It is a cryin' shame that it had to come down to regulation. But it did, and now there will be two less pigs feeding at the government trough. Old CEO's made 3 to 6 million (What in God's name makes someone worth 500,000/month to a government sponsored entity?!) and the new ones will be paid properly.
Fannie, Freddie CEO pay capped at $500,000 with no bonuses
WASHINGTON -- The regulator for government-seized mortgage giants Fannie Mae and Freddie Mac on Friday set a target cap of $500,000 in pay for incoming chief executives at the two firms as it seeks to reduce executive pay by almost 75 percent.
Both Fannie and Freddie are seeking new chief executives after their CEOs announced plans to step down in recent months.
According to a release from the Federal Housing Finance Agency, the regulator for Fannie and Freddie, the 2011 pay package of Michael Williams, the outgoing CEO of Fannie Mae, was $5.3 million including a $900,000 base salary.
Freddie Mac chief executive Charles Haldeman Jr. announced in October that he would step down in 2012. He had a 2011 pay package of $3.8 million, also including a $900,000 base salary.
The regulator said the 2012 pay program eliminates bonuses. Republicans in Congress have been pressing for cuts to pay and elimination of bonuses for executives at Fannie and Freddie.
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