Friday, April 3, 2009

Fannie, Freddie Set to Pay $210 Million in Retention Bonuses

Hey Barney Frank:

Are you going to get all self-righteous and demand that the names of all the recipients be released just like you did for AIG? Oh wait! That's right. You'll probably won't since Fannie and Freddie have been your babies that you've gone out of your way to protect. What was I thinking?

from The Wall Street Journal
April 3, 2009

In a compensation program that has drawn angry protests from politicians, Fannie Mae and Freddie Mac expect to pay about $210 million in retention bonuses to 7,600 employees over 18 months, according to a letter from the mortgage companies' regulator to Sen. Charles Grassley.

The maximum retention bonus for any individual executive under the plan will total $1.5 million during the 18 months ending in early 2010, according to the letter, which provides previously undisclosed details about the bonuses. The regulator, James Lockhart, director of the Federal Housing Finance Agency, said in a letter to the Iowa Republican senator that ...

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