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“The Obama administration pledged Thursday to provide unlimited financial assistance to mortgage giants Fannie Mae and Freddie Mac, an eleventh-hour move that allows the government to exceed the current $400 billion cap on emergency aid without seeking permission from a bailout-weary Congress. The Christmas Eve announcement by the Treasury Department means that it can continue to run the companies, which were seized last year, as arms of the government for the rest of President Obama's current term. … Fannie Mae and Freddie Mac disclosed that they had received approval from their federal regulator to pay $42 million in Wall Street-style compensation packages to 12 top executives for 2009. The compensation packages [include] up to $6 million each to Fannie Mae and Freddie Mac's chief executives.”
It is probably because they were already contracted for this or something.
The agency “sought the guidance of” Kenneth Feinberg, President Obama’s special master on executive pay, before approving the compensation packages, DeMarco said.
Feinberg didn’t have veto power, as he does over compensation of senior executives at certain companies dependent on U.S. aid through the Treasury’s Troubled Asset Relief Program such as General Motors Co. and American International Group Inc.
The top three U.S. Senators getting big Fannie and Freddie political bucks were democrats and number two is Senator Barack Obama. Now, remember, he has only been in the Senate four years but still managed to grab the number two spot ahead of John Kerry, decades in the senate, and Chris Dodd who is chairman of the senate banking committee.
DETROIT - The new chief financial officer at General Motors Co. will receive a salary of $750,000 next year, but he'll get up to another $5.45 million worth of stock starting in 2012 if GM successfully sells shares to the public.
Chris Liddell's pay package exceeds the limits imposed on companies that have received U.S. government aid, but an exemption was worked out with the government pay czar Kenneth Feinberg, GM said in a government filing Wednesday.
GMAC Financial Services is expected to receive $3.5 billion more in federal aid to further stabilize the lender, The Wall Street Journal reported Tuesday.
Originally posted by Libertygal
reply to post by GreenBicMan
Well, you make a great point, except the point is, he is being paid more than what is "allowed" by the Pay Czar to other corporations that received stimulus money. That's the thing, whats good for the goose os not good for the gander, and the only reason they did it is because the guy is from Microsoft, and also a direct link to MSNBC.
Interesting how the links all come together.