07.02.15, 03:38 AM #1
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Fannie, Freddie CEOs to Get $3.4 Million Raises
Firms’ regulator approves increase over objection of White House and some lawmakers
Fannie and Freddie were taken over by the government in 2008, eventually receiving $187.5 billion in bailout money.
The chief executives of government-controlled mortgage-finance firms Fannie Mae and Freddie Mac will get multimillion-dollar paydays thanks to a big raise approved by the companies’ regulator over the objections of lawmakers and the White House.
In separate Securities and Exchange Commission filings, Fannie Mae and Freddie Mac disclosed that their respective CEOs, Timothy J. Mayopoulos and Donald Layton, would have a total annual target compensation of $4 million each, effective Wednesday. The salaries of Messrs. Mayopoulos and Layton had been capped at $600,000.
Messrs. Mayopoulos and Layton and the companies’ boards declined to comment through representatives. In May, the chairmen of the boards said higher compensation was needed to retain the CEOs and for succession-planning issues.
But in granting the pay increases, Federal Housing Finance Agency Director Mel Watt defied the White House and some lawmakers who said the raises weren’t appropriate for companies still backstopped by taxpayers.
http://www.wsj.com/articles/fannie-f...ses-1435760279"Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton
07.02.15, 06:11 AM #2
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And on and on it goes."He has a swaggering retro machismo that will give hives to the Steinem cabal" -Camille Paglia on Donald Trump
"Make way for the bad guy"- Tony Montana
'This hamburger don't need no helper"- David Lee Roth
"I wish Bon Jovi would've given me a call before he recorded all of his hits, because the lyrics would've been smarter, the melodies would've been much more smashing, and they would've sold a lot fewer records." -David Lee Roth
"My beef is people thinking Bon Jovi is good cuz they sold lots of records to housewives." -tango
"But being number one doesn’t really mean jack fuck all. We sold twice as many records as other records that year (1984) that landed in the Number One position." ~Eddie Van Halen
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