From
FoxNews.com - A Republican senator is calling on
President Obama to cancel the $12.8 million in bonuses that were approved for 10 executives at the government-seized
mortgage giants Fannie Mae and Freddie Mac that received a $170 billion taxpayer-funded bailout. “I am calling on the president of the
United States to cancel those bonuses and explain to the American people, the taxpayers who bailed out Freddie and Fannie, why he continues to reward failure,” Sen.
John Barrasso, R-Wyo., said at a news conference Tuesday. Sen. Spencer Bachus, R-Ala., is pushing a bill to suspend pay packages at Fannie and Freddie and require executives and employees of government-sponsored enterprises to be paid according to the federal pay scale. Politico first reported the $6.46 million in bonuses for the top five officers at
Freddie Mac -- including $2.3 million for CEO Charles E. Haldeman Jr., who is stepping down next year -- and $6.33 million for Fannie Mae officials, including $2.37 million for CEO Michael Williams. A second bonus installment for Freddie executives in 2010 has yet to be reported to the Securities and Exchange Commission, Politico reported.
White House aides say the president took a lead on cleaning up excessive compensation on Wall Street with the Dodd-Frank bill, but those provisions do not apply to
Fannie and Freddie. “The White House was not involved and nor should it be,” White House Press Secretary
Jay Carney said Tuesday.
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Republican Senator Calls on Obama to Cancel Fannie Mae, Freddie Mac Bonuses
From FoxNews.com - A Republican senator is calling on President Obama to cancel the $12.8 million in bonuses that were approved for 10 executives at the government-seized mortgage giants Fannie Mae and Freddie Mac that received a $170 billion taxpayer-funded bailout. “I am calling on the president of the United States to cancel those bonuses and explain to the American people, the taxpayers who bailed out Freddie and Fannie, why he continues to reward failure,” Sen. John Barrasso, R-Wyo., said at a news conference Tuesday. Sen. Spencer Bachus, R-Ala., is pushing a bill to suspend pay packages at Fannie and Freddie and require executives and employees of government-sponsored enterprises to be paid according to the federal pay scale. Politico first reported the $6.46 million in bonuses for the top five officers at Freddie Mac -- including $2.3 million for CEO Charles E. Haldeman Jr., who is stepping down next year -- and $6.33 million for Fannie Mae officials, including $2.37 million for CEO Michael Williams. A second bonus installment for Freddie executives in 2010 has yet to be reported to the Securities and Exchange Commission, Politico reported. White House aides say the president took a lead on cleaning up excessive compensation on Wall Street with the Dodd-Frank bill, but those provisions do not apply to Fannie and Freddie. “The White House was not involved and nor should it be,” White House Press Secretary Jay Carney said Tuesday. Read more:
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