Fannie, Freddie Heads Accused Of Rearranging Titanic Deck Chairs
Rep. Lynn A. Westmoreland (R-Ga.) just took his turn at the former heads of Fannie and Freddie, first asking them their salaries when they ran the two mortgage giants. The report:
- Richard Syron, former Freddie chief: $4 milliion per year in salary and compensation, and about $2 million worth of pension.
- Daniel Mudd, former Fannie chief: $7 million to $8 million per year in salary and comp, unclear on his pension value.
- Leland Brendsel, former Freddie chief: We missed it, but it was evidently much less than the other former Fannie and Freddie chiefs. "They got you cheap," Westmoreland said.
- Frank Raines, former Fannie chief: Total compensation of $90 million, though he noted some $40 million of that was "clawed back." "That's still good money," Westmoreland said.
Then, Westmoreland went into Full Sarcasm Mode.
"Y'all were getting paid millions of dollars per year and you didn't know anything was going wrong, didn't know it was going south," Westmoreland said. "The American taxpayers are going to kind of miffed that y'all's job was rearranging the deck chairs on the Titanic when it was going down and you didn't know it was going down."
December 9, 2008; 1:55 AM ET
Categories: The Ticker | Tags: Fannie, Franklin Raines, Freddie
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