bonuses And Blame Dodd Word format Connecticut Sen. Christopher Dodd trails former U.S. Rep. Rob Simmons, a possible Republican challenger, 50 - 34 percent in the 2010 Senate race, according to a Quinnipiac University poll released today, as voters disapprove 58 - 33 percent of the job the Democratic incumbent is doing, his lowest approval rating ever. Matched against two other possible Republican challengers, Sen. Dodd trails both State Sen. Sam Caligiuri 41 - 37 percent and...

WASHINGTON -- While Congress has been flaying companies for giving out bonuses while on the government dole, lawmakers have a longstanding tradition of rewarding their own employees with extra cash -- also courtesy of taxpayers, the Wall Street Journal reported. Capitol Hill bonuses in 2008 were among the highest in years, according to LegiStorm, an organization that tracks payroll data. The average House aide earned 17 percent more in the fourth quarter of the year, when the bonuses were paid, than in previous quarters, according to the data. That was the highest jump in the eight years LegiStorm has compiled...

Thoughtful Americans – people of common sense and good will – know exactly what is going on today in American Politics. Whether or not the proposed absurd, onerous tax penalties are eventually signed into law, we share the outrage you must feel for the utter hypocrisy, heavy handedness, and pure idiocy of our elected officials. There is nothing new about the concept of politicians identifying scapegoats to divert attention from their own ineptness, but they have now taken it to a preposterous level. These polished, practiced hypocrites, aided by the media, are staging a vicious charade aimed at stirring anger...

Fox News Channel host Glenn Beck has already shown he’s a rating success and is leaving a mark in cable news. However, he may have pulled one of his most successful performances yet. Beck interviewed Connecticut Attorney General Richard Blumenthal on his March 30 broadcast. But, the radio and TV host took the opportunity to tell Blumenthal what he thought of his investigation into the bonuses received by American International Group (AIG) executives – whose company received federal bailout money. “Look, you know what you have done, know what you have done?” Beck said. “You have – you are an...

From the White House through the halls of Congress, Washington is losing its zeal for an all-out fight over hefty executive bonuses, now that it wants the financial companies it blames for the collapse of the U.S. economy to help clean up the mess. The House Financial Services Committee on Thursday adopted a milder alternative to a bill passed last week that would have taxed away 90 percent of employee bonuses from companies getting federal bailout money. The new legislation would let bailed-out companies pay bonuses as long as the government determines the compensation is not "unreasonable or excessive." Just...

Cap and Trade 1. Impose salary CAPS on executives at businesses the government may want to take over 2. Villainize these companies so that their brand is irreparably damaged 3. Divvy them up and TRADE what's left to other investors (especially campaign contributors) as a legacy asset for pennies on the dollar Cap and Trade defined

The anger in the threats against AIG executives is palpable. "Get the bonus, we will get your children," someone identified only as "Jacob the Killer" hauntingly writes in an e-mail. His is one of dozens of threats against AIG and its employees that were obtained from Connecticut Attorney General Richard Blumenthal's office under a Freedom of Information Act request by NBC Connecticut. Surprisingly, some of those making the threats left their e-mail addresses and phone numbers - making the job of law enforcement officers easier. Here are some of the highlights (or rather, low-lights). We've cleaned up some of the...

The two chiefs of Royal Bank of Scotland’s highly profitable commodities trading joint venture have quit the nationalised bank before an expected review of pay and bonuses. David Messer, the United States-based chief executive, has left after the departure of Frank Gallipoli as president this month. RBS Sempra Commodities was formed in 2008 by the bank and Sempra Energy Trading, founded by Mr Messer. An industry source said that a number of traders were planning to quit because RBS is about to clamp down on pay. It is understood that the bank is conducting a review across all its operations...

But the latest controversy surrounding AIG—those $165 million in retention bonuses that seemed to have gotten everyone in Washington up in arms last week—actually reveals the absurdity of what happens when government tries to play an active role in managing a for-profit enterprise.

This morning’s New York Times features a letter from one of those greedy guys from AIG who’s collecting a hefty bonus, courtesy of the U.S. taxpayers. The letter gives us some remarkable insight into the mindset of today’s AIG employees. Jake DeSantis is a ten-year employee of AIG. Until last year, he worked for one of their more profitable divisions, and was quite successful there. He started out as an equity trader, worked his way up to head that business, and then was named head of business development for commodities.

The stock market was intoxicated with the Obama administration's toxic asset plan. Whatever its contempt for the upper middle class that acquires wealth through salaried work and bonuses, Team Obama still has eyes for the hedge fund class, which will be ladled out taxpayer dollars to make one-way bets on problematic bank assets. Yet the AIG bonus episode, the administration's one true disgrace so far, will not soon be forgotten. Tim Geithner is rightly on the hot seat for saying he didn't know about the bonuses until just weeks ago -- because he should have quelled this furor before it...

At least Campbell Brown of CNN (http://www.cnn.com/CNN/Programs/campbell.brown/) has mentioned it today. A.I.G. Reveals Biggest Beneficiaries of Its Rescue March 15, 2009, 5:16 pm E-mail This Update | 8:49 p.m. The American International Group on Sunday released the names of financial institutions that benefited last fall when the Federal Reserve saved it from collapse with an $85 billion rescue loan and then three subsequent bailouts. The disclosure included counterparties to both its credit default swap operations and its securities lending businesses, both of which contributed heavily to A.I.G.’s troubles, as well as to muncipalities who participated in certain investment programs. All...

WASHINGTON -- Since the fall, senior aides to Timothy Geithner have closely dealt with American International Group Inc. on compensation issues including bonuses, both from his time as president of the Federal Reserve Bank of New York and as Treasury secretary. The extent of their involvement, which wasn't widely known, raises fresh questions about whether Mr. Geithner could have known earlier about AIG's $165 million in bonus payments. When the bonuses sparked a political firestorm last week, Mr. Geithner said he learned about their full scope in early March, just days before they were paid. Mr. Geithner and Federal Reserve...

W.H. dials back support for bonus tax By KENNETH P. VOGEL | 3/22/09 3:14 PM EDT The Obama administration appears to be dialing back its support for the bonus tax legislation generally, and particularly the bill passed by the House last week. After the House passed the bill, the White House issued a statement from President Barack Obama saying “I look forward to receiving a final product that will serve as a strong signal to the executives who run these firms that such compensation will not be tolerated.'' But on Sunday, a top administration economist was much less enthusiastic, calling...

Was it just a couple of weeks ago that House Speaker Nancy Pelosi and other DC Democrats were pushing hard for a South Africa-style commission to "learn the truth" about the Bush years? Yet, when it comes to the AIG bonuses, suddenly the truth doesn't matter. During Thursday's House debate on the 90 percent bonus tax, Republican after Republican demanded an investigation into who knew what about the $165 million in bonuses. "When did the White House know about the bonuses, and why didn't they stop them?" asked Rep. Kevin Brady (R-Texas). Good question. Especially given Treasury Secretary Timothy Geithner's...

American International Group, Inc. (AIG: 1.26 -22.22%) isn’t the only government-assisted corporation to come under fire for the payout of bonuses to employees — housing finance giants Fannie Mae (FNM: 0.70 -27.84%) and Freddie Mac (FRE: 0.73 -27.72%) are taking center stage as this week comes to a close for their own plans to pay out so-called ‘retention’ bonuses. Fannie Mae is set to pay retention bonuses totaling at least $1 million over two years to four key executives, according to the company; Freddie has similar plans. Obviously, the dollar amount here is ostensibly far smaller compared to the bonuses...

'WE will hunt you down!" thundered Rep. Jared Polis (D-Colo.) during the AIG bonus demagogue-a-thon on the House floor Thursday. "If they're not going to give [the bonuses] back, we're going to take them back," growled Rep. Artur Davis (D-Ala.), who vowed to recover the taxpayers' "ill-gotten gains" from rogue corporate executives. House Republicans pressed the Democrats on who knew what and when regarding the AIG bonus protections included in Connecticut Sen. Chris Dodd's now infamous amendment to the stimulus bill. Rep. Barney Frank (D-Mass.) shrieked about the Bush administration's culpability. House Speaker Nancy Pelosi (D-Calif.) smugly patted Democrats on...