Sponsor: American Negotiators
A report released Monday by a government watchdog reveals the top 90 employees, excluding the CEOs, received an impressive $92 million in pay last year at Fannie and Freddie -- companies that are propped by taxpayer money.
The median paycheck of the top 23 executives at Fannie and Freddie totaled $1.72 million in 2011, a 9% decline from the previous year. The next 62 executives took home $723,000, a decline of 5%. Even high-ranked federal government employees don't make close to these numbers, which are more comparable to top salaries in the private sector.
Executive compensation for Fannie and Freddie has fallen under heightened scrutiny after the two companies lost billions of dollars when the housing bubble burst. Both companies were the largest buyers of home mortgage loans in the U.S. and have been criticized for lax standards during the housing boom. Their losses were borne by taxpayers when the companies were taken over by the government in September 2008.