here-it-comesFannie Mae, following AIG’s suit is now planing to give bonuses to top execs despite doing an abysmal job.

Fannie Mae, in an effort to keep hundreds of employees from leaving the government-controlled company, is planing to pay retention bonuses at a minimum of at least 1 million dollars to four “key” executives.

Freddie Mac is also planing disbursing similar awards but has yet to report which executive will be the recipients.

These two companies hold or back more than 50% of the mortgages in this country. Now for the kicker, these two companies requested a grand total of 60 billion dollars in federal assistance to keep them solvent. With Freddie Mac requesting 45 billion dollars and Fannie Mae requesting 15 billion.

It is outrageous enough that the very people who drove these companies into the ground are still even employed at their respective companies but now to reward them for preforming poorly is pure lunacy. I for one do not buy the statements made that these bonuses are contracts and must be honored. Congress just gave judges the authority to essentially re-write mortgages, decreasing not only the interest charged on the loan but the ability to decrease the actual principal amount. Now I ask you is a mortgage note a contract or is in not??

Why can’t these same judges have the authority to rewrite contacts in regards to bonuses?? The answer is simple, they could if they chose to but we are no longer seen as “we the people,” we are now seen as “we the peons.”

My friends it may be time for a five million person walk on DC. I am not advocating violence, not yet anyway, but the time has come for the people to be heard. Maybe just maybe if a few million of us descended on DC, right outside their offices they would sit up and take notice.They would see us. They would hear us.

Fannie Mae disclosed its “broad-based” retention program in a recent regulatory filing with the Securities and Exchange Commission. The company was only required to disclose the amounts for the top-paid executives, who will pocket at least $470,000 on top of their base salaries.

The bonuses are more than double last year’s, which ranged from $200,000 to $260,000. Another round of bonuses ranging from $330,000 to $429,000 are planned for next February.

A company spokesman declined further comment.

Fannie Mae said regulators determined that the bonuses were needed because keeping key employees “was essential to ensure our viability through 2010, which would allow Congress, the administration and other parties involved time to determine what the form and function of the company will be in future years.”

“It was critical to retain their most important asset — their employees — who are being asked to play a vital role in the nation’s economic recovery,” James Lockhart, the agency’s director, said in a statement. “As the previous senior management teams left, it would have been catastrophic to lose the next layers down and other highly experienced employees.”

Technorati Tags: AIG, bonuses, executive bonuses, Fannie Mae, Freddie Mac

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