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More bankster crime.. too big for jail.

Regulators have approved generous executive compensation at Fannie Mae and Freddie Mac, the taxpayer-backed mortgage finance giants, with little scrutiny or analysis, according to a report published Thursday by the inspector general of the Federal Housing Finance Agency.

The companies, whose fates are to be decided by Congress this year, paid a combined $17 million to their chief executives in 2009 and 2010, the two full years when Fannie Mae and Freddie Mac were wards of the state, the report found.

The top six executives at the companies received $35.4 million over the two years. Since Fannie Mae and Freddie Mac were taken over in September 2008, the companies’ mounting mortgage losses have required a $153 billion infusion from taxpayers. Total losses may reach $363 billion through 2013, according to government estimates.

Charles E. Haldeman Jr., a former head of Putnam Investments, the giant fund management concern, joined Freddie Mac as its chief executive in 2009.

He made $7.8 million for 2009 and 2010. Fannie Mae’s chief is Michael J. Williams, who has worked at the company since 1991. He received $9.3 million for the two years. Company officials declined to comment.

With hundreds of billions in government support necessary to keep the companies running, questions are arising about the nature of the pay packages and how performance goals are determined.

Overpayments?
The pay was approved by the housing finance agency, which is charged with conserving the assets of Fannie and Freddie on behalf of taxpayers.

“F.H.F.A. has a responsibility to Congress and taxpayers to efficiently, consistently, and reliably ensure that the compensation paid to Fannie Mae’s and Freddie Mac’s senior executives is reasonable,” said Steve A. Linick, the newly appointed inspector general of the agency, in a statement. “This is especially true when you realize that the U.S. Treasury has invested close to $154 billion to stabilize Fannie Mae and Freddie Mac,” and they “are spending tens of millions of dollars for executive compensation.”

The report cited a “lack of standardized evaluation criteria, documentation of management procedures and internal controls” at the oversight agency, missing steps that may have led to overpayments.

For example, the inspector general said that taxpayer support of the companies may have made performance benchmarks easier to meet for executives. In 2009, Fannie Mae issued 47 percent of new mortgage-backed securities, far exceeding its goal of 37.5 percent. But, as the report noted, this hurdle was almost certainly cleared because the Federal Reserve purchased almost all the mortgage securities issued by Fannie and Freddie in 2009.

Continues in link........

http://www.msnbc.msn.com/id/42371364/ns/business-us_business/
 

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Typical government

Rewarding themselves Despite very Bad Job performance

These people are all Highly replaceable

No sense in over paying any of them


This is 1 reason why *** America ***is failing today

Overpaid Government workers that produce little-Nothiing:nuts:
 

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The question is what do CEO's of private corporations of similar size and scope get paid? Probably more than $9M a year. This pay is probabaly about right for the size operation they run. Of course, it all goes back to the employement contract. If the government doesn't want to pay that much (which is fine with me), they need to have an employment contract with these CEO's that limits their salaries. But you can't do it after the fact. You have to have those rules set up going in.
 

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Discussion Starter · #4 ·
The question is what do CEO's of private corporations of similar size and scope get paid?
By looking at the books for F&F, if it was private they would not get jack-**** because they would have failed 8 years ago. Unless, they were a private bank, deemed too-big-too-fail by the bankster government. They have been cooking the books for a long time, well documented. Conspiracy theory, right? :laughing:

Now, it's documented that fraud was rampant.. how many do you see in jail? None..

This pay is probabaly about right for the size operation they run. Of course, it all goes back to the employement contract. If the government doesn't want to pay that much (which is fine with me), they need to have an employment contract with these CEO's that limits their salaries. But you can't do it after the fact. You have to have those rules set up going in.
:laughing: These guys are so lucky to have their victims defend them... what do they call that? Stockholm syndrome.
 

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:laughing: These guys are so lucky to have their victims defend them... what do they call that? Stockholm syndrome.
No, I'm not really defending the pay. But I get tired of people bashing CEO's for making a lot of money when they negotiated the conditions of their pay ahead of time. I just believe in living up to contracts. If we, the people, made bad contracts with these guys, that's our fault, not theirs. If I was CEO material, I would negotiate the best deal I could for myself at the outset - as would most people. Why would we bash them for getting paid what they negotiated? If we are consistently getting a bad deal as taxpayers, the bad guys are the guys in congress or in the bureaucracy that make these bum deals, not the ones who got paid too much.
 

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Discussion Starter · #6 ·
No, I'm not really defending the pay. But I get tired of people bashing CEO's for making a lot of money when they negotiated the conditions of their pay ahead of time. I just believe in living up to contracts. If we, the people, made bad contracts with these guys, that's our fault, not theirs. If I was CEO material, I would negotiate the best deal I could for myself at the outset - as would most people. Why would we bash them for getting paid what they negotiated? If we are consistently getting a bad deal as taxpayers, the bad guys are the guys in congress or in the bureaucracy that make these bum deals, not the ones who got paid too much.
The reason I say your defending them, is because you can't seem to process the fact that they were committing, documented fraud. Once you delve into criminal activity, I don't care what the contract says.. your a criminal and jail should be your home. They cooked the books for years, the executives were mostly hired through political means as opposed to their value. I can assure you that if you had an employee pull this, you would not be here telling us how you need to fulfill his contract... :laughing:

:D
 

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The reason I say your defending them, is because you can't seem to process the fact that they were committing, documented fraud. Once you delve into criminal activity, I don't care what the contract says.. your a criminal and jail should be your home. They cooked the books for years, the executives were mostly hired through political means as opposed to their value. I can assure you that if you had an employee pull this, you would not be here telling us how you need to fulfill his contract... :laughing:

:D
The article was referring to 2009 and 2010. My statements had nothing to do with the long history of malfeasance at those places. Haven't these guys only been on the job a couple of years? If so, we should be considering their pay vs. their contracts, not the deeds of the predecessors. :cheers:
 

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Discussion Starter · #8 ·
The article was referring to 2009 and 2010. My statements had nothing to do with the long history of malfeasance at those places. Haven't these guys only been on the job a couple of years? If so, we should be considering their pay vs. their contracts, not the deeds of the predecessors. :cheers:



:laughing: Your ok Tex.. all of this conspiracy stuff is nothing to worry about. Go about your life, enjoy!



:cheers:
 

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:laughing: Your ok Tex.. all of this conspiracy stuff is nothing to worry about. Go about your life, enjoy!



:cheers:
I'm not into those corny Matrix movies, and I don't use a battery powered sexual device, so I'm not sure what your pictures are trying to say. :laughing:
 

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:laughing: It's ok Tex.. just ignore these conspiracy posts of mine.

:cheers:
Ignore the conspiracy posts? That would be all of them, and I have too much fun reading them. Sorry, you'll just have to put up with my rational responses every now and then. :laughing:
 

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Discussion Starter · #12 ·
Ignore the conspiracy posts? That would be all of them, and I have too much fun reading them. Sorry, you'll just have to put up with my rational responses every now and then. :laughing:
:laughing: Rational response? :lookinup:

Your "coincidence theories" are much more fun than my conspiracy theories.. mine make too much sense, and yours are a laugh a minute :lookinup: People have been documenting and writing about how this ends since the fed began. Past presidents have written about how this works and how it ends. The documentation is endless.. but it's not corporate media approved.

:cheers:
 

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:laughing: Rational response? :lookinup:

Your "coincidence theories" are much more fun than my conspiracy theories.. mine make too much sense, and yours are a laugh a minute :lookinup: People have been documenting and writing about how this ends since the fed began. Past presidents have written about how this works and how it ends. The documentation is endless.. but it's not corporate media approved.

:cheers:
I know there have been conspiracy theories about this since the beginning. All I know is that our country's finances worked pretty well up until the last few years. So people have been saying we would go to hell in a handbasket for 90 years. Now that we have, they want to claim they were right all along. Well, it could be that, or there might be other reasons for our precarious situation.
 

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I know there have been conspiracy theories about this since the beginning. All I know is that our country's finances worked pretty well up until the last few years. So people have been saying we would go to hell in a handbasket for 90 years. Now that we have, they want to claim they were right all along. Well, it could be that, or there might be other reasons for our precarious situation.
Settle down Tex, I didn't mean to get you riled. Go watch some Fox news, and forget all this conspiracy stuff. :thumbsup:

"If Congress has the right under the Constitution to issue paper money, it was given to be used by themselves, not to be delegated to individuals or corporations."
Andrew Jackson

“If a Central Bank is ever created in America- Through Inflation and Deflation the Bankers will Rob The people. - Thomas Jefferson

It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." — Henry Ford

We have, in this country, one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board. This evil institution has impoverished the people of the United States and has practically bankrupted our government. It has done this through the corrupt practices of the moneyed vultures who control it." -- Congressman Louis T. McFadden in 1932 (Rep. Pa)

"Most Americans have no real understanding of the operation of the international money lenders. The accounts of the Federal Reserve System have never been audited. It operates outside the control of Congress and manipulates the credit of the United States" — Sen. Barry Goldwater (Rep. AR)
“The real truth of the matter is, as you and I know, that a financial element in the large centers has owned the government of the U.S. since the days of Andrew Jackson.” - Franklin Delano Roosevelt

“The money powers prey upon the nation in times of peace and conspire against it in times of adversity. It is more despotic than a monarchy, more insolent than autocracy, and more selfish than beaurocracy. It denounces as public enemies all who question its methods or throw light upon its crimes. I have two great enemies, the Southern Army in front of me and the bankers in the rear. Of the two, the one at my rear is my greatest foe.” Abe Lincoln
"I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a monied aristocracy that has set the government at defiance. The issuing power (of money) should be taken away from the banks and restored to the people to whom it properly belongs." — Thomas Jefferson, U.S. President.

"History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and it's issuance." — James Madison.

"This [Federal Reserve Act] establishes the most gigantic trust on earth. When the President [Wilson} signs this bill, the invisible government of the monetary power will be legalized....the worst legislative crime of the ages is perpetrated by this banking and currency bill." -- Charles A. Lindbergh, Sr. , 1913

My fellow conspiracy theorist thank you for your participation. :cheers:
 

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I know there have been conspiracy theories about this since the beginning. All I know is that our country's finances worked pretty well up until the last few years. So people have been saying we would go to hell in a handbasket for 90 years. Now that we have, they want to claim they were right all along. Well, it could be that, or there might be other reasons for our precarious situation.
Regardless of the minimization being made of your valid point... I still agree with you.

Nostradamus probably made similar claims... of course, they won't be realized for "another" 90 years.
 
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