Final Tally - Outgoing Freddie CEO Gets $4 Million Bonus To Receive $21 Billion In Bailouts After Massive Q3 Loss
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.
Before:
and After:
(7 votes)
»
- Login or register to post comments
- 7800 reads
- Printer-friendly version
- Send to friend
Similar Articles You Might Enjoy:
- Freddie CEO Leaving Company: To Get $3.9 Million For Receiving $14.5 Billion In Bailout Cash Over His Tenure
- Another 'Sneaky Pete'?
- Fannie CEO Michael Williams To Quit After 2 Years, Pockets Millions After Receiving $60 Billion In Bail Out Cash
- Congress Shocked To Find That Being CEO Of A Bankrupt Company Is The New Killing It
- Ed Pinto | Foreclosure settlement: The shortest distance between two points is a straight line
shush and eat your peas bitches !
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
ARE YOU PAYING ATTENTION #OWS?????
LOL likely some of this bonus $ will find its way to OWS
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.
you cant be anti something that doesnt exist...
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
Quiet! Our OWSers are still sleeping here on the Leftist Coast.
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."
Ed Haldeman is not related to H.R. Haldeman...
But the bankers are eating steak, why do I have to eat peas?
Millions? Shit, for 50 bucks I'll run and shit all over freakybitchfromfraudfuck.
Actually.I'd do it for it free.
Hmmm, sounds like a job opening for Corzine. Good timing.
Atlas shrugged.
Telemachus Sneezed "What is John Guilt?"
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*
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.
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.
Are they hiring? I can do this job
My left nut could do that job!
Where the fuck are the guillotines? Time to get physical on so many levels.
People need to get medieval on this dude. Where's Marsellus Wallace?
In the basement with zed?
That didn't work out so well for Zed.
Nor Mr. Wallace...
This CEO bastard is a criminal, he needs to be put down.
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.
no words for it.................
franklin raines
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.
I hear there is a bust of him in the lobby.
The Greatest Leader!!!!!
Real Trailblazer!
CEOs must have some type of contest going on between themselves to see who can get the biggest departure pay.....jokes on the taxpayers
They need to change from occupying tactics to assassinating members of a certain "shitty little tribe" behind it all!
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 -
True- that would be an insult to sex criminals and sociopaths everywhere......
Madcow
Mrs.Clinton, is that you?
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.
i am very very pissed
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.
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.
Correct. However, managing a roll off portfolio is a function for a back office worker, and one person making $100k tops.
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.
Oh, one can dream...
Step 1
+1
the dollar will soon be worthless so It is all meaningless anyways.
Can't be a GS-12 if it's supervisory/directing. Give the slot a SCS and hold the rating system to losses incurred.
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.
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
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‘.
Good work, if you can find it.
Where does HR find these losers? I could have lost twice as much money, for half as much pay.
I'm sort of irked as heck and I will probably take more of it.
fuu
I am annoyed and will surely post something short and pithy!
My game has been off all week. My bad.
Can someone explain why Fannie Mae and Freddie Mac exist at all? I was looking through my pocket Constitution and couldn’t find any reference to them, or to any enumerated power that provides for their support.
check out "Marxism"
LOL! Your pocket WHAT? You mean that founding document which now holds about as much relevance as the owner's manual for a sponge?
Don't get me wrong, I'm 100% with you, but the Constitution was abandoned LOOONG ago. If our government were to actually obey it, it would be about 10% of the size (and cost) it is now.
This country would collapse if strict enforcement.
The peeps are not up to the task anymore.
This country is going to collapse under the current 'non-enforcement' anyway. You think the peeps are going to be up to the task when that happens?
I'd rather be surrounded by peeps who aren't up to the task in a free constitutional republic, as opposed to surrounded by peeps who aren't up to the task in a tyrannical marxo-fascist police state.
Ace
That's the problem , you CAN'T live in a free republic with the amount of peeps we NOW HAVE who are not fit for it.
They will support your worst fears as long as the gvt teat is available.
You are correct sir. The last bit of my "hopium" drip bag is nearly empty.
mean while peeps living in tents unable to afford a home because their wages are falling.. if they even have a wage, while our leaders/patriots pour it all into propping up home prices to make the lobbyist/bankers look solvent.
Yeah it is funny how GNMA and FNMA were originated to make home prices affordable. Now they are being used to try to keep home prices from falling to more affordable levels.
Is it too late to apply for his job? I would be willing to put in some overtime and bet I could lose more than he did, which is the goal, right?
That's Chump Change! Now get back to work...
Would have been $100B without him, no question, saved the taxpayers billions. See how this works?
Martha, where's my whiteout? I need to doctor up a few sentence in the Dodd-Frack Act. Fetch it quickly.
Occupy Fannie!
Someone get that fat a$$ from Flint on the phone pronto!!
Pathetic, bitchez.
The wife gets very upset with me every time I try this.
Not really very complicated, now is it?
A complete lack ot taste, decency, geometry and theology.
Health note: valve temporarily open (half way)
4 mil? That's all? He must not be a very well connected bankster. For 4 mil we can hang him in times square on Wed afternoon. He doesn't get top billing. Or maybe a lynch mob can get his home address and visit him with pitchforks and rope. I hope he has a nice sturdy oak tree in his front yard. ZH should start publishing home addresses of these guys.
The higher they are the more they can waste.
Billions are just the CEO level but
Trillions are the Treasury Secretary level and
Multitrillions are the Presidential level.
Quadrillions at the Federal Reserve level.
"Freddie" did not get billions, Freddie Mac's bondholders got billions. Who would that be? Well, if you are received a public or a private pension, or even have a holding in a money market fund, that's probably you.
"Freddie", or rather its executives, did in fact get millions, but frankly, if that can secure the services of even halfway competent executives who can keep these sinkholes for money from sucking up any more tax dollars than they have to, we would be getting a bargain. Freddie and Fannie are, unfortunately, very much on the Federal balance sheet, and if you go cheap on executive compensation and end up having them lose even more money than they are losing now, it would be classic penny-wise-pound-foolish behavior.
You are arguing that moral hazard is acceptable.
I didnt downrate you though.
idiot- when you have a shithole you burn it you don't pour in more shit.
You must be one of those city-libs who can't tell shit from sunshine.
LOLZ! So since they're only losing a few billions, instead of trillions, its a bargain! Definitely worth millions to keep this 'talent' so only billions are lost! Awesome!
Thanks for the laugh holmes. If sarc was your intent, it still made me laugh, and the thanks still apply. :-)
I must disagree. As a succeful business owning high school dropout, I have found there is no magic in the business world. As the Beatles sang "nothing you can do that can't be done". I am positive that there are direct government employees capabable of running Freddie Mac.
Secondly, the only reason thay are on the Federal "balance" sheet is because the ground breaking, criminal genius George Bush put them there, along with the spineless Democrats. They were not originally structured to be backed up by the Federal Reserve (not the Federal Government) and Greenspan said many times that the market perseption of an implied backstop was erroneous, which was true, until it wasn't.
This is what you get when you attempt to support a criminal enterprise. The same asshats that cause the mess get paid more big bucks to "beach" the ship rather than see it go down in flames.
Some might call it a necessary evil. I would just say that it is insult added to injury. All these criminals have managed to do is raise the stakes further - in a game that HAS an end.
This is the current administration. O gets on tv denounceing the wall street bailout execs and guess what buddy this is in your camp. OWSers should be at Marthas Vineyard on the next trip. Dammn I am pissed. Who the hell signed that check!!!
Most Senators got choice countrywide loans so they well be sidestepping this. Mother Fuckers!!!!
Pissed is not the right word.
If failure is rewarded with taxpayer money rather than let the market enforce its discipline, then I and many others are just about ready to hunt down and kill the guilty motherfuckers, after appropriate abjudication by an ad hoc citizen tribunal of course.
When citizens see the rich get bailed out of losing pisitions with taxpayer money there is only so much we can take.
Most of the oligarchs by now keep their curtains drawn as a security precaution. I find that to be a wise strategy. Considering just an average marksman and average large caliber rifle can make a 400 yard shot.
I have to say that I am really surprised someone hasn't already "gone postal" with a sniper rifle. I am not condoning any violence here... just saying that people have flipped out over alot less. I think the real difference here is simply that most people haven't a clue how they are being boiled alive.
If we have a real depression or a crack up boom it will happen.
A $300 rifle plus $100 scope and a little practice time is all that is needed.
Gillie suits can be constructed for practically nothing. Plenty of free instruction on youtube.
Primarily the reason to get prepared now for a period of real trouble. We are most likely going to get both. The crack up boom, then the deflationary kick in the nuts.
"I am not condoning any violence here..."
I am. Kill 'em all, bitchez!
There are only two rational responses to injustice. Forgiveness and violence. Otherwise you are co-dependent. I forgive him, and buy gold, of course.
“When you see that trading is done, not by consent, but by compulsion – when you see that in order to produce, you need to obtain permission from men who produce nothing – when you see money flowing to those who deal, not in goods, but in favors – when you see that men get richer by graft and pull than by work, and your laws don’t protect you against them, but protect them against you – when you see corruption being rewarded and honesty becoming a self sacrifice - you may know that your society is doomed.” (Francisco D'Anconia, "Atlas Shrugged")
Via Dave in Denver
They are not pissed, they are stupid.
It really is an either/or situation and I am forced to agree with you based on what I see, hear, and read.
He got 4 mil bonus but how much of the 21 bil did he thieve? It's at the point now that if you're a CEO you should just be hanged....period.