After Scandals, Someone Must Pay/Regulators Examine Bonuses at Fannie

[NVMojo]

Thursday, January 20, 2005; Page E01

Based on reported earnings that it must now correct, Fannie Mae paid $65.1 million in bonuses to employees in 2003, according to one of the federally chartered company's congressional overseers.

The bonuses, pegged to annual earnings targets set by the company's board, were distributed to a group of 749 members of management, according to data released yesterday by Rep. Richard H. Baker (R-La.), chairman of the House capital markets subcommittee. That was more than double the $27.1 million in bonuses awarded to a group of 547 participants in 1998.

The 2003 bonuses averaged $86,953 per participant, up from an average of $49,533 in 1998.

(hmmm, 1998 - Clinton was Prez ....2003 - King Bush was Prez)

more....

http://www.washingtonpost.com/ac2/wp-dyn/A22699-2005Jan19?language=printer