Fannie and Freddie Fatcats Still Raking in Taxpayer Dollars. $35M in Bonuses
A report issued Thursday by the Federal Housing Finance Agency’s Office of the Inspector General shed some light on the following payoffs for incompetence, ineptitude or just plain theft of taxpayer dollars:
- At Fannie Mae (Federal National Mortgage Association), its chief executive officer received $9.3 million in total compensation in 2009 and 2010, the report reveals. The CEO is Michael J. Williams, who joined the company in 1991.
- At Freddie Mac (Federal Home Loan Mortgage Association), CEO Charles E. Haldeman Jr., former head of Putnam Investments, made $7.8 million in the two years since the company was taken over by the federal government.
- Fannie Mae’s chief financial officer made $4.6 million, and its chief accounting officer/general counsel received $4.5 million.
- At Freddie Mac, the CFO made $3.9 million, and the general counsel/secretary received $5.1 million
- In all, the top six executives made $35.4 million. Meanwhile, total losses at the two companies could reach $363 billion through 2013, according to government estimates.
So who just keeps on authorizing these huge bonuses for the wholesale theft and abuse of taxpayer dollars? What the Federal Housing Authority bureaucrats of course! Why does this kind of taxpayer dollar theft continue? It is called Crony-Capitalism and is explained in detail here.
The stated mission of the FHFA responsible for this kind of fraud would be laughable, if not for the seriousness of this longtime Fannie and Freddie theft of taxpayer dollars. Their mission is *supposed* to be, to ensure that the fat-cat bonuses paid out to Senior execs at Fannie and Freddie are “reasonable.” The taxpayers are on the hook for a total of $363 Billion dollars through 2013, and they give over $35 billion dollars to the people perpetuating this fraud under the guise of it being “reasonable?” The FHFA Inspector general now says that Fannie and Freddie should install written criteria and procedures for performance evaluation in order to figure out what bonuses, if any, would be “reasonable” for these crony-capitalists. Oh Really? Why in the hell isn’t that type of system already in place ? So they just take $35 million tax dollars in bonuses, with no system in place to see if they actually earned it, and Congress is sitting on their hands letting this continue for decades.
Darrell Issa is the chairman of the House Government oversight committee, and where is he on this “oversight” of executive bonuses at Fannie and Freddie? I am getting sick and tired of all these theatrical investigations in Congress that NEVER end up accomplishing a damn thing! There is no stoppage of the theft of tax dollars over at Fannie and Freddie, even though we have seen what, 30, 40, or 50 so-called ” investigations ? ” If any action is ever taken, it is so ludicrous that it hurts me to even type it, such as giving someone a $50,000 fine for stealing 3 or 4 million in tax dollars.
U.S. taxpayers are on the hook for over $363 BILLION dollars through 2013, thanks to the corrupt fatcats over at Fannie and Freddie. Those same crony-capitalistic thieves were rewarded for their incompetence/ corruption with over $35 million dollars of your hard earned money. Think about that, as you write out that income tax payment check this month.