Democrats question Fannie, Freddie CEO exit pay
Tue Sep 9, 2008 6:08pm EDT
WASHINGTON (Reuters) - Democrats on Tuesday criticized the
multimillion-dollar pay packages awarded to the former chief
executives of Fannie Mae and Freddie Mac at a time when taxpayers
could foot a massive bill for the companies' bailout.
In a joint letter to Fannie and Freddie's regulator, Senators Charles
Schumer of New York and Jack Reed of Rhode Island said the combined
pay and bonus packages of about $24 million should be revised.
The article later continues with the exit pays of the past...
OTHER PAY PACKAGES
Outrage against high severance packages for U.S. corporation chiefs
has been brewing for many years.
While some may consider the "golden parachute" for Mudd and Syron
high, it is a fraction of what was given to other CEOs whose companies
were hammered by the mortgage crisis
For example, former Countrywide Financial Corp CEO Angelo Mozilo took
home $120 million, ex-Merrill Lynch CEO Stanley O'Neal received a $161
million retirement package and former Citigroup CEO Chuck Prince got
$39.5 million in stock, options, bonus and perks.
Mudd's predecessor, Franklin Raines, received an annual pension of
$1.37 million when he retired from Fannie in late 2004.
Raines was also in line to receive $5.8 million in stock options and
$8.7 million in deferred compensation to be paid through 2020,
according to a U.S. regulatory filing.
Former Freddie Mac Chief Executive Leland Brendsel received a pay
package of more than $50 million.
Both CEOs left their companies during a massive accounting scandal.