Final Tally - Outgoing Freddie CEO Gets $4 Million Bonus To Receive $21 Billion In Bailouts After Massive Q3 Loss

Tyler Durden's picture

When last week we reported about the scandal of outgoing Freddie Mac CEO Ed Haldeman receiving at least $3.9 million as a reward for his two year tenure at the top of the insolvent and nationalized housing entity, we said: "As the chart below demonstrates, the total "draws" received under Haldeman's tenure amounts to $14.5 billion. This excludes the Q3 number which will be made clear next week. Something tells us with this abrupt departure, the number may be higher to quite higher than expected." As usual: when in doubt, be cynical, and be skeptical, and you will be right. Today, Freddie just reported that its Q3 draw, or required quarterly bailout amount from the Treasury, was $6 billion: the highest since Q1 2010, as a result of a massive loss of $4.4 billion. This means that during his tenure which ended just after the completin of Q3, Freddie has been "rewarded" with $20.5 billion in taxpayer capital merely to keep the zombie entity in operation! And for this, Ed gets $4 milliom. And this is why people in America are very, very pissed.

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scatterbrains's picture

shush and eat your peas bitches !

Don Birnam's picture

Haldeman. Why, that name has a certain bell-ringing quality. Could Inside-the-Beltway appointee Mr. Ed Haldeman be related to this particular, former Inside-the-Beltway Harry Robbins Haldeman -- a/k/a "H R" ?   http://www.presidentialufo.com/old_site/Nixon_Haldeman.gif

 

 

redpill's picture

ARE YOU PAYING ATTENTION #OWS?????

NOTW777's picture

LOL likely some of this bonus $ will find its way to OWS

JW n FL's picture

 

 

Transitory Bonus Monies only go to the Anti-Global Warming Koch Brothers Tea Baggers.

The new, new, new.. Red v. Blue.. Divide and Conquer!

You poor, wanna be middle class.. soon to be hobo's.. may carry on now.

eisley79's picture

you cant be anti something that doesnt exist...

Pitchman's picture

In Crony Capitalism...

You always fail upwards...

 

... You see, as with the $1.2 Billion SunPower scam below, in the NWO Game of Debt Slavery Economics the House Always Wins And You Are The Mark.

See: Obama's Problem With Solyndra: It's A Warm Up For SunPower

*

When it comes to financial terrorism, waged against the people, the President has abdicated his Constitutional Oath and that is an act of Treason.

See: HOUSING: To Solve The Problem You Have To Force Very Large Banks To Recognize Loses

*

THE FED’S DEBT SLAVERY ECONOMIC MODEL is the genesis of funding for the elite money power.  Such power concentrated in the hands of so few is the most pernicious corrupting force, for which all others follow.

See: END THE FED: THE FIRST STEP IN RESTORING OUR CONSTITUTIONAL REPUBLIC

 

- Inflection Point

Melin's picture

Quiet!  Our OWSers are still sleeping here on the Leftist Coast.

iDealMeat's picture

related:  -  from CNBC http://www.cnbc.com/id/45147605

"Mortgage finance giant Freddie Mac said on Wednesday it will seek an additional $6 billion from U.S. taxpayers following its worst quarterly loss this year.

The government-owned company reported a comprehensive loss in the third quarter of $4.4 billion, it said in a filing with the U.S. Securities and Exchange Commission. That compared with a $1.1 billion loss for the second quarter of 2011.

Despite an income of $4.6 billion, the company registered a net worth deficit of $6.0 billion, which was partly attributed to the $1.6 billion quarterly dividend payment owed to the Treasury.

Freddie Mac has drawn $72.2 billion from the government since it was taken over at the height of the financial crisis in September 2008. The government seized both Freddie Mac and larger rival company Fannie Mae as mortgage losses at the two firms piled up and threatened them with insolvency."

Xinu's picture

Ed Haldeman is not related to H.R. Haldeman...

Chief KnocAHoma's picture

But the bankers are eating steak, why do I have to eat peas?

 

Ruffcut's picture

Millions? Shit, for 50 bucks I'll run and shit all over freakybitchfromfraudfuck. 

Actually.I'd do it for it free.

LongSoupLine's picture

Hmmm, sounds like a job opening for Corzine.  Good timing.

Deadpool's picture

Atlas shrugged.

Gully Foyle's picture

Telemachus Sneezed "What is John Guilt?"

tarsubil's picture

Don't you know it. Oh, hey, another wing of Reapers is coming. Go get 'em, Gully! I'm right behind you! *turns and runs*

reTARD's picture

Exactly, Atlas Shrugged. And when you try to reason with someone who ends up having no logical answers in a debate, but always ends up saying that the human condition is unexplainable like love and that some things are not finite, why bother?

Atlas is based in large part on the notion of force. The state (like institutions as the Church, countries, corporations, public school monopoly) is just an imaginary entity that is even created by the laws of state itself. And the state has been determined as the only entity allowed to use force to enforce supposedly people's liberties.

Someone accused of a crime and stands before a judge has a pretty finite outcome of either guilty or not guilty and is held at gunpoint. Similarly, a citizen is also in effect held at gunpoint to pay taxes for many things which he may not want to pay for but the majority or through cronyism has forced every citizen to do so. And that outcome is finite as well; pay your taxes or be forced to jail.

Bottom line is that if a state is to force its citizens to do any single thing, it really must be something absolute or de"finite". Or at least as absolute and finite as standing directly in front of a gun.

DosZap's picture

If I were HIM I would SUE!!!!!!!!!!!!!!(discrimination the black Dude before him,walked with over 11x's that

The first dude kicked out at FM/FM, got a 50 Million Bous(and Barack) did not SEIZE it like he did private corporations CEO bonus bucks.

Hypocrite bstd.

azzhatter's picture

Are they hiring? I can do this job

Roland99's picture

My left nut could do that job!

LawsofPhysics's picture

Where the fuck are the guillotines?  Time to get physical on so many levels.

AbeFroman's picture

People need to get medieval on this dude. Where's Marsellus Wallace?

MachoMan's picture

In the basement with zed?

Bastiat's picture

That didn't work out so well for Zed.

Dealer's picture

This CEO bastard is a criminal, he needs to be put down.

Abitdodgie's picture

Nobody cares, just watch the reaction from the people NOTHING , there will be a lot of chest beating by blogers that will be it, MSN , NBC , FOX et al will all say what a great job he did, and they just need this next bailout to really get going, the people in charge will carry on living like kings , while we all get a big bite of there "shit sandwich" as we all downsize so we can give them more money in the form of taxes. If you stop paying taxes we may get some change ,but untill that, well hows that new tent working out for you.

karzai_luver's picture

no words for it.................

 

tarsubil's picture

Thanks buddy. That's a good reminder that both sides partake in the raping of the American public. Neither party is on the People's side.

karzai_luver's picture

I hear there is a bust of him in the lobby.

The Greatest Leader!!!!!

Real Trailblazer!

 

mfoste1's picture

CEOs must have some type of contest going on between themselves to see who can get the biggest departure pay.....jokes on the taxpayers

squexx's picture

They need to change from occupying tactics to assassinating members of a certain "shitty little tribe" behind it all!

Madcow's picture

lets not be too quick to jump to conclusions.  just becuase you work for the US Government does not necessarily mean you are some kind of sex criminal.  surely, there are politicians and regulators who are not sociopaths. we should be carful to identify them so that we don't throw out the baby with the bathwater -

jcaz's picture

True- that would be an insult to sex criminals and sociopaths everywhere......

alien-IQ's picture

In order to keep from going totally fuckin postal, I must stop reading any more news today.

Looks like an early Tequila day for me kids. Today seems to be fraught with more ulcer inducing news than I can take.

ciao.

Seasmoke's picture

i am very very pissed

Breaker's picture

To be fair, Freddie is going to lose money no matter what happens and that will result in treasury draws. That was built into Freddie by Frank, Dodd, Raines, Gorelick et al long before this guy took charge. This is a problem with the liabilities Freddie took on over decades and the idea that taxpayers should pick up the bill to encourage home ownership.

TheSilverJournal's picture

Given your argument, the man should be paid the salary of a public servant. I'll argue that all federal public servants should be fired.

Tyler Durden's picture

Correct. However, managing a roll off portfolio is a function for a back office worker, and one person making $100k tops.

karzai_luver's picture

GS-12 at most.

All these types should be there and NO walk away cash, NONE!

I can send them 100 peeps who could handle this simple task.

 

 

 

baby_BLYTHE's picture

the dollar will soon be worthless so It is all meaningless anyways.

LongSoupLine's picture

Can't be a GS-12 if it's supervisory/directing.  Give the slot a SCS and hold the rating system to losses incurred.

karzai_luver's picture

I DIDN"T SAY ANYTHING ABOUT supering , now did i.

 

This doesn't take much beyond an 8th grade(well 20 years ago an 8th grade) ed to handle.

 

 

scatterbrains's picture

but how much is agreeing to keep your mouth shut about what you see while preforming said roll off worth? 3.9mil might be dirt cheap

rwe2late's picture

Breaker

“Built-in” need to feed at the public trough, that’s it?

Why only make such a half-hearted defense of CEO Haldeman?

Obviously, others are missing the main point. Without his guidance, Freddie could have lost $70 billion. Instead they only lost $20 billion. The bonus is clearly for 'saving' all that money, all $50 billion.

Don’t say you’ve never heard this kind of argument before.

It’s unprovable, but then again, it can’t be disproven either.

There’s too much emphasis on fixing things, and getting the right answers. That’s old school. That just makes people feel bad when they do wrong. We should focus on the good inner heart everyone has, whether they say they tried. Most stuff is just too hard to fix, and should just be left as is.

Haldeman definitely deserves a suitable reward for ‘not rocking the boat‘.

gofigure's picture

Good work, if you can find it.