Fannie, Freddie worker bonuses total $210M - DFWstangs Forums
 
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post #1 of 7 (permalink) Old 04-03-2009, 01:55 PM Thread Starter
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Fannie, Freddie worker bonuses total $210M

Where's the DEMS "outrage" at the bonuses,

oh wait. These guys are friends of the DEMS, so it's cool


http://news.yahoo.com/s/ap/20090403/...giants_bonuses

WASHINGTON – Mortgage finance giants Fannie Mae and Freddie Mac plan to pay more than $210 million in bonuses through next year to give workers the incentive to stay in their jobs at the government-controlled companies.

The retention awards for more than 7,600 employees were disclosed in a letter from the companies' regulator released Friday by Sen. Charles Grassley of Iowa, the senior Republican on the Senate Finance Committee. The companies paid out nearly $51 million last year, are scheduled to make $146 million in payments this year and $13 million in 2010.

"It's hard to see any common sense in management decisions that award hundreds of millions in bonuses when their organizations lost more than $100 billion in a year," Grassley said in a statement. "It's an insult that the bonuses were made with an infusion of cash from taxpayers."

Fannie and Freddie declined to comment on Friday. Fannie had disclosed that it plans to pay four top executives at least $1 million each in retention payments that run through February. Freddie has yet to report on which executives are in line for the awards.

The two companies, hobbled by skyrocketing loan defaults, were seized by regulators last fall and operate under close federal oversight with new chief executives installed by the government. Since the takeover, Fannie Mae has received $15 billion in federal aid, while Freddie Mac has received nearly $45 billion.

The companies' federal regulator, James Lockhart of the Federal Housing Finance Agency, defended the bonuses in a March 27 letter to Grassley, noting that the collapse of the company's stock prices "destroyed years of savings for many" workers. The companies' stocks now trade below $1, down from more than $60 in fall 2007.

Lockhart denied a request Grassley made last month to release names of employees receiving at least $100,000 in bonuses, citing "personal privacy and safety reasons."

More than 70 percent of new loans in recent months have been backed by Fannie and Freddie. They own or guarantee almost 31 million mortgages worth about $5.5 trillion, more than half of all U.S home loans.

Keeping the companies "operating at full speed was best for the housing markets and best for the economy," Lockhart wrote. "That would only be possible is we retained the Fannie and Freddie teams."

But many lawmakers have little sympathy for that argument amid a public outcry over roughly $165 million in bonuses paid out last month by bailed-out insurance giant American International Group.

Earlier this week, the House passed a bill that aims to keep bailed-out financial institutions from paying their employees hefty bonuses after lawmakers had second thoughts about their vote two weeks ago to tax the bonuses away. The bill would allow the bonuses if the Treasury Department and financial regulators determine they are not "unreasonable or excessive."

Initially after the AIG flap, President Barack Obama had said he would "do everything we can to get those bonuses back." But the White House later backed down as it worked to ensure any restrictions on bonuses didn't alienate the banks and investors needed to help clean up the financial mess.
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post #2 of 7 (permalink) Old 04-03-2009, 01:59 PM
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Who cares. If it were you working their you would be ok with receiving the bonus.
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post #3 of 7 (permalink) Old 04-03-2009, 02:01 PM Thread Starter
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Originally Posted by mustangguy289 View Post
Who cares. If it were you working their you would be ok with receiving the bonus.
I dont care about the bonus. Private companies can give whatever the fuck they want to give. (even the zombie freddie and fannie, as they are still technically private)

I am bringing to light how easily the Democratic "outrage" seems to fade when it's their buddies getting the money.
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post #4 of 7 (permalink) Old 04-03-2009, 02:02 PM
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Originally Posted by mustangguy289 View Post
Who cares. If it were you working their you would be ok with receiving the bonus.
It's YOUR money - more importantly MY money - that they're receiving, after f'ing up their company.

I can't even be mad anymore. Defeated is the word. It's like being tied to the stake and watching the embers being lit. What the hell else can you do? Enjoy the smell I guess.

Oh, and AIG was a major contributor to the Democratic party.
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post #5 of 7 (permalink) Old 04-03-2009, 02:05 PM
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Originally Posted by 46Tbird View Post
It's YOUR money - more importantly MY money - that they're receiving, after f'ing up their company.

I can't even be mad anymore. Defeated is the word. It's like being tied to the stake and watching the embers being lit. What the hell else can you do? Enjoy the smell I guess.

Oh, and AIG was a major contributor to the Democratic party.

Exactly what I am saying. I am so sick at everyone pointing fingers. I hate Obama and the gov right now but seriously it is getting old. Hes a piece of shit and we know that. We don't need to know everything that happens like his wife touching the queen.... fuck the queen and fuck Mrs Obama.
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post #6 of 7 (permalink) Old 04-03-2009, 02:12 PM
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Originally Posted by 46Tbird View Post
It's YOUR money - more importantly MY money - that they're receiving, after f'ing up their company.

I can't even be mad anymore. Defeated is the word. It's like being tied to the stake and watching the embers being lit. What the hell else can you do? Enjoy the smell I guess.

Oh, and AIG was a major contributor to the Democratic party.
Pretty much the way I feel. The dems are like a kid in a candy store; the only spending that they are opposed to is spending that is unpopular with the voters, or spending that may become unpopular with the voters (remember the 90% tax deal retroactive on AIG execs? The only reason that came about was that AIG got caught with their hand in the democratic cookie jar).

The people voted for obama, a known left wing socialist. So let them be happy with their decision and the forthcoming inflation/socialist policies and wealth redistribution. There is nothing that we can do about it anyway. IF there is a country left in four years then maybe then we can recover.
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post #7 of 7 (permalink) Old 04-03-2009, 05:12 PM
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man if i ever let my company go down the goverment wouldnt do a damn thing,and i wouldn't ask for help either.

its called"YOU MADE YOUR BED NOW LAY IN IT" dumbass's

RON PAUL '08
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