Saturday, Jul 19, 2008
This sums it all up..........
CNN: Freddie chief's jackpot
The mortgage giant steps closer to a big capital-raising move that could help its CEO keep his healthy paycheck.
Syron made $10.6 million last year, according to Freddie Mac's latest report with the Securities and Exchange Commission.
Posted by mark @ 05:27 PM (270 views) Add Comment
2 Comments
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1. paul said...
It certainly does sum up everything thats gone wrong with corporate remuneration schemes.
Quasi-public organizations like Freddie Mac are answerable to no shareholders, and no public government oversight. No wonder they can reward themselves for utter failure.
"Freddie spokeswoman Sharon McHale says the company's board sets pay with the help of consultants who review the compensation at similar financial companies."
Of course she did! She's riding high on the gravy train too! If the taxpayer bails out freddie Mac, you can bet the last thing they will get is any say on how the senior management reward themselves though!
2. plato said...
This really is nothing short of corruption, It really is perverse that such reward has been attained through,at the very least, incompetence, and who knows what else the future will show?