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Mortgage finance company Freddie Mac says its new chief executive is earning a base salary of $900,000 a year, a 25 percent pay cut from his predecessor who also received sizable bonuses and stock options.
New Freddie Mac CEO to be paid $900,000
Seeded on Tue Sep 23, 2008 8:09 PM EDT
Article Source: msnbc.com- Enjoy this article? Help vote it up the 'Vine.
- Public Discussion (86)
Maybe Congress should encourage Mr. Syron to pay a few of those dollars back to the American people? Personally, I would gladly vote for any of them who do!!
#1 - Tue Sep 23, 2008 8:09 PM EDTUpper management at these corporations should be tried under the fullest extend of Sarbanes-Oxley, and thrown in prison for years. Those who put their faith in Wall Street for retirement or whatever may have to suffer the consequences. It is time for America to invest in things of lasting value.
Greed is part of the human condition, and over 20 years of deregulation has further enabled this financial failure. The political party pushing deregulation since Ronald Reagan is The Republican Party. The Republicans should bet tried by the voters this November and thrown out of office.
- 1 vote
UNBELIEVABLE!!!!!!!!!
- 2 votes
#2 - Tue Sep 23, 2008 8:16 PM EDTI agree, unbelievable! The global financial system is going down, and the CEO's go up! The lawyers keep saying that "Forcing companies to change provisions in those contracts could require them to reopen negotiations with the executives who stand to lose benefits." I say a law must be passed by all three branches to silence these companies, theses CEO's, and these lawyers! The thousands of poor wretches who stole for food and to keep their families alive, should be set free. They are clogging our jails at 24 thousand dollars a year per inmate! Their place should be occupied by the white collar crooks who steal millions!
Wow, only 900K? I hope he can manage to pay his mortgage. Oh wait, he'll probably get that thrown in for free.
- 4 votes
#3 - Tue Sep 23, 2008 8:29 PM EDTI think that that he should not get a penny! Why did'nt the govt. just divide the 700bill to everyone over 18 in america that is not in jail or here illegally, and give us the money to pay off our "bad assests"? Would that not have solved the problem?? I also cannot believe that I am going to pay taxes over the next 10 years for rum imports and crap so that some house vote could be bought with my money! Why are we as americans letting this happen?
- 1 vote
YGBSM - $40,000 max is all they are worth - on news tonight it says that every man/woman/baby in the us will be billed $2,300 during the year for the $700mil bailout plus more for the others like freddy & fannie
- 1 vote
#4 - Tue Sep 23, 2008 8:36 PM EDTThat's 3600 and some change. At least, that's what one news source was saying. A large percentage of Americans cannot shoulder a debt like that. Like, me, for example--this guy's getting 900K? All I need is 9K! I bet he pays more than that for his wardrobe each month!
- 1 vote
I guess we should have saved our government tax check from earlier this year!
Well it is comforting to own that the ex-CEO should be able to cover his 2300 dollars worth of the new bail out plan.
Ok it's not but hey I bored today...LOL
Get involved people... Call your lawmakers...
#5 - Tue Sep 23, 2008 8:36 PM EDTCall your lawmakers? That's a joke. They are part of the problem, not part of the solution.
- 1 vote
For years, we have been hearing that "the CEO's are the lifeblood of capitalism." No mas! Capitalism is failing, as I write. It is failing because of them! Let's throw the rascals out!
- 1 vote
Only making $900,000????? 25% less than the last guy? How about this...how about $40,000 like Puzzled-318246 recommends....and if in a year they are turning the company around then they are entitled to a 6% raise of their salary....you know...the amounts that we laypeople get from companies....that don't even keep up with the cost of inflation? How about living in the real world for a change. $900,000 for a yearly salary.....that is BULL S**T!!!!!!! This just adds insult to a very severe injury.....
#7 - Tue Sep 23, 2008 8:42 PM EDTWell you get what you pay for so 40,000K maybe we can get a college grad with less than 6months experience at apartment leasing office. Hey it could be worse, anyone who wants that position now should be applauded for not asking for more.
I agree but do you think the ceo of a fed bailout should be paid more than lets see the president of the country that bailed them out? The 900k is just salary, and I'm sure their is a liberal expense account among other perks. These ceo's are mostly figureheads who use their connections to get what they want.
While 40K is a bit low, I challenge you (or anyone else for that matter) to prove that an "CEO" who is only paid $250K is inferior than one who gets paid $1250K.
That must be nice!!!!!!!! Like my parents always said, "the rich get richer and the poor get poorer". Now the rich is just trying to trample down the middle class. And by the way, some of the reps assume that dems don't work. Let me set it straight, the dems are the people that mostly pay for the people that can't work and for the lazy people that won't work. Can't and won't are two different things. By the way, I am a nurse that works my butt off. I do make enough to be comfortable. But, I feel sorry for the minimen wage worker. They work their butt off also but can't make enough to have just the basics of life. And before someone says, they should go to school; who would check you out at grocery store, gas station, etc.
- 3 votes
#8 - Tue Sep 23, 2008 8:45 PM EDTOMG.......this is what is wrong with the country? The executives are paid TOO much.....and now the government is bailing them out......what is going on here? Have they all lost their minds?
- 4 votes
#10 - Tue Sep 23, 2008 8:52 PM EDTThey did not lose their minds, they sold their minds to the highest bidders, Wall Street CEO's!
- 1 vote
Just what did that idiot do to deserve a "bonus"? I think he should be asked for that money back and the CEO in no way deserves a $900.000 salary! If he is. indeed, a "miracle worker" let him prove it first and then decide if he is worth that! Let him live week to week like all other American families until he can "prove his worth" and then give him a bonus! In my 67 years of life I have never seen anyone who deserved a salary of that magnitude! I'll take the job for half that amount and probably could do just as good a job but they probably wouldn't hire me because I would want weekends off to go participate drag race events! The way it is going I would need a salary like that to go once or twice a month!
- 2 votes
#11 - Tue Sep 23, 2008 9:01 PM EDTAs long as we are willing to allow this to go on we will be shoved further under the bus. Athletes. movie stars, c.e.o.'s, politicians are all getting rich with pay that is exorbitant. When are "we the people" going to end this?
- 1 vote
#12 - Tue Sep 23, 2008 9:07 PM EDTStudy the issues, elect the representatives who share your views, communicate with them and hold their feet to the fire. Only the informed and prepared
American Citizen voter can solve this problem
- 2 votes
The problem with politicians and CEOs is they are all in it for the money for themselves. If other people's interests are benefited then that is just icing on the cake. Politicians have their own agendas and push their own interests, or the interests of whoever is giving them the most perks. CEOs only see the bottom line - $$. Now that isn't to say that CEOs don't work hard, because I imagine that many work very long hours, longer than we can imagine as regular people. But I agree that their salary should be modest (by CEO standards) and their bonuses should kick in when their company is doing well. Perhaps there should also be a penalty clause if the company is found doing shady business.
Bottom line all politicians are crooks, it is just a matter of the less of 2 evils (Dems v Reps).
"The company, seized by the government earlier this month, said in a regulatory filing that CEO David Moffett will earn the salary while his final compensation package is determined by the Federal Housing Finance Agency, which controls Freddie Mac and sibling Fannie Mae."
What that means is that is what they will pay him until the American people move on to the next crisis and forget about him. then his salary will probably skyrocket!
- 3 votes
#14 - Tue Sep 23, 2008 9:10 PM EDT"The company, seized by the government earlier this month, said in a regulatory filing that CEO David Moffett will earn the salary while his final compensation package is determined by the Federal Housing Finance Agency, which controls Freddie Mac and sibling Fannie Mae."
What this means is until the American people move on to the next crisis, and forget about him. His pay will then skyrocket to some obscene level!
#15 - Tue Sep 23, 2008 9:16 PM EDTMaybe this country is long overdue for a revolution...It's time for the middle class to say no more to these lazy fat cats sitting around looting our banks and our government. Time for us to take back what is ours. These jerks sat there and collected millions and millions and ran their companies into the ground and they walk away smelling just fine while one just like them, the Prez, bails them out and throws the payments on the shoulders of the middleclass. When are we going to say enough and do something about it?
- 3 votes
#16 - Tue Sep 23, 2008 9:34 PM EDTI dont believe its just going to fall on the middle class i think its going to be felt by everyone !!!!!
Call your lawmakers? What a joke, They are part of the problem, Not part of the solution.
- 1 vote
#17 - Tue Sep 23, 2008 9:35 PM EDTSteve, I disagree. If you're aggressive in the advocacy of your cause or concern, your representatives will listen. The problem is that we've become such lazy citizens that we almost never let our opinions and concerns known to our elected representatives. You, the voter are the solution...exercise your right to voice your opinion to your elected officials. You'd be surprised how concerned (even scared) they are by reasonable citizens who forcefully proffer their opinions.
- 1 vote
I think your representative will listen and make you feel concerned and then turn and vote for what suits them best. Do the representatives of each state think that the American people want to give the illegal aliens a free ride to citizenship in this country? They don't give a S@*! They are just thinking more votes for the next election.
If the new CEO turns things around 900k could be acceptable.
But as for the OLD CEO who cleared 20 million, he should have that money taken away. How is it our corporations have contracts that reward those who cause damage! It speaks that Boards for every company are made up of CEO's that scratch each others backs. How can this reckless business culture be allowed to continue.
Its like telling your teenage kids that if they wreck the family car you will buy them a new BMW of their very own.
- 1 vote
#18 - Tue Sep 23, 2008 9:35 PM EDTThe President of the United States of America, you know the country that bailed these sorry folks out of their unmitigated mess, makes $400,000 in direct compensation for being the CEO of the world's only superpower nation. What makes anyone think they deserve or should be paid anymore than that especially when the taxpayers are footing the bill?
You have got to be kidding me! Not one month and already back to the same ol' Sh*t. Let em all fail!
- 3 votes
#19 - Tue Sep 23, 2008 9:37 PM EDTI beg your pardon...! Not my tax dollars paying this guy!
#20 - Tue Sep 23, 2008 9:48 PM EDTThat's right. The new CEO of Freddie Mac must get no more than a honorary 1 dollar a year salary, plus living expenses. It's a question of patriotism. Only patriots need apply!
- 1 vote
This is truly astounding. 900 grand for cleaning up the screw-ups of his predecessors? Throw the bum out. Hire me! I can balance a budget, run a large, profitable business and shoot straight. After this terrible debacle on wall street we're going to shell out nearly a million dollars a year for some yokel to step in and probably screw things up further? INSANITY!!!
You pussys don't even fully name the prospect...the job must be open to anybody...hire me...I could use 900 grand.
What cowardice by you the media and the stupid government that's busy ruining our lives. A co-worker told me today that he's seen a $5,000 decrease in the value of his retirement account since January. Why the hell should we try to invest and save if the economic policies of the stupid Republican "leadership" and an equally stupid Democratic congress destroy us?
WTF are all Americans as stupid as their government? Must be, since we elected them. I'm ashamed and youu should be too!! This problem rests squarely in the lap of the sheep like American consumerator.
No single man, Democrat or Republican, who is elected president, unless they are an extraordinary person (neither candidate is), will have any real impact on the state of our country or your well being. The real responsibility and solution rests with you the voter and the trusted representatives you elect.
The real lawmakers are the people that live in your city or state who you choose to send to the Federal Government in Washington D.C. as your representative. They...and you, are ultimately responsible for the outcome of governance.
Go to the polls knowledgeable and prepared. Understand the issues and what each of the candidates stands for.
Talk to your existing representatives and prospective representatives. Tell them what you expect and ask them what they will do. You are the only special interest that counts and too few of us understand that. When was the last time you called or wrote to your congressional representative or senator? They work for you, why don't you tell them what you expect?
If you think that nobody will respond, you're wrong. If you're determined, you probably can get your rep or a high-ranking aide to hear you about your issues.
I know this because of my experiences with elected or presumptive representatives in the past. Many politicians record how many comments, suggestions or complaints they get from their constituents regarding certain issues and make sure they address those issues during the next legislative session. After all, they want to get re-elected, and they know that their most vocal constituents will influence the most voters.
Folks, don't get trapped by the popularity contest that is the presidential election. Get your two cents worth in to the people who are your real voice in Washington...your local, state and federal elected representatives.
Don't complain about your government...you elected it…suffer from it or do something about it!
- 2 votes
#21 - Tue Sep 23, 2008 10:07 PM EDT"Mortgage finance company Freddie Mac says its new chief executive is earning a base salary of $900,000 a year, a 25 percent pay cut from his predecessor who also received sizable bonuses and stock options."
Good golly, Miss Molly! Think he'll be able to squeak by?
Why in the world are CEOs permitted to earn so much? Earning more didn't keep his predecessor from a royal mess-up (for courtesy's sake, I won't use the word I'd like to). Earning $900K won't keep this guy from being as bad. It's the people beneath him who will be doing all the work; he won't even be hiring, unless it's of also-highly-paid "aides."
- 1 vote
#23 - Tue Sep 23, 2008 10:29 PM EDTThe government now has control but is paying this guy $900,000. Isn't that greater than our president's own salary?
#24 - Tue Sep 23, 2008 10:36 PM EDT$900,000? Is this performance-based? Where can I apply? Enough is enough!!
- 1 vote
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