a bonus for hypocrisy

8/3/2019 A Bonus for Hypocrisy

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November 1, 2011

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A Bonus For HypocrisyObama Flip Flops On Fannie And Freddie Executives Receiving Millions

In Performance Bonuses_____________________________________________________________________

Obamas Efforts To Fix The Housing Crisis May Have Fallen Short But They HaveLed To Seven-Figure Paydays For Some Top Executives At Troubled Mortgage Giants

Fannie Mae And Freddie Mac.(Josh Boak and Joseph Williams, Fannie Mae, Freddie Mac Executives Get Big Housing Bonuses,Politico, 10/31/11)

Watch Obama Attack Fannie And Freddie Bonuses In 2008

IN 2008, OBAMA WAS OUTRAGED BY MULTIMILLION DOLLAR BONUSES AT FANNIEAND FREDDIE BUT UNDER HIS WATCH HE REMAINS SILENT ABOUT THEM

THEN: In 2008, Obama Was Troubled By Fannie And Freddie Handing OutMultimillion-DollarSeverance Packages To Top Executives.OBAMA: I've always said that any action with respect toFannie Mae and Freddie Mac needs to put taxpayers first and can't under any circumstances bail out
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shareholders or senior management of that company -- those companies. As a consequence, I'm troubledby the news reports that the outgoing CEOs of Fannie and Freddie may be in line to receive multimillion-dollar severance packages as part of the Treasury plan. (Senator Barack Obama, Press Conference, Riverside, OH, 9/9/08)

Obama Wrote That Under No Circumstances Should The Executives Of These InstitutionsEarn A Windfall As They Are Being Bailed Out With Taxpayer Resources.OBAMA: Under no

circumstances should the executives of these institutions earn a windfall at a time when the U.S.Treasury has taken unprecedented steps to rescue these companies with taxpayer resources.(Senator Barack Obama,Letter To Treasury Secretary Henry Paulson And FHFA Director Henry Lockhart, 9/9/08)

NOW: [T]he White House So Far Has Remained Largely Silent About Comparable Bonuses AtFannie Mae And Freddie Mac.(Josh Boakand Joseph Williams, Fannie Mae, Freddie Mac Executives Get Big Housing Bonuses,Politico,10/31/11)

Fannie And Freddie Executives Are Awarding Over $12 Million In Bonuses To Ten Executives ForMeeting Modest Performance Targets.The Federal Housing Finance Agency, the governmentregulator for Fannie and Freddie, approved $12.79 million in bonus pay after 10 executives from the twogovernment-sponsored corporations last year met modest performance targets tied to modifyingmortgages in jeopardy of foreclosure. (Josh Boak and Joseph Williams, Fannie Mae, Freddie Mac Executives Get Big Housing Bonuses,Politico, 10/31/11)

The Bonuses Come After Fannie And Freddie Have Received Nearly $170 Billion In Taxpayer Aid.The executives got the bonuses about two years after the federally backed mortgage giants received

nearly $170 billion in taxpayer bailouts and despite pledges by FHFA, the office tasked with keepingthem solvent, that it would adjust the level of CEO-level pay after critics slammed huge compensationpackages paid out to former Fannie Mae CEO Franklin Raines and others. (Josh Boak and Joseph Williams, Fannie Mae,Freddie Mac Executives Get Big Housing Bonuses,Politico, 10/31/11)

Freddie Mac CEO Ed Haldeman Received A $2.3 Million Bonus On Top Of His $900,000Salary. Securities and Exchange Commission documents show that Ed Haldeman, whoannounced last week that he is stepping down as Freddie Macs CEO, received a base salary of

$900,000 last year yet took home an additional $2.3 million in bonus pay. (Josh Boak and Joseph Williams,Fannie Mae, Freddie Mac Executives Get Big Housing Bonuses, Politico, 10/31/11)

Rep. Elijah Cummings (D-MD): It Is Outrageous It is outrageous that senior executives at Fannieand Freddie are receiving multimillion-dollar compensation packages when they now rely on fundingfrom U.S. taxpayers, many of whom face foreclosure or whose homes are underwater, Rep. Elijah

Cummings ofMaryland wrote in an email. (Josh Boak and Joseph Williams, Fannie Mae, Freddie Mac Executives Get Big HousingBonuses, Politico, 10/31/11)

THE TRUTH IS OBAMA HAS NO PROBLEM TOLERATING THE FAILURES OFFANNIE AND FREDDIE EXECUTIVES

Most Analysts Believe The Financial Implosion Of 2008 Was Fueled In Part By Fannie Mae And

Freddie Macs Zeal In Promoting Homeownership And Their Backing Of Risky Loans. (Josh Boak andJoseph Williams, Fannie Mae, Freddie Mac Executives Get Big Housing Bonuses, Politico, 10/31/11)

Freddie Mac Has Only Helped A Mere 160,000 Homeowners Modify Their MortgagesThrough Obamas HAMP Program.For example, Freddie Mac helped a mere 160,000homeowners change their mortgages in support of the presidents Home Affordable Modification

Program and contacted only 45 percent of eligible borrowers, according to SEC filings. The
http://www.presidency.ucsb.edu/ws/index.php?pid=91050#axzz1cSvI60r9http://www.presidency.ucsb.edu/ws/index.php?pid=91050#axzz1cSvI60r9http://www.presidency.ucsb.edu/ws/index.php?pid=91050#axzz1cSvI60r9http://www.politico.com/news/stories/1011/67292.htmlhttp://www.politico.com/news/stories/1011/67292.htmlhttp://www.politico.com/news/stories/1011/67292.htmlhttp://www.politico.com/news/stories/1011/67292.htmlhttp://www.politico.com/news/stories/1011/67292.htmlhttp://www.politico.com/news/stories/1011/67292.htmlhttp://www.politico.com/news/stories/1011/67292.htmlhttp://www.politico.com/news/stories/1011/67292.htmlhttp://www.politico.com/news/stories/1011/67292.htmlhttp://www.politico.com/news/stories/1011/67292.htmlhttp://www.politico.com/news/stories/1011/67292.htmlhttp://www.politico.com/news/stories/1011/67292.htmlhttp://www.politico.com/news/stories/1011/67292.htmlhttp://www.politico.com/news/stories/1011/67292.htmlhttp://www.politico.com/news/stories/1011/67292.htmlhttp://www.politico.com/news/stories/1011/67292.htmlhttp://www.politico.com/news/stories/1011/67292.htmlhttp://www.politico.com/news/stories/1011/67292.htmlhttp://www.politico.com/news/stories/1011/67292.htmlhttp://www.politico.com/news/stories/1011/67292.htmlhttp://www.politico.com/news/stories/1011/67292.htmlhttp://www.politico.com/news/stories/1011/67292.htmlhttp://www.politico.com/news/stories/1011/67292.htmlhttp://www.presidency.ucsb.edu/ws/index.php?pid=91050#axzz1cSvI60r9


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company itself has modified 134,282 of its own loans since the start of the program.(Josh Boak andJoseph Williams, Fannie Mae, Freddie Mac Executives Get Big Housing Bonuses,Politico, 10/31/11)

"Obama's Tolerance For Fannie Mae Veterans Has Always Been Murky." "The Obama team'stolerance for Fannie Mae veterans has always been murky. During the 2008 campaign, Obama pickedformer Fannie Mae CEO Jim Johnson to lead his vice presidential search but dumped Johnson after his tiesto the worsening mortgage crisis made him radioactive." (Josh Gerstein and Abby Phillip, "Donilon's Resume: Policy, Law AndFannie Mae, Politico, 10/8/10)

Obama's Chief Of Staff William Daley Served On The Fannie Mae Board And ReceivedHundreds Of Thousands Of Dollars In Deferred Compensation And Stock Options. "AfterClinton passed over Daley for a Cabinet post in his first term, he appointed him to the Fannie Maeboard. Daley reported collecting $24,814 in director's fees in 1996 from the firm. He also listeddeferred compensation and stock options from Fannie Mae worth between $215,000 and$500,000."(Charles R. Babcock and Barbara J. Saffir, "In Wealth, Clinton Team Doesn't Look Like America," The Washington Post, 6/24/97)

Obamas National Security Advisor Tom Donilon Was Fannie Mae Chief Lobbyist At A TimeWhen The Mortgage Giant Was Fighting Off Stricter Oversight. "A longtime Democratic

operative, Donilon for six years beginning in 1999 was a registered lobbyist and top executive atFannie Mae, leaving in 2005. His tenure coincided with efforts in Congress to rein in the mortgagegiant with tougher regulations and greater oversight.(Pete Yost, "On Housing, Donilon At Center Of Regulatory Fight,"The Associated Press, 10/9/10)
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