This is Argyn's blog. I comment on topics of my interests such as software, math, finance, and music. Also, I write about local events in Northern Virginia, USA and all things related to Kazakhstan

Sunday, September 14, 2008

Government: Departing Fannie, Freddie CEOs Won't Get 'Golden Parachutes'

By Zachary A. Goldfarb
Washington Post Staff Writer
Sunday, September 14, 2008; 7:04 PM

The federal government said today it would not allow mortgage finance firms Fannie Mae and Freddie Mac to pay their departing chief executives the "golden parachutes" outlined in their contracts.

Under the last weekend's agreement Fannie Mae and Freddie Mac had to stop lobbying activities immediately. They were known to be among the most powerful players in the inside the beltway lobbying community. They were more generous to Democrats. Now that they're no longer able to lobby, their "friends" in Washington don't need them anymore.

Sens. John McCain (R-Ariz.) and Barack Obama (D-Ill.), the major-party presidential candidates, have called on him to limit and or end payments, as have other prominent lawmakers.

"False friends are like our shadow, keeping close to us while we walk in the sunshine, but leaving us the instant we cross into the shade." (c) John Christian Bovee

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