Skip to comments.Fannie, Freddie Execs Defend Pay Packages
Posted on 11/16/2011 10:03:43 AM PST by tobyhill
Top executives at Fannie Mae and Freddie Mac on Wednesday defended their companies' pay practices which have drawn opposition after it was disclosed the government-controlled firms were paying out nearly $13 million in executive bonuses.
Michael Williams, chief executive of Fannie Mae, and Charles Haldeman, Freddie Mac's chief executive, both argued the compensation structures at the mortgage finance firms were warranted to retain and attract qualified staff.
A bill to block the pay packages was approved by the House Financial Services Committee on Tuesday in a 52-4 vote. The full House must still vote on the measure. A similar bill has been introduced in the Senate.
The two loss-making firms have been propped up by about $169 billion in federal aid since they were rescued by the government in 2008.
(Excerpt) Read more at foxbusiness.com ...
Congress going to give back all the lobbying money they got from Fannie and Freddie too?
so they needed ‘quality staff’ to total the u.s. economy ?
LOL! Seems to me the best talent jumped ship years ago. Now they are bent on rewarding failure.
Yep, attract and retain qualified staff, that’s just what Wall Street said when they were giving away millions to the very people who screwed up the MBS market. The more the merrier, I suppose.
Meaning politically correct Democrats, of course.
Doesn’t ANYBODY follow the history of theis organization?
Democrats have raped these places for HUNDREDS OF MILLIONS
OK for them, but not the banks. Nevermind that the banks actually paid back their money and haven’t required more.
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