Fannie, Freddie giving out $210M in bonuses

Forget AIG. Fannie and Freddie beat it easily.

Mortgage finance giants Fannie Mae and Freddie Mac plan to pay more than $210 million in bonuses through next year to give workers the incentive to stay in their jobs at the government-controlled companies.

The retention awards for more than 7,600 employees were disclosed in a letter from the companies' regulator released Friday by Sen. Charles Grassley of Iowa, the senior Republican on the Senate Finance Committee. The companies paid out nearly $51 million last year, are scheduled to make $146 million in payments this year and $13 million in 2010.

"It's hard to see any common sense in management decisions that award hundreds of millions in bonuses when their organizations lost more than $100 billion in a year," Grassley said in a statement. "It's an insult that the bonuses were made with an infusion of cash from taxpayers."

Fannie and Freddie declined to comment on Friday. Fannie had disclosed that it plans to pay four top executives at least $1 million each in retention payments that run through February. Freddie has yet to report on which executives are in line for the awards.

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Fannie/Freddie = conduit for China and PIMCO

Robert Oak has convinced that Fannie/Freddie are allowed to exist only to support the massive bond holding of China and PIMCO.

China has huge holdings and so does PIMCO (possible up to $82 billion).

This tells me that we truly don't control Fannie/Freddie.

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Anyone else?

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Larry Summers, $2.7 Million in "speaker fees" - TARP banks

What a surprise. Gee wiz, wouldn't you love $2.7 million dollars for spewing out what corporations want to hear, especially when later while they are clearly insolvent, they get pumped up with taxpayer billions?

Bloomberg on Summer's fees.

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As Ed McMahon would say,

As Ed McMahon would say, "Indeed, sir...You Are Correct!"

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Most of executive compensation systems

with financial conglomerate and other financial sector companies is broke. It rewards failure and encourages/promotes excessive risk. Congress tried to do something. But..

Treasury continues to protect the financial oligarchy:

Administration Seeks an Out on Bailout Rules for Firms

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