Monday, July 28, 2008

Laughing All the Way to the Bank

Jim DeRosa at DeRosa World (a much under read blog) reminds us that at least two people are really happy for the bailouts of Fannie Mae and Freddie Mac enacted over the weekend by the Congress.

Daniel Mudd, the CEO of Fannie Mae, received $11.6 million in salary, stock and other compensation for 2007. Richard Syron, CEO of Freddie Mac, took home about $18.3 million last year.

Is it fair to ask what adjustment downward is going to made in this insane compensation in light of their complete failures as CEO's? Probably not.

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