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Today the Washington Post published its annual survey of executive compensation, and reported that while the Washington, D.C., area’s
“growing financial sector was one of the first to feel the effects of the year-long slide that grew out of the mortgage mess… [and] most financial firms saw their stocks wither, the industry’s top executives continue to be among the best paid in the region.”
Ten of the 100 top-paid executives came from Fannie Mae or Freddie Mac, including the chairman of the latter, Richard F. Syron, who took in $14.5 million in 2007, including a $2.2 million performance bonus. Meanwhile, Freddie Mac’s stock “dropped by about half in 2007, destroying billions in shareholder value.”
The Post quoted a speech on the House floor last week by Congressman Sam Johnson, a Texas Republican, who said, “Why should taxpayers foot the bill to prop up those former giants when the company CEOs rake in a bundle and continue to do so? It’s privatized profits and socialized risk…. Everyone knows I’m a strong supporter of freedom and free enterprise, but this is ridiculous. The lack of accountability and responsibility is astounding.”
More from Ken Silverstein:
Commentary — November 17, 2015, 6:41 pm
The Clintons’ so-called charitable enterprise has served as a vehicle to launder money and to enrich family friends.
Estimated number of calories a person consumes during Thanksgiving dinner:
The earth had become twice as dusty during the past century.
A man sued Pennsylvania state police who detained him for 29 days when they mistook his homemade soap for cocaine.
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“Shelby is waiting for something. He himself does not know what it is. When it comes he will either go back into the world from which he came, or sink out of sight in the morass of alcoholism or despair that has engulfed other vagrants.”