Government Bonuses

Think Obama is right to slam bonuses for Wall Street execs? Well, what about bonuses for government controlled mortgage lender CFOs?:

The pay package given to Freddie Mac's new chief financial officer should have sent a message from Washington to corporate America about how executive compensation standards must change. Instead, it did just the opposite.

The government-controlled mortgage finance company is giving CFO Ross Kari compensation worth as much as $5.5 million. That includes an almost $2 million cash signing bonus and a generous salary that could top $2.3 million.

The Federal Housing Finance Agency, which oversees Freddie Mac, approved the pay package. A spokeswoman pointed to a statement that justified the agency's approval of the pay, which was done in part because the amount was comparable to what others in the financial services industry make.

BTW, the other federal-guaranteed mortgage lender, the Federal Housing Authority, likely soon will require a bailout, just like Fannie and Freddie.

(via Instapundit)