Wednesday, November 16, 2011

Freddie Mac's Ed Haldeman gets a Golden Parachute

ZeroHedge: Congress Shocked To Find That Being CEO Of A Bankrupt Company Is The New Killing It:

Two weeks ago we reported with sheer disgust that the outgoing CEO of bankrupt Freddie Mac, Ed Haldeman, was to pocket over $4 million for his brief two year stay at the nationalized GSE, which money was to reward him for lots of hard work collecting bail out cash from the Treasury. $21 billion to be precise. Apparently it is not easy to beg from Tim Geithner which explains the compensation for a task which is essentially supervising a financial black hole with an attached run off portfolio.

Obviously, it pays to have friends in high places.

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