Wednesday, March 18, 2009

Tomorrow's scandal, today!

AIG is so five minutes ago. Let's move on to the latest government-supported financial entity with inept executives grabbing big bonuses. WashPost: "Top Fannie Mae Executives Each Get $1M Retention Bonuses"

Fannie Mae, the federally run mortgage finance giant, plans to pay four top executives $1 million or more in bonuses as part of an employee-retention program.

The bonus plan prompted the company's federal regulator to defend compensation decisions the government made when it took over Fannie Mae in September. It comes as American International Groupis facing public outrage over $165 million in bonuses it awarded last week.

Fannie Mae, which suffered $59 billion in losses last year, has requested $15 billion in taxpayer assistance, and has said it expects to need plenty more.
Don't worry Fannie Mae, the kids are driving us home after the party.

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