[Congressional Record (Bound Edition), Volume 157 (2011), Part 4]
[House]
[Page 5104]
[From the U.S. Government Publishing Office, www.gpo.gov]




           FANNIE MAE AND FREDDIE MAC CEOS GET HUGE SALARIES

  (Mr. STEARNS asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. STEARNS. Mr. Speaker, I rise today with some serious concerns 
with the continued egregious spending by Fannie Mae and Freddie Mac 
approving large executive salary compensations at the expense of our 
taxpayers. For example, the chief executive officer of Fannie Mae 
received $9.3 million in compensation and salary for 2009 and 2010, 
while the chief executive of Freddie Mac received $7.8 million for 2009 
and 2010 together.
  But it was a failure of these same types of company executives in the 
past that forced government intervention in the first place by then 
overstating past earnings and generating millions in improper bonuses. 
Now taxpayers, who have already spent $153 billion to bail them out, 
which doesn't include legal fees that taxpayers have to pay to keep 
them afloat, may require more bailout money to counter the companies' 
mounting mortgage losses.
  Mr. Speaker, allowing this gross mismanagement of public funds to pay 
for extravagant salaries is unconscionable.

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