Sep 16, 2008

No Golden Parachute for Fannie and Freddie exec's.

This per The Legal Times:

The Federal Housing Finance Agency—the regulator that now controls Fannie Mae and Freddie Mac—announced yesterday that it would block millions in exit pay to the companies’ departing chief executives. The “golden parachute” packages could have totaled as much as $24 million, and they have drawn fire from Congress and both presidential candidates ever since the government bailed out Fannie and Freddie two weekends ago. Daniel Mudd, Fannie’s ex-CEO, and Richard Syron, Freddie’s former CEO, learned yesterday that they would not receive the severance pay.
Mudd and Syron gotta be freaking out. Bet they pissed down both legs..

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