Hey, remember when it was an outrage to Obama that AIG paid out $121 million in bonuses to its executives in 2009 after receiving a taxpayer-funded bailout? Ah, the good ‘ole days! Back then Obama stated “this is not just a matter of dollars and cents, it’s about our fundamental values.” Democrat Barney Frank wasn’t too excited about it either. Obama even made sure to remind the bankers at one meeting at the White House that “my administration is the only thing between you and the pitchforks.”
Yep, Obama and Democrats won’t stand for paying out millions in bonuses to executives of companies that received taxpayer-funded bailouts…their “fundamental values” won’t allow it. Or will they: Ten executives at Fannie Mae and Freddie Mac are scheduled to get $12.9 million in bonus pay after meeting modest performance targets. (Did you get that…$12.9 million to TEN people!) These were approved by The Federal Housing Finance Agency, the government regulator for Fannie and Freddie. All of this, of course, after the federally backed mortgage giants received nearly $170 billion in taxpayer bailouts just two years ago.
If we don’t hear from Obama soon on this, he should no longer be taken seriously. It will be another glaring example of his blatant hypocrisy. Additionally, if this does not become a major issue to the OWS protesters, don’t take them seriously either. If they are unwilling to criticize the “1%” in government, then no one should care what they think about the “1%” in the private sector.
From Hot Air (emphasis mine):
If any organization should see a big restriction in executive compensation, it should be the government-seized, taxpayer-rescued Fannie Mae and Freddie Mac. Congress has expanded the bailout of the two GSEs at the heart of the global economic collapse a number of times, with the potential cost to the Treasury estimated as high as $363 billion dollars. Recall, too, that the Obama administration created a “pay czar” to regulate executive compensation at private-sector banks that took TARP money to discourage excessive compensation. As the Wall Street Journal reported last week, the White House seems to care less about that issue in the public sector:
A federal watchdog criticized federal regulators’ oversight of executive pay packages for top officials at Fannie Mae and Freddie Mac in a report published Thursday.
The top six executives at the mortgage giants earned $35 million in the last two years, according to the report from the inspector general of the Federal Housing Finance Agency, which regulates the mortgage giants.
The Obama administration felt it necessary to create a “pay czar” to monitor the pay and bonuses of executives in the private sector who took TARP money to “discourage excessive compensation,” but have no problem with “excessive compensation” at government-funded organizations like Fannie and Freddie.
Hypocrisy on parade.