CongressHouse FloorSenate Floor • U.S. Capitol: 202-224-3121

April 6, 2011

Fannie Mae and Freddie Mac CEOs Get Huge Salaries

[Page: H2303]  GPO's PDF 


(Mr. STEARNS asked and was given permission to address the House for 1 minute and to revise and extend his remarks.)

Mr. STEARNS. Mr. Speaker, I rise today with some serious concerns with the continued egregious spending by Fannie Mae and Freddie Mac approving large executive salary compensations at the expense of our taxpayers. For example, the chief executive officer of Fannie Mae received $9.3 million in compensation and salary for 2009 and 2010, while the chief executive of Freddie Mac received $7.8 million for 2009 and 2010 together.

But it was a failure of these same types of company executives in the past that forced government intervention in the first place by then overstating past earnings and generating millions in improper bonuses. Now taxpayers, who have already spent $153 billion to bail them out, which doesn't include legal fees that taxpayers have to pay to keep them afloat, may require more bailout money to counter the companies' mounting mortgage losses.

Mr. Speaker, allowing this gross mismanagement of public funds to pay for extravagant salaries is unconscionable.

(House of Representatives - April 5, 2011)

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