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Wonder what Barney’s Doing to Limit their Pay?

Posted by B. Daniel Blatt at 12:58 am - December 27, 2009.
Filed under: 111th Congress,National Politics

Fannie Mae & Freddie Mac Execs Get Up to $6 Million in Pay

Hey, didn’t the federal government take over these out-of-control (and running out-of-money) Government Sponsored-Enterprises (GSEs) last fall?  And Freddie and Fannie have a history of handing out hefty bonuses to their executives, many of whom have had an extensive business background in Democratic politics.

Wonder what the unhappy Barney Frank, who regularly inveighs against corporate greed, even trying to limit executive compensation even at enterprises which are not on the federal dole, has to say about these salaries at the GSEs he so regularly defended in the 1990s and early 2000s.

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3 Comments

  1. Dont look now, but Obama announced when nobody was paying attention on Christmas day that his administration would eliminate the spending caps placed on Fannie and Freddie altogether, drastically expanding the redistributionist power of those organizations — the same powers that are responsible for the sub-prime mortgage crisis to begin with.

    The above actions would preserve and strengthen the government’s involvement and control over the country’s housing finance system and make it harder to reintroduce substantial private sector involvement later on. They would also continue distortions in the marketplace leading to who knows what unintended consequences. Finally these steps would do nothing to deleverage the housing finance system, a key step in returning it to any degree of normality.

    via Ed Morrissey

    Comment by American Elephant — December 27, 2009 @ 5:41 pm - December 27, 2009

  2. What did they think one financial meltdown was not enough?

    Comment by B. Daniel Blatt — December 27, 2009 @ 9:43 pm - December 27, 2009

  3. Well, Barney stated that he “Couldnt find a villian” in the last meltdown. I suppose POTUS believed him and is giving him another chance to really do the job right this time.

    Comment by Duffy - Native Intelligence — December 29, 2009 @ 12:10 am - December 29, 2009

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