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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:
Perspective — October 23, 2013, 8:00 am
How pro-oil Louisiana politicians have shaped American environmental policy
Postcard — October 16, 2013, 8:00 am
A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits
Trudy Lieberman reports on the failed promise of the Affordable Care Act, Sarah A. Topol explores Ukraine’s struggle for a national identity, Dave Madden spends a week in Hollywood’s toughest comedy club, and more
Amount bin Laden paid to replace each cricket ball hit into his compound, according to a local boy:
Butterflies and moths remember their lives as caterpillars.
Piñatas resembling Donald Trump, who was fired from NBC after calling Mexican immigrants rapists, went on sale in Mexico.
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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.”