Yesh...from the article:
Thats an awesome job! I stuff up the business and still get 1 mill and defended as unswerving dedication to the public interest - actually I should have worked for AIG - they pay more out...
Wasn't it those people who caused the down found of Fannie Mae in the first place.
And another extract:
It is just amazing that these people can get paid enormous sums of bonuses while the businesses they work for and are in charge on fail.
Article start below...
By ALAN ZIBEL, The Associated Press
2:27 p.m. March 20, 2009
WASHINGTON — Mortgage giant Fannie Mae's chief executive and a top government regulator warned Friday that canceling bonuses for workers at institutions receiving federal bailout money could undermine efforts to stabilize the U.S. housing market.
Herbert Allison, who was installed by government regulators as CEO of the Washington-based company last fall, sent a companywide e-mail Friday defending Fannie Mae's bonus program for thousands of workers.
"I am deeply concerned that eliminating our retention plan would jeopardize our ability to fulfill the mission the government has given us to address the housing crisis," he wrote, citing President Barack Obama's plan to prevent up to 9 million foreclosures.
The awards for roughly 9,000 workers at Fannie and sibling company Freddie Mac, enacted shortly after their federal takeover last fall, initially ruffled few feathers. But now the generous paychecks are proving politically touchy as lawmakers and the public seethe over roughly $165 million in bonuses paid out last weekend by bailed-out insurance giant American International Group.
Allison, who is not receiving a salary as CEO, wrote that the bonuses – including at least $1 million each to four top executives – were needed to "ensure we maintain the skills and experience we need to help keep the mortgage market operating."
Read more...
Also watch listen to this radio commentary on it:
From: http://www.youtube.com/watch?v=jR2nKg5YTQI
USA are so in the crap...
Cheers
Marc
... the bonuses – including at least $1 million each to four top executives – were needed to "ensure we maintain the skills and experience we need to help keep the mortgage market operating."
Employees, he wrote, "deserve tremendous credit for staying here and demonstrating unswerving dedication to the public interest despite" uncertainty about the company's long-term future and the stock awards that have become worthless.
Employees, he wrote, "deserve tremendous credit for staying here and demonstrating unswerving dedication to the public interest despite" uncertainty about the company's long-term future and the stock awards that have become worthless.
Wasn't it those people who caused the down found of Fannie Mae in the first place.
And another extract:
Fannie Mae disclosed last month that four top executives will receive retention bonuses totaling at least $1 million apiece. Freddie Mac has yet to detail which executives will benefit.
The two companies have been hobbled by skyrocketing loan defaults. Fannie Mae recently requested $15 billion in federal aid, while Freddie Mac has sought a total of almost $45 billion.
The two companies have been hobbled by skyrocketing loan defaults. Fannie Mae recently requested $15 billion in federal aid, while Freddie Mac has sought a total of almost $45 billion.
Article start below...
By ALAN ZIBEL, The Associated Press
2:27 p.m. March 20, 2009
WASHINGTON — Mortgage giant Fannie Mae's chief executive and a top government regulator warned Friday that canceling bonuses for workers at institutions receiving federal bailout money could undermine efforts to stabilize the U.S. housing market.
Herbert Allison, who was installed by government regulators as CEO of the Washington-based company last fall, sent a companywide e-mail Friday defending Fannie Mae's bonus program for thousands of workers.
"I am deeply concerned that eliminating our retention plan would jeopardize our ability to fulfill the mission the government has given us to address the housing crisis," he wrote, citing President Barack Obama's plan to prevent up to 9 million foreclosures.
The awards for roughly 9,000 workers at Fannie and sibling company Freddie Mac, enacted shortly after their federal takeover last fall, initially ruffled few feathers. But now the generous paychecks are proving politically touchy as lawmakers and the public seethe over roughly $165 million in bonuses paid out last weekend by bailed-out insurance giant American International Group.
Allison, who is not receiving a salary as CEO, wrote that the bonuses – including at least $1 million each to four top executives – were needed to "ensure we maintain the skills and experience we need to help keep the mortgage market operating."
Read more...
Also watch listen to this radio commentary on it:
From: http://www.youtube.com/watch?v=jR2nKg5YTQI
USA are so in the crap...
Cheers
Marc
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