Do not pass go, do not collect 24 million
Fannie, Freddie CEOs denied exit bonuses
WASHINGTON (Reuters) – U.S. regulators will not allow mortgage giants Fannie Mae and Freddie Mac to pay their departing chief executives multimillion-dollar severance packages outlined in their contracts, The Washington Post reported on Sunday.
The Federal Housing Finance Agency (FHFA) has notified former Fannie Mae Chief Executive Officer Daniel Mudd and former Freddie Mac Chief Executive Officer Richard Syron that the so-called “golden parachutes” will not be paid, the Post reported, citing an agency statement.
Mudd and Syron were entitled to combined pay and bonus packages worth about $24 million as part of the government’s plan to restructure the troubled companies, which own or guarantee about half of the $11 trillion outstanding home mortgages in the United States.</em>
Says something about these men that they would have taken the money anyway, don’t it? What is it they say?
Oh yeah.
Privatize the profits, socialize the losses.
