This is almost comical. Not quite a week after the Federal government stepped in to provide large credit lines to Freddie Mac and Fannie Mae and guarantees the Treasury Department would buy equity to keep the two solvent, comes news the Chairman/Chief Executive of Freddie Mac Richard Syron received $19.8M in compensation in 2007. Some economists have speculated the Freddie Mac and Fannie Mae deals may increase the national debt by as much as 50%.
For
2007, Syron received a $1.2 million salary, a $3.45 million bonus,
including $1.25 million to remain at the company, and $771,585 in other
compensation. He also received stock and options valued by the company
at $14.3 million at the time they were awarded.
The
company last year picked up the tab for Syron's financial planning
expenses, car and driver for commuting, home security system,
business-related dining and travel costs for his wife and $100,000 in
legal fees from negotiating his employment contract.
Syron also received $898,444 from dividends on restricted stock and options he holds.
If
Syron resigns or is fired with cause, he will owe the company $1.25
million. But if he is fired without cause, he will pocket $19.1 million.
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