Fannie and Freddie CEOS to get up to $6M in pay - Spokane, North Idaho News & Weather KHQ.com

Fannie and Freddie CEOS to get up to $6M in pay

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    New study reveals details of executive compensation

    Richard Fuld walked away from a bankrupt Lehman Brothers with $541 millionRichard Fuld walked away from a bankrupt Lehman Brothers with $541 million
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    WASHINGTON. - Critics of executive pay have more reason to be angry. A new study has found that executives at two firms - Lehman Brothers and Bear Stearns - walked away with huge payouts even as their shareholders were losing almost everything. In the new study, 'Wages of Failure,' experts at Harvard Law School found that top executives of the two companies came out just fine.>>
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    Administration, Congress seek to rein in exec pay

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    WASHINGTON. - Some Democratic lawmakers are saying the Obama administration's approach to reducing executive compensation doesn't go far enough.>>
    WASHINGTON. - Some Democratic lawmakers are saying the Obama administration's approach to reducing executive compensation doesn't go far enough. The administration rejects direct intervention in corporate pay decisions and plans to seek legislation that would try to rein-in compensation at publicly traded companies through shareholder votes. Republicans say the administration's plan goes too far and 'we need to get government out of businesses.'>>

NEW YORK, N.Y. - The top executives of Fannie Mae and Freddie Mac could get paid as much as $6 million for 2009, despite the companies' dismal performance this year.
     
Fannie's CEO, Michael Williams, and Freddie CEO Charles "Ed" Haldeman Jr. each will receive $900,000 in salary, $3.1 million in deferred payments next year and another $2 million if they meet certain performance goals, according to filings with the Securities and Exchange Commission on Thursday.
     
The pay packages were approved by the Treasury Department and the Federal Housing Finance Agency, which regulates Fannie and Freddie.
     
Fannie and Freddie, which were seized by regulators in September 2008, have needed $111 billion in taxpayer money to stay afloat.

The news of the chief executives' pay could spark new criticism about the government's numerous bailouts.

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    MICA, Wash. - The John Belmont is now 60 percent contained. Crews say the fire reached 50-60 acres, but they have a line around 90 percent of the fire. They expect 3-4 days total for full suppression of the fire. Level 2 and 3 evacuations remain in place through the night into tomorrow morning. Red Cross has set up a shelter for evacuees at Bowdish Middle School in Spokane Valley.

    >>

    MICA, Wash. - The John Belmont is now 60 percent contained. Crews say the fire reached 50-60 acres, but they have a line around 90 percent of the fire. They expect 3-4 days total for full suppression of the fire. Level 2 and 3 evacuations remain in place through the night into tomorrow morning. Red Cross has set up a shelter for evacuees at Bowdish Middle School in Spokane Valley.

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    >>

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    >>

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