Saturday, March 21, 2009


Here we go again!

House Financial Service Committee Chairman Barney Frank demanded that Fannie Mae and Freddie Mac cancel retension payments being paid to thousands of employees, but the federal regulator that authorized the payments is refusing to comply.

In an email to Chairman Frank, Lockhart said that Fannie Mae has offered 5,000 employees retension payments averaging $21,000, and that Freddie Mac has offered 4,000 employees retension payments averaging $19,000.

Fannie Mae also plans to pay retension bonus of at least $1 million to four key executives as part of it's plan:

* Michael Williams, Washington based Fannie Mae's executive vice president and chief operating officer: $1.2 million

* David Hisey, the deputy chief financial officer: $1.2 million

* The other two executives receiving the bonus are Thomas Lund, who oversees the company's single-family mortgage business and Kenneth Bacon, who heads up housing and community development. Both are receiving about $1 million.

Lockhart also wrote. "In this uncertain compensation environment, it is very difficult to hire people to fill vacancies of which there are a larger number of senior ones at both companies, including the CEO, COO and CFO positions at Freddie Mac."

Source: Alan Zibel AP Writer

Completely amazing...the belief that individuals, who work for a company that is in directly responsible for millions of people losing their homes, 401k, and /or jobs, are entitled to demand bonuses to fix a gigantic economic meltdown that their company helped create.

Just how will they be derailed if they don't get bonuses?

Just another idle threat by these greedy ba$tards running the show and screwing the American taxpayers out of every dime they can.

We are sick and tired of hearing about "justified" greed!

We believe this is simply further proof that NOBODY in the industry wants to take any degree of responsibility for creating this meltdown without somehow receiving a bonus on top of still being allowed to keep their job.

We have but one question for all of the financially righteous idiots of American:

If all of your employees are such exemplary, intelligent, hard working, and morally above reproach, then why didn't at least ONE of them come forward to warn America of your utter incompetence and the coming financial meltdown?


We received an email from our Constitutional Lawyer [friends] in Washington DC:

Nancy Pelosi should have read the:

Constitution of the United States, specifically, Article 1 section 9," No Bill of Attainder or ex post facto Law shall be passed."

More smoke and mirrors from "Mrs. Pelosi" in Washington!