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Fannie, Freddie...$210M worker bonuses

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posted on Apr, 3 2009 @ 05:34 PM

By ALAN ZIBEL, AP Real Estate Writer – Fri Apr 3, 2:37 pm ET 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 bold part is mine. I'm new to posting news articles here, so I hope I did ok.

In the face of AIG bonuses, I wonder how this will be dealt with by the new administration...? But I'm so flabbergasted by everything going on lately I don't know what to think anymore.

I just feel like an insignificant spect whose thoughts and suggestions are meaningless...they know what's best for all of us and it doesn't matter what we think...

Fannie, Freddie worker bonuses total $210 million

posted on Apr, 3 2009 @ 06:06 PM
No doubt, none of these compensations, errr, retentions bonuses were secret, especially being this is going to be higher than those given out by AIG. Meh, I would not be remotely surprised though if some members of Congress re--feign "Bonus Outrage" (i.e.: otherwise proven to be straightforward willful blindness and outright stupidity on the part of those 'in-the-know'), despite Fannie and Freddie being so heavily politically-connected. Barney Frank and Chris Dodd, where are you?

posted on Apr, 3 2009 @ 06:32 PM
reply to post by Seekerof

Barney Frank and Chris Dodd, where are you?

Really, where are they...

posted on Apr, 3 2009 @ 06:41 PM
This explains why my school loan interest
has been so high for so many years...

I hope they enjoy all of my hard earned money.

posted on Apr, 3 2009 @ 07:35 PM
reply to post by Astarfaraway
Well when are they gonna be steamrolled like AIG ?

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