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Big Bonuses’ Impact on Taxpayers

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  • Description

    FBN’s Gerri Willis on the big bonuses for executives at Fannie Mae and Freddie Mac.

  • Duration 2:24
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Yesterday I told you about this -- -- Eisenberg.

He's the former CEO and current chairman of Nabors Industries.

He got a 100 million dollar bonus just for switching jobs.

Despite his company's stock dropping by nearly 20% this year he was one of many CEOs with similar stories.

That's bad enough shareholders being forced to pay for failure not success.

But now it turns out it's not just shareholders -- what it's taxpayers.

A new report from Politico shows Fannie Mae and Freddie Mac companies that bear responsibility for the mortgage meltdown you remember them.

They've approved nearly thirteen million dollars in bonuses.

And that's -- down to about six and a half million dollars for each company exacts there.

Now that despite the fact that taxpayers have given these federally backed.

Mortgage giants a 169.

Billion dollars in two years and that my friends is bailout money.

So who's getting what.

The outgoing CEO of Freddie Mac Eric -- who made nearly a million dollars in base salary last year.

Is taking home nearly two and a half million dollars in bonuses check -- -- Fannie Mae CEO Mike Williams is getting insane.

Unbelievable so happening is companies backstop -- -- -- -- defendants.

Freddie Mac spokesman tells Politico Freddie Mac.

Has been a considerable amount on behalf of the American taxpayers to support the housing market.

Oh yeah -- right support the housing market -- by considerable amount you mean taken considerable considerable amount of our money.

Then yes you're right otherwise I'd really like to see the fruits of your labor because here -- the numbers.

Freddie and Fannie were major players in the president's home affordable modification.

Program we talked about camp a lot.

That along with a similar program called -- They were supposed to help three to four million homeowners who -- in mortgage trouble.

Lesson two million folks were actually helped since the companies' stocks are worthless the bonuses for Freddie and Fannie executives were determined by their success in -- heart.

Trailing helped -- 160000 people Fannie Mae 400000.

Way way less than half the eligible -- borrowers.

So happening claimed success and -- can you defend using our taxpayer dollars to reward what is on its mediocrity at best.

These monstrosity they've gotten enough help from us we should cut him off.

It's time the administration got a handle on these two big fat money -- Well at.

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