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Freddie CEO Leaving Company: To Get $3.9 Million For Receiving $14.5 Billion In Bailout Cash Over His Tenure
If you are a CEO in America, what is the surest way to get at least $4 million in compensation in two years? Why to burn $14.5 billion of course. Such is the sad plight of mortgage zombie Freddie Mac CEO Ed Haldeman, who as Politico reports, is set to depart the company after just two years of joining. So what is Mr. Haldeman's claim to fame over those 8 quarters? Why nothing short of collecting $14.5 billion in "Treasury Draws" over the two years. What is a draw? The technical definition: "Represents the draw requested based on Freddie Mac’s net worth deficit for the quarter presented. Commencing in 2Q 2011, the draw request represents the company’s net worth deficit at quarter end rounded up to the nearest $1 million." In other words, this is the minimum amount of money that the Treasury had to donate to the nationalized mortgage giant for it to continue pretending it is viable. 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. But regardless: a job well done Ed. As Politico reports: "Haldeman joined Freddie Mac in 2009 and received $3.9 million in compensation last year, according to Forbes. He intends to remain as CEO until a succession plan is in place. “Ed Haldeman has brought strong leadership to Freddie Mac,” said FHFA acting director Edward DeMarco. “I appreciate his commitment to leadership stability during the upcoming transition." And now you know how to make millions in America and be part of the 1%.
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But it would have been worse without him!
http://i.imgur.com/IovZ3.jpg
I bet it will continue to get worse without him too.
What a prickface leech.
Might be a wise idea for this guy to purchase a substantial life insurance policy. Getting dangerous out there for CEOs of the TBTF.
Next time you run into Ed, or his wife Barbara, at the grocery store make sure to say hello, and thank him for all the hard work.
But you must pitty him. Lloyd Blankfein got 100 Million on his bailout.
Even WFC got more.
Time for Libyan style justice....
http://www.chicagonow.com/lists-that-actually-matter/files/2011/10/gadda...
$3.9 million to lose $14.5 billion???!!!
For a mere $7.8 million, I'd guarantee to lose twice that much!
....outfukkinstanding idea ...you are now qualified to be a kleptocrat. Congrats !!
Freddie Mac CEO Ed Haldeman got $4M last year. I am surprised he did not get at least $50M.
Since the FED are printing US$$ out of thin air, there is no limit how much they can print to reward their loyal employees and "associates" as well as their masters.
Love the Ivy League, where they teach it is ethical to accept $3,900,000 of tax dollars for 24 months ($162,000 each month) for laundering $14,000,000,000 in bailouts.
http://en.wikipedia.org/wiki/Charles_E._Haldeman
Hey #OWS, pay attention! These are the sorts of things the government would use your "Robin Hood" taxes for!
Right - and I say a guy who can bring in $14,500,000,000 during his day job, damn well deserves $3,600,000... damn right...
Ugh , NO.
Get on your knees and wash his feet and then offer him a bj.
All of Amerikans are lucky that those doing GODS WORK have been gifted to this country.
You can't expect the special expertise and knowledge to come free afterall they are a shining eample to the yuths of Amerika.
Hail the Mighty CEO!
FYI - I just tried to post a link to this specific article on facebook and it was blocked. Interested to know if anyone else is experiencing censorship of zerohedge links on facebook? I haven't had a problem with that before today.
facebook = best tool for police state
Why do you think Obama had a dinner with Zuckerburg?
better than any spying tool FBI/CIA could have created!
Uh, In-Q-Tel execs were involved in "the Zuck"'s second VC injection....
Is he a jew?
Nope. Some people believe whatever they want to believe
Hate to burst your bubble,
There are plenty of gentile crooks too...
Oh please...no picture of the nigger that ran Fannie Mae into the ground (Franklin Raines)?
He gets a "nigger pass" Same as Maxine Waters, Stan Oneal, and Charlie Rangel.
And people wonder why this country is shit...
Another despicable, right-wing SUPER PIG.
It's amazing that darwinism hasn't purged lower brain-stem filth like yourself. Maybe it has something to do with cockroaches being able to survive nuclear blasts.
Got a strong shell?
http://a6.sphotos.ak.fbcdn.net/hphotos-ak-snc7/305352_1812937981577_1783...
You know it's this kind of shit that makes people turn to a life of crime. Then when they leave they just submit their resume for a different job on Wall Street.
I think OWS needs to have a BBQ on his front lawn
I think OWS needs to make his front lawn they'er port-a-poty
Never mind BBQ. I say string the bastard up on his front lawn.
jew ows meet jew haldeman:
http://www.rense.com/general95/red.htm
"You say that Marxism is the very antithesis of capitalism, which is equally sacred to us [Illuminati Jewish bankers.] It is precisely for this reason that they are direct opposites to one another, that they put into our hands the two poles of this planet and allow us to be its axis. These two contraries, like Bolshevism and ourselves, find their identity in the International." [Presumably, he means the Comintern.] "(1)
http://www.rense.com/general95/resp.htm
While that image is a goof, I actually read one of the 99% stories where a woman was something like $80K in debt for a minority women's studies degree. Then she had the gall to blame fedgov for not providing her with a job!
My response? Stupid should hurt.
hmmmmm,
the proportion of hurt dished to the robbers and criminal stooopids in the corner office seems missing in action.
ALL HAIL the GODLY CEO!
There is a whole lot of stupid that should have hurt that hasn't. For a long time now. More fuel on the fire.
But I need people studying minority women. Call it my wishlist call it my need to know. Call it whatever you like. But studying shit is important.
He saved and/or created millions of homes from foreclosure and/or short sales, allegedly, based on some truly shoddy statistical model that I just shat from my ass.
#winningthefuture
#it's-always-a-great-time-to-buy-a-house-or-whatever
And many people that know I trade for a living, wonder I get so animated and upset with this type of bullshit.
Mother Fucking fighting words. Fuck it, this is not doom and gloom, but very serious felony assault on the country.
"hang em from the highest tree..... baby what that would do for me.."
"Winning by fucking up!!!"
Samee-same all gov't jobs. Just think OK City (Holder), Fast-n-Felonious (all in DC now), the Navy sub captain that sunk the Ehina Maru, et al.
reminds me of the posting for a gay asian female study I saw while walking around Columbia Univ this summer.
Ahh the liberal arts. Should tax dollars really subsidize loans for these things?
Nice to know I contributed to his parachute.
Yep, PigMen CEO's always walk away with millions.
No matter how dire the company's finances.
They are on the "inside".
The Anarchists are always on the outside looking in, throwing sticks and stones to no avail.
Not a bad post. A good post from Robo got me nostalgic. What ever happened to the Robo babe posts?
It's not Robo any more....it's his mom. She said he couldn't use the computer till he cleaned up his room.
Your kidding. RobotTrader is not RoboTrader? I figured his account got hacked and opened a new one. The tone and content of the messages were pretty consitent so I didnt think RobotTrader was a knock off. Come to think about it, Ive never seen RobotTrader post a pic of some Hampton's super babe.
I don't know about Robo, but my account got hacked.
Someone has to steer the sinking ship so it doesnt cause more damage on the way down. Insolvent bankrupt companies need managers too....
yeah, but you really should hire a different captain that hasn't sunk millions before or is in league with the deep sixers this time around.
Stupid is as stupid does over and over and over.
Any monkey off the strret with a suit and tie could perform as well.
Some have been there and seen the outright corrupt and stupid that get hired.
tragic.
The reality is that this is true. What is missing though is a sense of honor and duty. Everything has a price now. Compensation for "controlling the crash" needs to be handled more delicately in this envrionment. Unfortunately, the Titanic here is nowhere near the bottom.
robottrader: the seeking alpha anti-pigman.
see nflx, tzoo and zlc.
Get out while the getting's good.
The rats-leaving-a-sinking-ship metaphor seems apt
you should pay attention to the ceo names
90% come from the same tent and they all descendents of King Bulan
so then dont get suprised they ruin all around them , anythink they touch gets destroyed, and for that they will get a fat bonus
Serious, wake up
PS we have a word in Romanian BULANgiu that can be applied with 100% accuracy to those King Bulan descendents and parasites.
and that means
bulangiu m. (plural bulangii)
You anti-Semitic fuck. Better stay in Romania. That Tent will kick your ass. Yeah, look at the CEOs. You're out of your mind. Do some real research, don't give me your racist generalization bullshit. ASSHOLE...
If vom Rampuy decides EU should be budhist and all convert to Budhism that will make all Europe Asian ?
Race is 1 thing and religion is another thing
So stfu w anti-semitic.
A wolf desiguised in a sheep is still a wolf
or is rampuy decides to convert all Europe to islam that will make us all in Europe Arabs ?
@ Vuvuzela aaa as you can see stereotyping jews can make them angry, and they start to play with words. Like a jew reminded me yesterday that i should distinguish a jew vs. a zionist and that i knew nothing about their difference.
My response was, "did Hitler give a fuck about distinguishing a jew vs. a zionist when they were both loaded in the train wagons destined for Auschwitz. Nor did the gas chambers as well as the ovens know the difference when they were sent to their demise."
Zeigen Sie mir ihre unterlagen juden
http://www.youtube.com/watch?v=ZKie_34cpJI
All the time when someone is critical and have a point the Holocaust is called to silance any critical remarks.
Why you dont mention the 2 million german soldiers killed in the valey of Rhine of starvation by American troops right after the war ended, why no one say nothing about 650000 german civilians fried alive in Dresden, why no one says nothing about the 7 million Ukrainians killed by the Bulan descendents in the winter of 32/33 ?
If i add up only this real facts it will lead to over 9.5 million civilians killed
Ah this are not war crimes , this is a technicality only Germans did war crimes
Why america entered in the WW1 ? For balfour declaratuin and if the war was ended in 1916 no tragedy would emerged in Europe No mussolini in Italy no Hitler in germany and the tzar would not be killed buy the hands of Bulan descendants
So to conclude, point to me only one example of a good gesture political financial or military that those guys did in the history of the world and was benefic for all mankind.
But as i recall they broght only tears, pain, suffering, famine and death
ehhh, im sure id do it for 4 mill.... But would you really want to be the head of Freddie Mac the last two years? sounds like a barrel of fun. And by "barrel of fun" I mean a huge f'ing headache. people get paid alot more for doing alot less. would you really expect anyone to come in, in 2009 and turn around freddie mac? basically impossible.
on that note, last time i checked there were atleast 10 guys on my hometown MLB team that made that much or more. And they're a corporation just the same. True, this coporation got gov funding but people whine about other non GSE corp CEO pay allllll the time.
I bet 4mill you don't have a clue "what he DID".
sorry.
And he was "running" an entity with a gvt backstop that could NOT FAIL.
Takes no talent , i say gs-12 for him or any of the other high IQ types working for the GOV.
Comparing an MLB player to a CEO shows you are out of your mind.
THere are millions that can fill a slot like this clown , I doubt there are 20 that could fill your 10 MLB slots.
next time you're looking for someone to sign off on the financials of your failing billion dollar corporation let me know how that search goes. Keep gulping the ZH juice...the lack of independent thought based in reality on ZH amazes and dissapoints me quite a bit.
Look we have a CEO in the house!
I'd do the job for $100k, and I'd actually try to accomplish something.
Hell, at this point I'd do it for $50k, and not even surf porn!
@driven
MLB and other high paid entertainers is a red herring. I can choose to buy or not buy that ticket to the game/movie. I have no choice with taxes.
I've been in meetings with the C types, first hand experience, not hard to find them.
"Takes no talent , i say gs-12 for him or any of the other high IQ types working for the GOV."
^^^one of the reasons, the SEC is an epic fail
Haldeman -- another Harvard MBA, like what's his name ... the nonentity previous president.
The more they lose, the more they make!
Yeah, its called inverse commission!
Fewer than 1% of "the 1%" are CEOs. Can we please get over this 1% crap and accurately define the people who are fleecing us?
You're fleecing yourself as long as you continue to reward them (pay taxes).
Most wealth is inherited. Follow the bloodline.
In America most wealth is created you dumb ass.
I agree. But not everybody has the congress in their pocket so they don't have to worry about actually competing.
I'm certain the DOJ and SEC will look into it immediately.
yeah, right...
I'm fuking sick of this shit!
I'm sick of always being sick of this shit.
Another job well done! Join the frat fer crooks, retire rich or get promoted to oh. Treasurer. What a friggin sham..he should acquiring defending attorneys for bail for treason.
cnbc bs rumor 100x good for 200 points
He should invite some poor people to his place in the Bahamas.
Nothing will change until the Bastille is stormed and the torches are lit. The People are being tear gassed and beaten down for protesting the largest transfer of wealth in the history of the earth, and they will likely be killed if the movement gets any bigger.
Remember the Constitution? Remember the right to peaceably assemble? Apparently, the government doesn't.
People don't fight until they are either hungry or physically threatened.
Bread and Circuses will keep this going until a revolution only puts the people in charge of scorched earth.
Should surprise no one. Historically, the pigs and the jack booted thugs always protect the interests of the rich.
I may as well start cut/pasting comments on articles like this.
Die you gravy-sucking pigs! (an old football cheer of our's in HS)
Or, maybe I could write a bot to comment for me. The above comment could be applied to keywords, 1%, congress, etc.
Is anyone keeping a list of all these people whose ill gotten gains should be gone after (or jail sentence imposed ) once the circumstances of kleptocractic monopoly over law enforcement change ? If not this would be a public service and such list should be on ZH me thinks.
Industry average for a BSD like himself... I see nothing wrong with that, just as long as it is paid in cash with one of those dye packets in his money bag as he left the building...
Damn It ! This bullshit has got to stop.
Wow. How do we get a gig to do nothing and grab 4 million in two years? Did they bid the job out? Hell, I would have done it for 1 million.
In Germany is possible to get 80 Mil. € for three months. ( Mighty managers ).
Or even better - to "fix" the state owned Bank, doing nutting but obstructing the investigations for 5 Mio. / 6 Months.
( The smart Bank involved in Obamalyndragate ). Maybe I could get a reward telling them where 80 of their millions sunk, just knowing it from ZH ( Thx, Bruce ) ...
dbl.
He might as well start a fund, how can it possibly get any worse?
http://www.startahedgefundtoday.com/index.php
HATERS GONA HATE! LOL
criminals gonna .......well you know
Hope and change hope and change hope and change hope and change hope and change hope and change hope and change hope and change hope and change hope and change hope and change
Why the fuck are Fannie and Freddie still two separate entities with two separate CEOs, etc?
I'd omit the "two seperate" in your sentences and feel even better about it..
Don't you know anything? They're supposed to be in competition to give the best rates and service!
That's what the private sector does, so obviously should apply here. Well worth the double compensations, etc.
:-)
If two is good, then three should be even better.
Think of how low rates could be!
"If two is good, then three should be even better."
Right, the third one(s) are the Federal Home Loan Banks. Shall we go for a quartet?
Is this like the competing design beaureaus the soviets had? Will they all be inventing and competing with new and imaginative loans to people who will never repay them? I'm on board only if Blythe takes over one. She's certainly got a legacy with that sort of thing.
Anyone questioning anymore whether or not we have become a Banana Republic? LOLOLOLOLOLOL.
Impressive but he's no Franklin Raines
He came to mind for me too. I think his take was 90 million but of course if object I must be a racist.
…and an environmental terrorist.
Raines is a genius and visionary by any measure. After all, he holds the patent on matching buyers and sellers of carbon credits.
huh, i thought it was snake oil.
ANyone in the gov who gave that clown a job should be in jail right along with Frankie.
Obvious clown and bunco artist.
... racist! Skimming from the public funds and fraudulent reporting should be equal opportunity!
:-)
not everyman is cut out to be A STAR!
He will do for the burning necklace in a pinch.
Fuck me......
They have been for a long, long time now!
He did, afterall, get freddie exempt from dodd-frank people, give credit where credit is due.
/s
Hardly a tough sell.
Neither Dodd or (especially) Frank are particularly eager to have sun shine on the innards of FRE or FNM.
I could have fucked up Fannie and Freddie for half that kind of dough.
I'm hoping to hire him for the same...about $4 Million and will be happy if he gets me a mere $2 Billion.
How about you guys? Think it's a good deal?
When can we start hanging these mother fuckers!?!??
Hey listen it’s hard work running a government-backed fraudulent organization into the ground... He deserves every last penny of that monopoly money.
Call it a golden parachute or call it a compensation package or just make something up that sounds good. Time to call a spade a spade and call it what it really is? It's a frickin bribe, a payoff, a little fluff to keep your lips zipped and sail off into the sunset just like all the other Nuclear CRONIES the Global Extraction Syndicate has been hiring to bury their toxic waste...
Yep, we takes care of our guys , don't want any of yuse guys to roll over.
Oh even better- that was just his pay last year- oh hell, can't wait for his PARACHUTE then!
Yep- thinking his departure a week before Q3 numbers isn't a coincidence, but hey, I'm sure GDP will be HUGE tomorrow.....
Now the government is rubbing shit in our faces and being sure to fill our noses, mouthes, ears and eyes. Happy Hour is coming.
Yes, but Freddie and Fannie do the Lord's Work and are sponsored by the right politicos, therefore, they deserve to skim what they do.
Not bad work, if you can get it.
reward failure, punish prudence......The story of america.
how this is allowed to go on is beyond me.
Another sign we live in a communist system.
I mean, we all got $3.9 million in compensation last year, right?
A system without economic classes. Yessirree Bob, that's what we have.
Pure, good old-fashioned communism.
Sarcasm...off!
Freddy kruger aangeRand worth corporation.
check jim willie out, 4 today:
Gold & Fraudulent Traps (not OT)
this piece covers many of the zH topics du jour and includes (paste): The Germans are actually working toward a new alliance with Russia and China, with Persian Gulf support. They look East as they see the West in shambles.
Hm, me thinks an serious missconception. No questions, Germans have some extra deals, but something like sovereign policy, without Feds and TPTB - no friggin' chance, Russians are the archenemies and they'll stay that way. ( OK, natural gas & oil r welcome ).
Destruction of any hope for sovreignity of Germany is destroyed by Mr.Strangelove, about 21 years ago, who still sells Germany & Europe to the Feds . The same guys on the both sides of the pond.
Merkel shot the shaby rest of once proud german engineering down by signing a free trade agreement with Korea, ( two or three months ago ), so that german Wall Mart clones get cheaper to the junk for the sheeple ...
OK, stil enough submarines, frigatts, tanks an surveillance equipement to sell, to anyone.
who knows?
i hope you enjoyed his essay, N_C_S!
the dynamics you note are cogent, and there have been (free) trade agreements between s.korea and the EU, germany, & the US. G20 stuff? the german thing was about...plastics(!)[?]
of course, EU-loving merkel is an old communist, too, isn't she? and russia does bring in those trifling energy BTUs...
china seems to have rebuffed brussels, is doing some crimex-type business w/ The City as well as the "conventional" Central Bankstering stuff, and may find doing business with a "financially sovereign" germany attractive...
...who knows?
Is this guy in a UNION, public by chance?
If not , why, he sure gets paid like a made guy!
Not only that...every american gets their children get to suck his balls.
nothing like leaving your kids the debt.......modern morality......x factor style
coming up next running man
He will give it all back since he has been a failure, cost taxpayers money and done nothing to end this debacle. Right?
Dont blame this man, he took advantage of the stupidity in DC.
This is exactly why the Founders desired a small, limited federal govt with few, but important responsibilities. The answer is a return to the Constitution, and be done with all these corrupt, unlawful money sucking entities. Keep this in mind all of you angry socialist, it is you that install the politicians that enact these programs. So calm down and continue to support those 'govt free things for you' politicians. You deserve it.
Serious question....net income was negative 51, 21, 14 billion in 08 09 10 respectively. Where is the cashflow coming from to pay a severance? Im serious....if they have cash how can the board or who ever makes the decision give that cash away instead of saving it for bondholders and whats left of equity holders?
It’s blasphemous that anyone in Freddie or Fannie gets paid above the GS scale. For all practical purposes, they are all government workers now.
These are the saddest stories. The criminal elite's continuing brazen insult to the middle class.
Occupy Freddie and Fannie (do they fornicate the funds together?)