Thursday, March 19, 2009

Fannie Mae Execs to get BONUSES!!!

WTF?? Here's the story! In a nutshell, "the bonuses were (allegedly - my word, not part of the actual article) necessary to keep Fannie's most experienced executives working to reverse the effects of the mortgage crisis, FHFA Director James B. Lockhart told CNN (".

Two letters for ya: BS (fill in the blanks, I'm sure you can figure it out). I mean, seriously? Let the execs leave. They are obviously part of the problem which required the bailout money in the first place. People are losing jobs on a daily, probably hourly basis, and Fannie Mae wants to justify giving four execs 1/2 million dollar bonuses and providing the above lame excuse. Let the execs leave and find someone with a greater work ethic than an executive who is going to leave a company because he/she did not get their bonus. Life's tough right now. The economy tanks on a daily basis. Jobs are at a premium right now. Do these execs (and the higher ups at Fannie Mae) really think they can leave a high paying job and find another so easily?

My personal opinion: if the execs are demanding their bonuses, then kick their respective butts to the street and promote someone within the company who is willing (like the Fannie Mae CFO and CEO) to forgo a bonus in these troubled economic times. And it's not like the bonus is from money Fannie Mae made, but rather (AIG anyone?) from the stimulus money the taxpayers paid to bail them out after their bad decisions to offer loans to people that they knew could not pay them back. My tax dollars should not go into the pockets of executives. I'm just saying . . .