Bountiful 2009 for Fannie Mae, Freddie Mac execs

I read an article posted on the CNN Money website written a couple of  days ago about the compensation package received this year by top administrators of mortgage giants Fannie Mae and Freddie Mac. It is amazing that despite virtually living under government lifeline, the CEO of both firms still enjoyed millions of dollars of salary and perks.

According to the report, Fannie  Mae CEO Michael Williams received $4.2 million in basic salary, meanwhile his Freddie Mac counterpart Charles Haldeman got $6 million. The Federal Housing Finance Agency, which oversees the operations of the two ailing companies, defended the million-dollar compensation package saying this attracts good talent.  The Treasury Department, which bailed out both companies by using billions of dollars of taxpayer’s money during the height of the financial crisis, also agress with the housing regulator.

It is odd that the compensation report was just released right after Congress adjourned for the holiday break, probably a move to averse strong criticism from politicians in Washington.