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The Federal Housing Finance Agency, the government regulator for Fannie and Freddie, approved $12.79 million in bonus pay after 10 executives from the two government-sponsored corporations last year met modest performance targets tied to modifying mortgages in jeopardy of foreclosure. 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 keeping them solvent, that it would adjust the level of CEO-level pay after critics slammed huge compensation packages paid out to former Fannie Mae CEO Franklin Raines and others.
Related Story: Freddie Mac reports Q3 loss, asks for $6B in aid
Securities and Exchange Commission documents show that Ed Haldeman, who announced last week that he is stepping down as Freddie Mac’s CEO, received a base salary of $900,000 last year yet took home an additional $2.3 million in bonus pay. Records show other Fannie and Freddie executives got similar Wall Street-style compensation packages; Fannie Mae CEO Michael Williams, for example, got $2.37 million in performance bonuses. Including Haldeman, the top five officers at Freddie banked a combined $6.46 million in performance pay alone last year, though a second bonus installment for 2010 has yet to be reported to the SEC, according to agency records. Williams and others at Fannie pocketed $6.33 million in incentives for what SEC records describe as meeting the primary goal of providing “liquidity, stability and affordability” to the national market.
Why is this state tax issue a federal concern? Unless it’s preparation for a national sales tax…
CNET has learned that two Republican senators are preparing to introduce new legislation that would allow states to force Amazon.com and other out-of-state online retailers to collect sales taxes.
Mike Enzi of Wyoming and Lamar Alexander of Tennessee are currently putting the final touches on their bill, which is backed by Wal-Mart Stores, Best Buy, Home Depot, and other companies that are currently required to collect sales taxes.
The Navy normally provides a minimum coverage of a frigate or destroyer fulfilling the role of Fleet Ready Escort (FRE) in order to be able to respond quickly to a potential threat at home or abroad. However, slashed Defence budgets and the war in Libya has meant there hasn’t been a vessel available since the start of October.
Here is the latest conversation I had with money manager Andrew Horowitz…. new insights for anyone who invests in anything. Horowitz still sees an uptrend.
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Imagine this thing armed.
At CIA headquarters in Langley, one of the newest artifacts in the agency’s private museum is a message from a father to his 3-year-old son. The gold-embossed letterhead features a swastika and the name Adolf Hitler.
“Dear Dennis,” the seven-sentence letter begins. “The man who might have written on this card once controlled Europe — three short years ago when you were born. Today he is dead, his memory despised, his country in ruins.”
A different couple than the one in the article
For some odd reason I’m reminded of that old Stephen Stills song.
“Your worship, I only came to know that I was being intimate with a donkey when I got arrested,” a 28-year-old Zimbabwe man told a magistrate on Monday. The man, who had been arrested for being intimate with a donkey, admitted the conduct in question but claimed that the donkey had not been a donkey when he met her at a nightclub last Saturday night, but rather a prostitute.
You just know the tech will get better, so get ready for getting a tickets for distracted driving for picking your nose.
Developed by Simicon, this new speed sensor promises to take highway surveillance to new heights of precision. Unlike most photo radar systems, which track only one violator at a time, Simicon’s device can simultaneously identify and follow up to 32 vehicles across four lanes. Whenever a car enters its range, the Cordon will automatically generate two images: one from wide-angle view and one closeup shot of the vehicle’s license plate. It’s also capable of instantly measuring a car’s speed and mapping its position, and can easily be synced with other databases via WiFi, 3G or WiMAX.
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