~ Sent to me from my source within the Committee on Oversight and Government Reform. The truth is out there but many do not know where to look for it. This is available to any Patriot or citizen. My friends here are privy to this hearing held this morning, before many even see it. Please share this far & wide with your family, friends, fellow Patriots in TRUTH and your social networks. ~ JP:
I’ve pulled out our infographic on taxpayer-funded executive compensation at the government mortgage giants Fannie and Freddie for you to use.
Here is a video which Chairman Issa will play to kick off the hearing as well; Fannie & Freddie Bonuses: Stunning Silence from President Obama :
Issa Releases Report on Fannie Mae and Freddie Mac Executive Compensation
Report examines Obama administration’s contradictory rhetoric on bonuses, $1.7 million non-performance based ‘signing bonus’ for Fannie executive
WASHINGTON, D.C. – House Oversight and Government Reform Committee Chairman Darrell Issa today released a new report, “Government-Sponsored Moguls: Executive Compensation at Fannie Mae and Freddie Mac.” Highlights of the report include:
Assessments of controversial executive compensation decisions approved or allowed by the administration including the decision to award a $1.7 million non-performance based “signing bonus” to a recruited executive.
An examination of Obama Administration rhetoric on executive compensation for the private sector and decisions on compensation for Fannie Mae and Freddie Mac executives.
FHFA Inspector General criticisms of Fannie and Freddie executive compensation practices.
“While taxpayers are saddled with billions in losses, executives at Fannie Mae and Freddie Mac are being rewarded with millions for their efforts to pursue public policy goals of the Obama administration,” said Chairman Issa. “This report examines and explains fundamental criticisms of executive compensation decisions for Fannie Mae and Freddie Mac – decisions made under an administration that excoriates private companies for big bonuses on the backs of taxpayers but looks the other way when our own federal entities heap cash on their executives for a job left undone.”
The Oversight and Government Reform Committee will hold a hearing at 10 AM in 2154 Rayburn House Office Building with the CEOs of Fannie Mae and Freddie Mac as well as the Federal Housing Finance Agency (FHFA) Director on executive compensation policies.
This hearing will examine the validity of bonuses paid out to executives at Fannie Mae and Freddie Mac. In the aftermath of the financial crisis, President Obama offered direct and pointed criticism of entities that received taxpayer dollars but continued to pay executives millions of dollars in compensation and bonuses calling the payments “obscene” and “shameful.”
Since entering a conservatorship status, Fannie and Freddie have become de facto arms of the government and have received $169 billion from the Treasury Department and still have an outstanding balance of $141 billion owed to the taxpayers. Despite this outstanding balance, Fannie and Freddie’s top six executives received $35 million in compensation. Of that, $12.79 million were bonuses awarded to Fannie and Freddie’s top ten executives.
This hearing asks important questions on behalf of the American taxpayers who are footing the bill for Fannie and Freddie. Is the concept of pay-for-performance being applied appropriately? Should these executives of a government-sponsored entity profit while taxpayers foot the bill? What measurable standards, if any, are in place to properly and accurately evaluate performance? Are these bonuses being awarded for your efforts to minimize losses for taxpayers or are they payouts to for the degrees in which you help the Obama Administration achieve a policy agenda?
TLC takes a break from toddler beauty pageants to profile the complicated lives of five Muslim-American families in Dearborn, Mich.
With its new reality series All-American Muslim, TLC is echoing PBS’ 1970 documentary series, An American Family, in which the very real Loud family prompted a national conversation on divorce and homosexuality. TLC’s show, which debuted Sunday night, follows five Muslim-American families in Dearborn, Mich., home to the nation’s largest mosque. The premiere delved earnestly into the effects of the Muslim faith on these Americans’ lives, focusing on the impending wedding of Shadia, “a tattoed and pierced young Muslim woman,” and Jeff, her “happily clueless” Irish Catholic beau. Is this a refreshing break from the soulless world of Jersey Shore or too sincere for its own good?