Mar 18, 2009 3:16pm

Bonuses? Fannie Mae Is Planning On Them Too

ABC’s Zunaira Zaki from New York: With all the talk of bonuses it may be worth noting that Fannie Mae, also a beneficiary of a huge government bailout, plans on awarding retention bonuses smaller in amount but similar to those at A.I.G.    Bonuses of between $470,000 and $611,000 are to be paid out to top executives at Fannie Mae in April and November 2009.  The base salaries for the individuals getting bonuses, are between $385,017 and $676,000.  The compensation amounts were disclosed in a recent SEC filing.  These payments are in addition to the up to $260,000 that have already been paid out in retention bonuses to the same executives in 2008.   Fannie Mae posted a loss of $58.7 billion in 2008. Under SEC regulations the company must disclose bonus and other compensation for the top five executives at the firm.  There may, however, be other employees at the firm receiving bonuses that are not subject to public disclosure under current law. Fannie Mae’s counterpart Freddie Mac has yet to disclose compensation information for its executives. Both Fannie Mae and Freddie Mac came under increased government control in September last year when the Federal Housing Finance Agency took over management at both the companies amid mounting losses. Under the Bush administration Fannie and Freddie were each promised a $100 billion in government funds.  In February of this year the Obama administration agreed to increase the funding to $200 billion in exchange for senior preferred stock.  The companies pay the government a dividend on this stock.

User Comments

Barney frank and Chris dodd will say nothing about these bonuses lmao
Barneys boyfriend is still there LMAO
Obama and his party of Clowns

Posted by: Obama-LIVE FROM THE WAFFLE HOUSE | March 18, 2009, 3:49 pm 3:49 pm

I can’t believe that our government thinks that we are so stupid. You know darn well that Obama and his crew are rewarding their buddies at the top of these companies (AIG/Fannie/Freddie). You can’t tell me that they didn’t know about these bonuses. They knew about all of this and made a conscious decision to protect their “pals” instead of the American people. Just imagine the foreign deals that they are making that we don’t know about. The American people should be livid at our government for being directly responsible for this situation and acting as if they were blindsided. “We the people” need to stop this now before our Country is in ruins and out of our control!!!!! Obama and the rest of the crew are supposed to work for our good – not the good of themselves!

Posted by: Di | March 18, 2009, 3:54 pm 3:54 pm

When is it going to STOP????? Please, please tell me that this article is wrong. We, the American public, cannot go through this every other week. If it angers us that ONE institution that received bailout money pays out bonuses – what would make government officials think we would NOT be angered by other bailout recipients paying out bonuses?
It is bad enough that the government is handing out taxpayer money and borrowed money that our children and grandchildren will be paying back their entire lives, but to allow these companies to pay out ANY bonus money is ridiculous!!!!! They should be fired, not rewarded.
When asked why the bankers were being paid huge bonuses, some officials were saying if the bonuses were not being paid, these highly valuable corporate heads would leave and go to other banks. I have to wonder what IDIOT would hire them! Let’s see, their resume would read: I took this very profitable institution and ran it into the ground. This year alone my bank lost $24.5 Billion in just the third quarter. If you hire me I can do the same for your bank! Bad performance does not deserve a bonus! Why is that concept so hard for government officials to understand? YOU CANNOT REWARD BAD BEHAVIOR AND EXPECT POSITIVE RESULTS!
I cannot believe that I have lived so long to see our once proud country reduced to its current status.
I am so disappointed in the inability of congress to protect the public and then look the other way when large institutions misuse funds that represent great sacrifices our CHILDREN will have to make. Please help to stop this misuse of funds.

Posted by: Linda | March 18, 2009, 6:05 pm 6:05 pm

So far Obama’s fumbling and misplaced loyalty to his Cabinet (rather than to the taxpayers who pay his salary) has been the best thing that ever happened to the Republicans.
Keep it coming Obama, us Republicans are getting a great (but expensive) laugh out of all of this!!!

Posted by: Charlie | March 18, 2009, 6:36 pm 6:36 pm

YOU republicans are the ones who allowed this Great Country to be stripped of what makes it great by YOUR greed and de-regulations. Obama had nothing to do with this, except try to turn things around. The Republican Era has created the same wealthy/poor splintering of this country as seen in France just before Marie lost her head – only in America, you Republicans call it capitalism. Greed destroys everything and those who indulge should be stripped of everything.

Posted by: Susan | March 18, 2009, 7:04 pm 7:04 pm

Susan, it is Chris Dodd who would not let the bonus be taken out of the bailout. Lets face it the dems and reps have no idea what they are doing. That is why I voted for Nader.

Posted by: Ken | March 18, 2009, 8:32 pm 8:32 pm

Susan,I find it hard to believe every wealthy american got that way from greed. If that was the case all america would be wealthy. We are all capable of being greedy at some point in our life. I tend to believe the vast majority of wealthy people studied hard and worked harder. Yes, i know some were handed family money but for the most part wealthy americans earned their pay. Now, those who busted their behinds to get ahead in life are called all kinds of names because they don’t want to just hand over their hard earned cash to someone who sits on their behind all day doing nothing. I’m sure they don’t mind helping out those who can’t help themselves right now but I believe their problem is in helping out someone who won’t help themself. People need help getting back on their feet, not being taken care of for the rest of their life. But a lot of people prefer to stay on their ars smoke their crack, drink their beer and get supported. Those I have a problem with and those are the ones I am unwilling to help. call me what ever you like but I know you feel the same. Help those, who can’t help themselves, not those who won’t. there is a big difference. Also, you need to take a look at the dem party. They want to keep the poor just that, poor so they will be dependent on their government for everything. Where do you think the government is going to get the money to support these deatbeats. I’ll tell you where, from you and me and our children and grandchildren. Yeah, thats the kind of country I want for my children. Learn to be dependent, not self relaint, self supporting cause your corrupt gov. is going to make sure you have all you need because they took all the honest, hard working people’s money. Now, theres change we can have hope in.

Posted by: notafan | March 18, 2009, 9:33 pm 9:33 pm

Bailout are good for America. Keep ‘em coming! Taxpayers don’t even care if they get their money back. I mean, it’s just money.

Posted by: bj | March 18, 2009, 10:06 pm 10:06 pm

Washington is clueless and Wall Street is dancing in bailout dough and pumping-up the Dow. Looks like America is on solid footing. ;-( Get rich with the Wall Street gurus.

Posted by: jt | March 18, 2009, 10:10 pm 10:10 pm

“I am so disappointed in the inability of congress to protect the public and then look the other way when large institutions misuse funds that represent great sacrifices our CHILDREN will have to make. Please help to stop this misuse of funds.” – Linda
Linda linda linda, the congress is full of lawyers. They don’t know how to do anything. They don’t know what principals are. They are incapable of protecting the public or doing what’s right. btw, our Pres and Vice Pres are Lawyers too.
No help there.
If you really want a stop to the misuse of funds then get on your knees and pray that someone leaks the names and addresses of the people getting the undeserved bonuses. Only then will things change when these folks have to do deal with the angry American People.
Their millions won’t do them any good when they have to live barricaded in their homes.
Please God, find a soul or two who will leak out these names for the good of us all.
Our President doesn’t have the Gonads to do it but I’m sure there are Americans with Balls of Steel who will. Americans like our forefathers who did what was right not what was “legal” at the time.

Posted by: Noz | March 18, 2009, 10:39 pm 10:39 pm

Susan, the democrates are to blame, since Clinton’s administration. Also our jobs started going overseas when Clinton was president, he is repsonsible for this and a lot of other things. We are just beginning to pay for what he has done! It is going to get worse with Obama in office as he’s too busy paying off those who helped him get in at our expense. If not he’ll end up like the Kennedy;s!

Posted by: oneatwoathreea | March 19, 2009, 7:59 am 7:59 am

Obama needs to put Dodd and Frank on the hotseat and only then will I have any respect for him!

Posted by: oneatwoathreea | March 19, 2009, 8:09 am 8:09 am

“Obama needs to put Dodd and Frank on the hotseat and only then will I have any respect for him!” – oneatwoathreea
Don’t hold your breath oneatwoathreea.
As the blank pages known as Barack Hussein Obama get filled in, the pictures and words are painting a picture with captions that we already know and have seen before.
Reverend Wright was right when he said NoBo was a politician and says and does whatever he needs to to move his agenda along.
O’Bama won’t put Dodd and Franks in the frying pan.
The voters need to put those two in an ejection seat and then push the easy button.

Posted by: Noz | March 19, 2009, 9:22 am 9:22 am

Do these people at these companies not realize that had they been left to collapse they would have no job never mind a BONUS?!?!?!?!?!?!??!

Posted by: Brian | March 19, 2009, 5:18 pm 5:18 pm

Subject: The “Bailout”___ Question: What is the road to hell paved with?___ Answer: good intentions…i hope they plan on paying the tax payers money back, with “interest”, like they expected everyone else to do?! (note: interest in meant to be an accumulative amount over a certain amount of time which shows an increase in value..) the agency you are paying gets the benefit and you yourself were paying it out as a “finance charge”… mortgage payment were never to be more than 4% as in ‘finance charge’, what you call interest..bailing someone out is ‘an interest’ and we’ve paid for it through the teeth, with job losses and foreclosures. i think it’s high time we invest in Humanity First where the jobs are and in the ‘going green’ programs where the future is. any of this making sense to you yet??____Humanity First

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