Democrats on Tuesday criticized the multimillion-dollar pay packages awarded to the former chief executives of Fannie Mae and Freddie Mac at a time when taxpayers could foot a massive bill for the companies' bailout.
In a joint letter to Fannie and Freddie's regulator, Senators Charles Schumer of New York and Jack Reed of Rhode Island said the combined pay and bonus packages of about $24 million should be revised.
"We find it way out of line," they said in the letter, saying the severance pay for former Fannie Mae CEO Daniel Mudd and former Freddie Mac CEO Richard Syron should be questioned especially if any financial losses could have been caused by errors in management.
Holy Shit!!! $24 million dollars for FAILING? What the fuck? The federal government has to step in and prop up two of the biggest contributors to the mortgage disaster, and for being at the helm of these two failures the FIRED CEO's get a $24 million severance?
When a company (like Enron) goes under and the employees get the pink slip, do they get a severance? Usually they get a note saying "you have no job". So why do the CEO's that do the FAILING get millions on the way out?
Technorati Tags: Politics, Fannie Mae, Freddie Mac, CEO Pay
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