Fannie Mae CEO to resign:

Micheal Williams and Ed Haldeman have faced scrutiny in recent months for their hefty paychecks, granted even as their firms rely on taxpayer support. The targets for their 2011 pay, which will include deferred compensation, are set at about $6 million a piece.

In October, Freddie Mac CEO Ed Haldeman  announced plans to step down at some point this year.

In November, in the net ¾ Fannie Mae reported a loss of $5.1 billion. This loss sent Haldeman dancing back to the money pit asking for another $7.8 billion in funding from the Treasury Department. This request took its bailout total to $112.6 billion so far.

Let’s see who the powers to be put in his place. Maybe Bernie “Made-off with the cash” Madoff.

Is there something wrong with this picture? I thought that the concept was to hire someone to bring the financially troubled organization back on its feet. If they were successful in doing so they should be reward accordingly. Even give them a bonus if they do a good job but 6 mill right out of the box? That is a good payday!

How about the person or people that hire these guys. Do they do their due diligence? Follow the money trail. I would be willing to bet that there is some soldi trading hands somewhere under the blanket.

Probably, the reason there is no investigation when these situations surface, the guys that would do the scrutinizing would have to arrest themselves.

I guess that is not the way it works when government’s (the citizens of the USA) funds are involved. “Lets go print some more”.

Williams was hired in 2009 to get Fannie Mae squared away and Haldeman about two years ago to be the savior of Freddy Mac. Both Prima-donnas fell flat on the nose or should I say on the Americans pocket book.

The corker was, these to high paid financial fugitives were paid about
$ 6,000,000.00 each for their blunders. Where I can find a job like that?

Why not go find a wino the didn’t get out of the first grade, get him out of the gutter, clean him up a little but not too much,  put a $ 2,000.00 suit on the lad and tell him he is in charge. He could probably do just as well as some of the “G” men, maybe better.

Is there no end to the mismanagement, bungling, inefficiency in the United States Government?

These guys are like some of the professional athletes. Whether or not they scores in the game they still gets paid a huge salary.

The solution in both situations should be, “paid for their performance”. Human nature is a funny thing. If a person knows that they are going to get paid whether  they perform or not where is the incentive to do their job to the best of their ability?

The moral of the story is, “if you play we pay”. “Either score or hit the door”. I am sure there would be much better results.

Uncle Sam would turn over in his grave if he could see what is going on in this country today.