The CEOs of Fannie Mae and Freddie Mac are poised to earn as much as $6 million this year and next year, according to filings with the Securities and Exchange Commission (SEC).
The Los Angeles Times reports that Fannie Mae's Michael Williams and Freddie Mac's Charles E. Haldeman Jr. are each set to earn a base salary of $900,000 for 2009 and 2010. However, the SEC filing notes that both men are in line for a deferred base salary of $3.1 million each, albeit ‘only if the enterprise meets performance metrics.’ The deferred base salary is subject to government review.
In addition, four Fannie Mae will receive base salaries above $500,000 while receiving compensation packages for 2009 and 2010 that could pay bring each one at least $2.7 million per year. A Freddie Mac executive has been identified as receiving a base salary of more than $500,000, with the potential to earn as much as $1.15 million a year.
Neither Fannie Mae nor Freddie Mac has operated at a profit since they were taken over by the federal government – Fannie Mae lost a total of $56.9 billion for the first nine months of this year while Freddie Mac lost $14.1 billion in the same period.
In comparison to Williams and Haldeman, Pres. Obama's salary is $400,000.
SOURCE: Los Angeles Times