- ‘I Am Alive’ app gains popularity in terror-ravaged Lebanon
- Gun giveaways gain popularity among Republican candidates
- S.C. hospital worker slapped with $525 federal fine for refilling $0.89 soda
- Teen from ‘Jihad Jane’ plot becomes youngest ever to serve time on U.S. terror charges
- Iranian woman forgives son’s killer at the gallows
- Nebraska principal sorry for ‘don’t tattle’ flier
- Illinois readies to spend $100M for Obama museum in Chicago
- John Edwards back in court — this time as a lawyer for Va. boy’s malpractice case
- Covered California reports more than 200K in overtime Obamacare sign-ups
- Thanks, Chuck: Hagel says U.S. sending Ukraine sleeping mats, helmets
Severances assailed for Fannie, Freddie
Executive salaries, bonuses, stock options and severance packages have long been a source of criticism in corporate America, particularly in cases where executives have run a company into the ground but still make out with a “golden parachute” in the form of millions of dollars in severance pay.
Members of Congress and the banking industry have already called for severance packages to be cut for Daniel Mudd, chief executive at Fannie Mae, and Richard F. Syron, chief executive at Freddie Mac.
Sen. Jim Bunning, Kentucky Republican, introduced a bill Tuesday that would prohibit the former executives at Fannie and Freddie from receiving their severance pay. Estimates of the packages vary, but some say they could reach $9 million for Mr. Mudd and $14 million for Mr. Syron.
Presidential nominees Sens. Barack Obama and John McCain have called for the executives’ severance pay to be withheld.
Mr. Syron took in $18.3 million in salary, bonuses and stock awards last year, representing a 24 percent raise from the previous year.
Mr. Mudd took in $11.6 million last year, just a 3 percent increase from 2006.
Mr. Syron and Mr. Mudd have hired attorneys to represent them in any pending government negotiations.
About the Author
By Joy Overbeck
Redemption by government is futile
- Joe Biden's first Instagram pic mocked as shill for sunglass ad
- Jews being told to register in Ukraine: John Kerry
- Obama taunts GOP, takes nationally televised victory lap on Obamacare
- BOLTON: A 'three-state solution' for Middle East peace
- Army goes to war with National Guard, seizes Apache attack helicopters
- Elderly Chicago man robs bank to go 'home' to prison; judge fulfills his desire
- Cliven Bundy's Nevada ranch wrecked by retreating feds
- Chavez seizes Cargill factory
- Atheists rush to stage Easter display: 'Jesus Christ is a myth'
- IRS emails reveal discussion with Justice about suing nonprofits for election activities
Top 10 handguns in the U.S.