CNN Four Fannie Mae execs to get big bonuses

I just re-read this article and I remain flabbergasted...

CNN Four Fannie Mae execs to get big bonuses

March 19, 2009

Story Highlights

By contrast, CEO gets no 2008 or 2009 compensation, bonus; CFO gets no bonus

Bonuses necessary to keep Fannie's most experienced execs, says FHFA director

Many Fannie Mae, Freddie Mac employees received pay cuts, no bonuses, he added

Baucus on news of bonuses: "Give me a break. What are these people thinking?"

NEW YORK (CNN) -- Troubled mortgage giant Fannie Mae planned to pay four top executives retention bonuses ranging from $470,000 to $611,000, according to a February SEC filing.

Executive vice presidents Kenneth Bacon, David Hisey, Michael Williams and Thomas Lund will be receiving bonuses of close to half a million dollars each. Bacon supervises community development for the company, Hisey is its deputy chief financial officer, Williams is its COO and Lund oversees the single-family mortgage business.

By contrast, Fannie Mae CFO David Johnson received no bonus on top of his salary of $625,000, while CEO Herb Allison received no compensation or bonuses in 2008 or 2009.

A spokesman for Fannie Mae deferred comment on the bonuses to the Federal Housing Finance Agency.

The bonuses were necessary to keep Fannie's most experienced executives working to reverse the effects of the mortgage crisis, FHFA Director James B. Lockhart told CNN.

Read the entire article here: Four Fannie Mae execs to get big bonuses

CNN's Emily Anderson, Ted Barrett and CNNMoney.com's David Goldman contributed to this report.

All About Fannie Mae • Freddie Mac Holdings • Max Baucus

Links referenced within this article

Fannie Mae http://topics.edition.cnn.com/topics/fannie_mae

Freddie Mac http://topics.edition.cnn.com/topics/freddie_mac_holdings

Sen. Max Baucus http://topics.edition.cnn.com/topics/max_baucus

Fannie Mae http://topics.edition.cnn.com/topics/Fannie_Mae

Freddie Mac Holdings http://topics.edition.cnn.com/topics/Freddie_Mac_Holdings

Max Baucus http://topics.edition.cnn.com/topics/Max_Baucus

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Kevin Dayhoff www.kevindayhoff.net http://kevindayhoff.blogspot.com/