The two chief executives of Fannie Mae and Freddie Mac could get paid as much as $6 million each for 2009, despite the companies' dismal performance this year which cost taxpayers more than $100 billion.
The Associated Press reports that Fannie's CEO, Michael Williams, and Freddie CEO Charles ''Ed'' Haldeman Jr. each will receive $900,000 in salary, $3.1 million in deferred payments next year and another $2 million if they meet certain performance goals, according to filings with the Securities and Exchange Commission on Thursday.
The pay packages were approved by the Treasury Department and the Federal Housing Finance Agency, which regulates Fannie and Freddie.
Fannie and Freddie, which were seized by regulators in September 2008, have needed $111 billion in taxpayer money to stay afloat, one of the most expensive aftershocks of the financial crisis. News of the chief executives' pay could spark new criticism about the government's numerous bailouts.