The Corner

More Bonus Mischief

In this case, we’re talking about two companies that are in federal conservatorship.

WASHINGTON (AP) — Fannie Mae is planning to pay retention bonuses of as much as $611,000 each to several top executives of the government-controlled mortgage finance titan. Sibling company Freddie Mac is planning similar awards.

Fannie Mae disclosed in a recent filing with the Securities and Exchange Commission that it’s planning bonuses of $470,000 to $611,000 for four top executives, on top of their base salaries this year.

And federal regulators are defending the plan.

“I think it’s a reasonable and well-thought out plan,” James Lockhart, the director for the Federal Housing Finance Agency told reporters at a housing symposium. “The most important thing in those companies are the human assets,” he said.

Do you suppose President Obama has an opinion on this?

UPDATE: Ed Morrissey has the breakdown on these bonuses.

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