Freddie CEO Leaving Company: To Get $3.9 Million For Receiving $14.5 Billion In Bailout Cash Over His Tenure

Tyler Durden's picture

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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malikai's picture

But it would have been worse without him!

http://i.imgur.com/IovZ3.jpg

Bazinga's picture

I bet it will continue to get worse without him too.

redpill's picture

What a prickface leech.

digitalhermit's picture

Might be a wise idea for this guy to purchase a substantial life insurance policy. Getting dangerous out there for CEOs of the TBTF.

hedgeless_horseman's picture

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.

rocker's picture

But you must pitty him.  Lloyd Blankfein got 100 Million on his bailout. 

Even WFC got more.

Pool Shark's picture

 

 

$3.9 million to lose $14.5 billion???!!!

For a mere $7.8 million, I'd guarantee to lose twice that much!

Rainman's picture

....outfukkinstanding idea ...you are now qualified to be a kleptocrat. Congrats !!

caconhma's picture

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.

 

hedgeless_horseman's picture

 

 

He and his wife Barbara, both Harvard Law alumni, have donated millions of dollars ...a $10 million gift was made to open the Haldeman Center, home to the John Sloan Dickey Center for International Understanding, the Fannie and Alan Leslie Center for the Humanities, and the Ethics Institute.

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

redpill's picture

Hey #OWS, pay attention!  These are the sorts of things the government would use your "Robin Hood" taxes for!

Enkidu's picture

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...

karzai_luver's picture

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!

 

 

 

digitalhermit's picture

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.

AldousHuxley's picture

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!

UP Forester's picture

Uh, In-Q-Tel execs were involved in "the Zuck"'s second VC injection....

Caviar Emptor's picture

Nope. Some people believe whatever they want to believe

Pool Shark's picture

 

 

Hate to burst your bubble,

There are plenty of gentile crooks too...

 

bob_dabolina's picture

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...

 

Libertarians for Prosperity's picture

 

 

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?

 

The Big Ching-aso's picture

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.

 

HelluvaEngineer's picture

I think OWS needs to have a BBQ on his front lawn

peekcrackers's picture

I think OWS needs to make his front lawn they'er port-a-poty

Mae Kadoodie's picture

Never mind BBQ.  I say string the bastard up on his front lawn.

tamboo's picture

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

NotApplicable's picture

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.

karzai_luver's picture

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!

centerline's picture

There is a whole lot of stupid that should have hurt that hasn't.  For a long time now.  More fuel on the fire.

Hephasteus's picture

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.

TruthInSunshine's picture

But it would have been worse without him!

http://i.imgur.com/IovZ3.jpg

 

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

Ruffcut's picture

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.."

UP Forester's picture

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.

Rearranging Deckchairs's picture

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?

GeneMarchbanks's picture

Nice to know I contributed to his parachute.

RobotTrader's picture

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.

Dr. No's picture

Not a bad post.  A good post from Robo got me nostalgic.  What ever happened to the Robo babe posts?

Mark123's picture

It's not Robo any more....it's his mom.  She said he couldn't use the computer till he cleaned up his room.

Dr. No's picture

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.

HarryWanqer's picture

I don't know about Robo, but my account got hacked.

legal eagle's picture

Someone has to steer the sinking ship so it doesnt cause more damage on the way down.   Insolvent bankrupt companies need managers too....

karzai_luver's picture

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.

 

 

centerline's picture

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.

lieutenantjohnchard's picture

robottrader: the seeking alpha anti-pigman.

see nflx, tzoo and zlc.

Withdrawn Sanction's picture

Get out while the getting's good.

The rats-leaving-a-sinking-ship metaphor seems apt

Vuvuzela's picture

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)

  1. (pejorative) faggot
  2. (pejorative) jackass
smlaz's picture

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...