Wednesday, April 6, 2011

Salary Caps Don't Apply To Obama's "Friends

Almost daily, Obama or one of his thugs complains about what some corporate executive earns. It is a part of the propaganda mill designed to paint U.S. businesses as EVIL.

However, if you work for one of the corporations that Obama illegally seized or you work for a quasi-corporation like Fanny Mae or Freddie Mac, the sky is the limit, after all, the bill is paid by American taxpayers.

Freddie Mac and Fanny Mae need a couple of hundred billion dollars every month or two to cover losses. But the executives in both corporations “earned” massive bonuses.

GM (Government Motors) was illegally exempted from paying taxes so that they could look profitable when the GM stock was placed on the market. They actually lost big bucks and used monies that would have been used to pay those taxes, to pay-off part of the bailout loan. Yet the executives are receiving big bonuses.

According to Obama, it perfectly all right to pay executive bonuses with tax dollars; it is EVIL for the non-government sector to pay bonuses using corporate monies.

Read on----

Outrage: Freddie and Fannie Execs Pocketed $35 Million In Taxpayer Money

Friday, 01 Apr 2011
By Jim Meyers

Top executives at Fannie Mae and Freddie Mac were paid more than $35 million in the past two years while the two bailed-out mortgage finance giants were receiving $153 billion in support from taxpayers.

The huge payouts came to light in a new report published on Thursday by the Federal Housing Finance Agency’s Office of Inspector General.

“Although the Enterprises [Fannie Mae and Freddie Mac] have lost billions of dollars and continue to depend upon federal support to remain in business,” the report states, “their senior executives continue to receive multi-million dollar salaries.”

At Fannie Mae (Federal National Mortgage Association), its chief executive officer received $9.3 million in total compensation in 2009 and 2010, the report reveals. The CEO is Michael J. Williams, who joined the company in 1991.

At Freddie Mac (Federal Home Loan Mortgage Association), CEO Charles E. Haldeman Jr., former head of Putnam Investments, made $7.8 million in the two years since the company was taken over by the federal government.   < Read more of the story >

 Administration Approves Bailout Pay Packages

Friday, 01 Apr 2011

WASHINGTON (AP) — The four companies still receiving government bailout aid won't be able to raise the amount of cash they pay out to their top executives this year, the administration's pay czar has ruled.

The decisions, released late Friday, cover 2011 compensation for the top 25 executives at General Motors Co., Chrysler, American International Group Inc. and Ally Financial Inc., the former financing arm of GM. The rulings clear the way for millions of dollars in salary and bonuses to be paid out by companies that are still repay the billions in aid they received during the financial crisis from the government's $700 billion Troubled Asset Relief Program.

While the companies can't give cash raises, they are being allowed to boost the value of deferred stock awards to their executives. The Treasury Department defended that decision, saying it is in line with pay guidelines that it used to make compensation decisions in 2009 and 2010.

The government's findings do not identify the executives by name but only by salary rankings.

The highest-paid executive at insurance giant AIG will total compensation of $10.5 million in 2011, including a $3 million salary, the largest of any of the pay packages approved Friday by the pay czar. AIG confirmed in a filing with regulators Friday that President and CEO Robert Benmosche's pay will stand at $10.5 million this year, the same package he received in 2010.   < Read more of the story >

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Will E said...


JDW said...

This redistribution of wealth thing has gotten way out of hand!

Tess said...

If you made a list of overpaid executives in America, you have to put Barack Obama at the top of the list.

All the hell this man does is vacation and campaign.

Oh yeah, I forgot, he also pisses off our former friends and allies.

Miky said...

What do you expect?

This guy is all about crooked politics, he hasn’t stopped campaigning yet.

His entire presidency has been about paying off political friends.

He says he will raise a billion dollars for reelection. That’s a pretty poor return for his $360 billion pay out (called stimulus) to buy the support.

Redneckette said...

It would seem that Obamacare doesn't apply to his friends either!

There are over 1000 exemptions already.

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