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Fannie, Freddie worker bonuses total $210M

OUTRAGE I SAY!   or at least says GOP Sen. Charles Grassley

"It's hard to see any common sense in management decisions that award hundreds of millions in bonuses when their organizations lost more than $100 billion in a year," Grassley said in a statement. "It's an insult that the bonuses were made with an infusion of cash from taxpayers."

The obvious meme here is that Dems protect Fannie/Freddie while throwing AIG under the bus.

Unfortunately this will back fire on the GOP when voters read the fine print.  

That 210 Million is over three years and going to 7,600 employees who are now writing 70% of the new loans in the country while the commercial banks sit on the sidelines.   That's an average bonus of $27,632.

By comparison AIG's $165 Million went to 168 executives as one time retention bonuses.   Average Bonus $982,143

More below the fold

While the complete details of the Fannie Freddy Bonuses are yet to be released, but I am predicting another GOP disaster.

There are insane if they thing the American people are going to treat $27K bonuses to people working to restore the real estate market, and unfreeze lending, the same as $982K bonuses for guys sticking around another year to "smoothly shutdown" their own colossal screw up.

168 AIG employees are scheduled to receive payouts that range from $92,500 to $4,000,000 so that they stay with the company for ONE more year.
AIG Bonus breakdown:

CBS on AIG Bonuses:

Watch CBS Videos Online

Originally posted to mtosner on Fri Apr 03, 2009 at 12:44 PM PDT.

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