3/19/09

The beat goes on: Fannie Mae execs to get bonuses

Fannie Mae bonuses

Fannie Mae to Pay Bonuses of Up to $1M for Four Execs

Here is the best article:

Fannie is handing out sizeable bonuses

Here's the thing: The timing is important on this. Ask yourself this: when did Fannie get the $200 billion? It was pre-TARP. These bonuses came up in November's annual report.

Hey, Barney Frank. Got anything to say about any of this?

From Michael Ramirez on Barney Frank:

Incompetent pigs ought to be fired

Fannie Mae disclosed its "broad-based" retention program in a recent regulatory filing with the Securities and Exchange Commission. The company was only required to disclose the amounts for the top-paid executives, who will pocket at least $470,000 on top of their base salaries.

The bonuses are more than double last year's, which ranged from $200,000 to $260,000. Another round of bonuses ranging from $330,000 to $429,000 are planned for next February.

Michael Williams, Washington-based Fannie Mae's executive vice president and chief operating officer, is due to receive a $611,000 retention award this year on top of his $676,000 base salary.

Williams received a $260,000 retention bonus last year and is in line for another $429,000 next February, for an expected total of $1.3 million, according to the SEC filing.

David Hisey, the company's deputy chief financial offer, is expected to receive a $517,000 retention award this year in addition to his $385,000 salary and $160,000 cash bonus. He received a $220,000 retention award last year and is due to receive $363,000 next February, for a total of $1.1 million.


The line of bull these guys are coming up with is the usual: "It's a retention scheme. If we don't pay them the bonuses, they'll leave."

And that is a problem? It seems their staying is the real problem.

Is this somehow another Geithner-influence bit of brilliance?