U.S. Senators Criticize Executives Bonuses at Fannie Mae and Freddie Mac
ATLANTA (AP) – Georgia’s two U.S. Senators have joined 58 of their colleagues in criticizing millions of dollars in bonuses to executives at Fannie Mae and Freddie Mac.
Republicans Saxby Chambliss and Johnny Isakson sent a letter to Federal Housing Finance Agency Acting Director Edward DeMarco and Treasury Secretary Timothy Geithner objecting to the recent news that nearly $13 million in bonus pay was handed out to the 10 officials.
The letter calls the bonuses “wildly imprudent” and urges the housing finance agency to make changes to the compensation package.
Geithner was included because the Treasury Department helps oversee taxpayer dollars that were used to bail out Fannie and Freddie.
The letter received bipartisan support from 25 Democratic and 35 Republican senators.