Post by Queen of the Damned on Mar 18, 2009 17:30:24 GMT -5
At least four Fannie Mae executives are slated to receive more than $400,000 in bonuses each this year as a result of the company's government-approved retention program, The Post's Zach Goldfarb reports.
The executives include chief operating officer Michael Williams ($611,000), deputy chief financial officer David Hisey ($517,000), and executive vice presidents Thomas Lund ($470,000) and Kenneth Bacon ($470,000).
Each of these executives earned about $200,000 in retention payments last year and salaries ranging from $385,000 to $676,000.
Fannie Mae's chief executive, Herbert M. Allison, did not receive any salary or retention payments. He received $60,000 in compensation related mostly to reimbursements.
Fannie Mae, which suffered $59 billion in losses last year, has requested $15 billion in taxpayer assistance, and has said it expects to need plenty more.
All major compensation decisions are authorized by Fannie Mae's federal regulator, the Federal Housing Finance Agency, which created a retention program when the company was seized last September to hold on to key employees.
Under the program, employees are eligible to receive up to 150 percent of their salary in bonuses this year, but many will receive far less than that, and some might receive zero, depending on how central they are deemed to the company's task.
The Federal Housing Finance Agency didn't immediately supply information on how much in bonuses would be given this year to Fannie Mae employees or whether they would be reevaluated after the controversy surrounding bonus payments at American International Group.
Freddie Mac has yet.to disclose its retention payments. It is expected to do so in the coming months, and its payments should resemble those at Fannie Mae.
voices.washingtonpost.com/economy-watch/2009/03/fannie_execs_to_get_400k_in_go.html?hpid=topnews
This makes me so angry, this and AIG!
