February 3, 2012
Senate Adopts Measure to Ban Bonuses at Fannie, Freddie
– Broc Romanek, CompensationStandards.com
Yesterday, as noted in this Bloomberg article, the Senate voted 96-3 to approve a bill prohibiting executive bonuses at Fannie Mae and Freddie Mac (the House is expected to pass a similar bill next week). The measure was introduced after the companies’ regulator, the Federal Housing Finance Agency, approved nearly $13 million in bonuses to 10 executives. Geesh. For doing what is essentially a government job? Ludicrous. The CEOs of both companies recently left their jobs (see this WSJ article), after earning several million dollars per year for overseeing entities that were mere shells of their former selves. Great work if you can get it…