Gingrich Said to Be Paid $1.6M by Freddie Mac /Fannie, Freddie executives score $100M payday

[Huey P. Long]

Gingrich Said to Be Paid $1.6M by Freddie Mac
By Clea Benson and Dawn Kopecki | Bloomberg – 14 hours ago

Newt Gingrich made between $1.6 million and $1.8 million in consulting fees from two contracts with mortgage company Freddie Mac, according to two people familiar with the arrangement.
The total amount is significantly larger than the $300,000 payment from Freddie Mac that Gingrich was asked about during a Republican presidential debate on Nov. 9 sponsored by CNBC, and more than was disclosed in the middle of congressional investigations into the housing industry collapse.

Gingrich’s business relationship with Freddie Mac spanned a period of eight years. When asked at the debate what he did to earn a $300,000 payment in 2006, the former speaker said he “offered them advice on precisely what they didn’t do,” and warned the company that its lending practices were “insane.” Former Freddie Mac executives who worked with Gingrich dispute that account.

Gingrich’s first contract with the mortgage lender was in 1999, five months after he resigned from Congress and as House speaker, according to a Freddie Mac press release.
His primary contact inside the organization was Mitchell Delk, Freddie Mac’s chief lobbyist, and he was paid a self- renewing, monthly retainer of $25,000 to $30,000 between May 1999 until 2002, according to three people familiar with aspects of the business agreement.

http://finance.yahoo.com/news/gingrich-said-to-be-paid--1-6m-by-freddie-mac.html

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Fannie, Freddie executives score $100M payday post bailout
By Chris Isidore | CNNMoney.com – Tue, Nov 15

Mortgage finance giants Fannie Mae and Freddie Mac received the biggest federal bailout of the financial crisis. And nearly $100 million of those tax dollars went to lucrative pay packages for top executives, filings show.
The top five executives at Fannie Mae received $33.3 million in 2009 and 2010, while the top five at Freddie Mac received $28.1 million. And each company has set pay targets of as much as $17 million for its top managers for 2011.
That's a total of $95.4 million, which will essentially be coming from taxpayers, who have been keeping the mortgage finance giants alive with regular quarterly cash infusions since the Federal Home Finance Agency (FHFA) took control of the companies in September 2008.
Fannie CEO Michael Williams and Freddie CEO Charles Halderman, each received about $5.5 million in pay for last year, and they could receive more when their final deferred compensation for 2010 is set. All the executives receive a significant portion of their pay in the year or years after they earn it.

http://finance.yahoo.com/news/fannie-freddie-executives-score-100m-105300790.html

[A-Schwarzenegger]

1. 3 more tasty quotes...

"Gingrich sought to portray his role with Freddie as a sign of his valuable experience, which he would take with him to the White House if elected. 'It reminds people that I know a great deal about Washington,' Gingrich said Wednesday.

"In 2008, Gingrich criticized then-presidential candidate Barack Obama for having accepted campaign contributions from Freddie Mac and Fannie Mae, saying that he should have to return the money."

" former Freddie Mac executives dispute Gingrich’s description of his role at the company, saying he was hired to identify political friends on Capitol Hill. Gingrich was supposed to use his clout with the Republican party to build intellectual support for the agency, according to four former Freddie employees, who spoke on condition of anonymity."

[Huey P. Long]

2. Thank you for the addition.

[SpiralHawk]

3. Republicon Socialism for the 1%

Oink, oink, Newtie. Stop slurping up the socialism, you Republicon you.

[Huey P. Long]

4. One more run to expose this evil prick.

[yellowcanine]

5. Nice remuneration for tutoring people in history if you can get it.

[Ganja Ninja]

6. Time to buy Tiffany's stock. n/t