Freddie Mac CFO Flies Under Radar of Compensation Czar
Friday, October 2, 2009The failed Freddie Mac, which operates under conservatorship of the U.S. regime, has hired a new CFO at a hefty price. While the Compensation Czar is targeting “excessive compensation” in corporate America, new CFO Ross Kari could receive as much as $5.5 million in his first year at Freddie Mac.
Freddie Mac also said it would immediately allow him to sell his home to the company, waiving a 60-day offer period that is required for other executives. It did not, however, specify which of his homes would be covered; Kari has residences in Ohio, Oregon and Washington State, according to the filing.
Three residences? Apparently, his pay and the purchase of his home does not qualify as “excessive.” This comes at a time when Freddie’s troubled mortgages are increasing in number, not decreasing. A recent quarterly report shows that delinquincies on mortgages backed by Fannie and Freddie rose 21% in the 2nd quarter of 2009, while foreclosures were still rising. At the same time, Bank of America’s “retiring” CEO – who was surely fired by the U.S. government – will take away a compensation package worth about $125 million.
Steve says:
October 2nd, 2009 at 6:48 pm
I don’t mind people “earning” big bucks. I just wish I could hang onto my measely 80 grand a year income, without have to dole out 60% in federal, state and local taxes. Although I could do with 10% of Ken Lewis’ retirement package.
cousin lucky says:
October 3rd, 2009 at 12:50 am
My Fellow Americans Just How Dumb Are We??
Brian says:
October 3rd, 2009 at 12:56 am
Why do I have this feeling that we haven’t seen the last of Ken? In 2-3 years he’ll be back as a celebrated advisor to government or major media outlet (or do I repeat myself?)
PS you can have my Wii when you pry it from my cold dead fingers.
PPS The ps above is sarcasm, while I like my video games the fact that others don’t is fine with me. One thing about libertarians is that we can happily disagree since none of us is going to force our opinions on another. Gives you a great freedom to explore, discuss, and test many avenues of human experience.
Karen De Coster says:
October 3rd, 2009 at 3:50 pm
Brian, I’ll never pry your Wii from your fingers, and heck, I won’t even advocate local anti-Wii laws to prevent others from being injured by secondhand Wii-ism… :–)