[Socalgal]

Anyone who thinks the administration, politicians and Congress care what "The People" think, or that our little peon letters to them, in justifiable outrage, amount to anything more than the paper they are written on, are living in a fool's paradise, imo.

Quote:

Over the years, Fannie Mae and Freddie Mac showered riches on many winners: their executives, Wall Street bankers and Washington lobbyists. Now the foundering mortgage giants are leaving some losers in their wake, notably their shareholders, rank-and-file employees and, in the worst case, American taxpayers.

[...]

Under the terms of his employment contract, Daniel H. Mudd, the departing head of Fannie Mae, stands to collect $9.3 million in severance pay, retirement benefits and deferred compensation, provided his dismissal is deemed to be “without cause,” according to an analysis by the consulting firm James F. Reda & Associates. Mr. Mudd has already taken home $12.4 million in cash compensation and stock option gains since becoming chief executive in 2004, according to an analysis by Equilar, an executive pay research firm.

[...]

Richard F. Syron, the departing chief executive of Freddie Mac, could receive an exit package of at least $14.1 million, largely because of a clause added to his employment contract in November of last year as his company’s troubles deepened. He has taken home $17.1 million in pay and stock option gains since becoming chief executive in 2003.

...

http://www.nytimes.com/2008/09/08/bu...ef=todayspaper

I wish I had payday like that for running a company into the ground. This is a unjustifiable transference of debt from those who created it to us taxpayers, and they will keep finding new ways to sticking it to us as long as we keep taking it.