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March 23, 2009
Fannie & Fred Execs to Get Bonuses
Posted by Tina
** Fannie and Freddie are paying out those bonuses anyway – regardless of Barney Frank’s demands and the populist furor over AIG’s bonus payouts. Frank, the chairman of the Financial Services Committee, sent a letter Friday to James Lockhart, the federal regulator overseeing Fannie Mae and Freddie Mac, asking him to rescind retention bonuses of at least $1 million planned for four top executives over the next two years. *** But in letter obtained by POLITICO, Lockhart tells Frank there’s a “great risk” of key employees walking away if they don’t pay out the promised bonuses. These Fannie and Freddie employee retention programs were established because federal officials believed top executives will play a critical role in ensuring the successful turnaround of the companies. - Politico ** (emphasis mine)
Posted by Post Scripts at March 23, 2009 3:54 PM
Comments
Does anyone really expect them to return their bonuses? Maybe the left will get their minions to harass them at their homes and shame them into returning the money.
Excuse me if I do not hold my breath waiting for it to happen.
It is Fannie May, Freddie Mac along with Christopher Dodd and Barney Frank who sprang this October surprise upon us. Now that they got the result they wanted, they are not going to rescind any bonuses.
I am only shocked that the news about the bonuses leaked. The democrats are finding it more difficult then they thought to control their friends in the media.
Posted by: OneVike | March 23, 2009 9:28 PM
As long as they're going after bonuses awarded and agreed to in the past why not go after the inflated bonuses from cooked books at Fannie. How about the pay raises and perks of Barney Frank and others who were given campaign donations by Wall Street.
Obama/Geitner "fix" for AIG is the same sort of scheme that caused Fannie to fail...except that we get the added bonus of government "take over" of private businesses if they "look like" they "might" fail! That isn't regulation and oversight...that is TYRANNY.
Posted by: Tina | March 24, 2009 2:50 PM