The Wall Street Journal puts the numbers at $210 million
In a compensation program that has drawn angry protests from politicians, Fannie Mae and Freddie Mac expect to pay about $210 million in retention bonuses to 7,600 employees over 18 months, according to a letter from the mortgage companies’ regulator to Sen. Charles Grassley.
The maximum retention bonus for any individual executive under the plan will total $1.5 million during the 18 months ending in early 2010, according to the letter, which provides previously undisclosed details about the bonuses. The regulator, James Lockhart, director of the Federal Housing Finance Agency, said in a letter to the Iowa Republican senator that about $51 million of the payouts were made in late 2008 and that the rest are to be made this year and early next year.
In the letter, a copy of which was made available to The Wall Street Journal, Mr. Lockhart defends the bonuses as vital to retaining talent at the two companies, the main providers of funding for U.S. home mortgages. Fannie and Freddie, which reported combined losses of about $108 billion for 2008, are being propped up by capital infusions from the U.S. Treasury.
Just in time for Spring Break!
Trackposted to Nuke’s, The Pink Flamingo, Rosemary’s Thoughts, third world county, Democrat=Socialist, Conservative Cat, and The World According to Carl, thanks to Linkfest Haven Deluxe.
Potbelly Stove:Â Doesn’t surprise me; Turban Durbin apparently does not care about the future of America.
And yet f’ing idiots keep electing him!