THE PAYOFFS AND CORRUPTION AT THE TOP NEVER ENDS
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Mortgage finance giants Fannie Mae and Freddie Mac received the biggest federal bailout of the financial crisis. And nearly $100 million of those tax dollars went to lucrative pay packages for top executives, filings show.
The top five executives at Fannie Mae received $33.3 million in 2009 and 2010, while the top five at Freddie Mac received $28.1 million. And each company has set pay targets of as much as $17 million for its top managers for 2011.
That’s a total of $95.4 million, which will essentially be coming from taxpayers, who have been keeping the mortgage finance giants alive with regular quarterly cash infusions since the Federal Home Finance Agency (FHFA) took control of the companies in September 2008.
Source: Fannie, Freddie executives score $100M payday post bailout – Yahoo! Finance
On and on it goes. It’s amazing that these kind of stories have been in the news nearly everyday since 2008 and still nobody has been held accountable or gone to jail.