Fannie plans bonuses of $1M for 4 execs!

[Bravo Zulu]

Fannie Mae plans to pay retention bonuses of at least $1 million to four key executives as part of a plan to keep hundreds of employees from leaving the government-controlled company.

Rival mortgage finance company Freddie Mac is planning similar awards, but has not yet reported on which executives will benefit.

http://hosted.ap.org/dynamic/stories/M/MORTGAGE_GIANTS_BONUSES?SITE=PAPIT&SECTION=BUSINESS&TEMPLATE=DEFAULT

[dixiegrrrrl]

1. Welcome to the nut house...

:banghead: :banghead: :banghead: :banghead:

[ChromeFoundry]

2. When are the taxpayers gonna ...

break out the nutcrackers?

[Jack Rabbit]

3. They are going to WHAT????

Schmiergrafx (Germany)

[stillcool]

4. They "could prove politically touchy"..

Fannie Mae said regulators determined that the bonuses were needed because keeping key employees "was essential to ensure our viability through 2010, which would allow Congress, the administration and other parties involved time to determine what the form and function of the company will be in future years."

The bonuses were authorized last year by the Federal Housing Finance Agency, which seized control of Fannie and Freddie in September and ousted the companies' former CEOs

"It was critical to retain their most important asset - their employees - who are being asked to play a vital role in the nation's economic recovery," James Lockhart, the agency's director, said in a statement. "As the previous senior management teams left, it would have been catastrophic to lose the next layers down and other highly experienced employees."

But the generous paychecks could prove politically touchy amid outrage over roughly $165 million in bonuses paid out over the weekend by bailed-out insurance giant AIG.

[acmavm]

9. Keeping key employess is a problem? Where the fuck they gonna go?

Who's gonna want 'em? They're toxic.

[JDPriestly]

5. What are they trying to do? How stupid can they get?

Americans are losing their jobs and their homes, and these people are taking "bonuses" of a million? Obama needs to get back in touch with reality. The White House must have gone to his head.

[pacalo]

6. But Limpballs said we peasants with pitchforks are protesting too much about these bonuses!

In the words of Limpballs, The peasants with their pitchforks, surrounding the corporate headquarters of AIG, are out of control!

And Obama is inciting the people by telling them that the tired ways of the past won’t work, that we need a new way.

$500,000 limit of pay (wouldn’t you love to have $40,000 deposited into your banking account each month, even though you don't know which end is up in your job?) won’t work because NYC will die without the super wealthy -- or those who pay Limpball's salary! They should have merit pay, based on performance! How much merit pay do these executives deserve for mismanagement -- um, not a cent.

He sounds as goofy as he looks.

[emilyg]

7. Crap

this is nuts

[exboyfil]

8. Republican hit piece on Democrats regarding Fannie/Freddie

but the quotes are illuminating in understanding that we have a cancer in Washington that is involves both parties.

http://www.youtube.com/watch?v=_MGT_cSi7Rs&feature=related