I hate to play Scrooge on Christmas, but $160k for part-time work seems a bit steep. The WAPO reported this would be the pay for Fannie Mae’s new 10-person board of directors today.
The remarkable part of this story is that the Washington Post did not cite anyone in this piece who raised a question about the compensation levels for the board. Keep in mind that this is a newspaper that is absolutely apoplectic over autoworkers getting $27 an hour. If we assume that the board members on average will devote 500 hours a year to their duties, this puts their pay rate at $320 an hour.
If this board kept the mortgage giant from doing really stupid things, like taking on risky real estate loans in the middle of a housing bubble, then perhaps they would be worth this pay. But none of the new members were especially visible among those warning of the housing bubble, and several board members are carryovers from the prior board, which apparently slept through the housing bubble and Fannie’s collapse.
Given the amount of ink that the Post has devoted to the question of whether autoworkers at the Big Three are overpaid, it is incredible that this issue was never even raised in the context of Fannie’s new board.





34 Comments
Spotlight
Support this site!
Subscribe to the newsletter
Advertise on Firedoglake
Send
us your tips
Make us your homepage
About The Seminal
Advanced search
Given that the standard “work year” for most government calculations is 2080 hours (8 hr days x 5 day weeks x 52 weeks in the year), giving them 500 hour ‘work years’ is being extremely gracious.
My wager is they work more along the lines of 100 hours total. Maybe. Which makes your point that much worse for both the taxpayer and the villagers at the WaPo0 for their failure to note the fact.
But but but they work with their MINDS, so that, like, makes them really super duper superior. Or something.
Disgusted. Appalled. Oh, just forget it!Words fail …Uh, PW, I work with my mind, or what’s left of it. And my University doesn’t pay me anything approaching that annual compensation.
Oh. It must be all that classroom time that drags my value down. Gotcha.
Perhaps that pay is a “token of appreciation” rather than a compensation for service. Do they perhaps set the CEO’s salary? Just askin.
Paying people to be wrong and do nothing is a Washington tradition.
Saw this
on rawstory. The article had very little abt the 40 gov’s so I did a search and found this.
http://74.125.95.132/search?q=…..#038;gl=us
May I suggest some of these warped minds have accepted the odious task, believing even yet that their own sterling names may be tainted, sullied as it were, in the course of their noble effort? Here here! huzzah! Let their names be sullied. Tis done, of a piece as it were, and by their own hand. Can a knave pardon his own hide? Hide the pens, I say. Crush the quills. Do what ye must. I would have done with this nonsense! What say ye brethren? To the ramparts and over the wall. yeehawl. not as young as i used ta wuz…..
*blergh*
need…coffee….
mornin’ pups. will it never end? i’m tired of being tithed to feed bon bons to the uber-rich.
I agree with the theme of the post, but think referring to them as “government workers” is a mistake. It fits in nicely with the whole Reagan-Grover Norquest anti-government, deregulation, privatization movement that may have done us in. These people aren’t civil servants, and the reference to them as overpaid government workers really sounds a beloved theme for those whose life is spent opposing taxes.
wt??? Will some kind soul in TX puleeze give little tommy dee-lay a proper job with a shovel and a broom. Thanking yee much in advance….
Wasn’t there an article in the last week or so about chertoff (or some such) from dhs raving about what good shape they’re leaving the country in for Obama?
riiiiiiiiiiiight
leeches comes to mind, but that’s not fair to critterdom.
even parasites don’t off their hosts, for that would put them out of a job.
This period in our history needs its own special name.
“The Age of [_____]”
Help me out here folks.
i thought the last thread was on cockroaches?
thank you Hugh. i need my head screwed on tighter. i was actually delusional enough for a second there to be looking for some hope.
back to assembling victory garden supplies….
now see? all we can do is pick on the poor hapless critters. whut’d they ever do except play ring-around-the-coffee-cup rim?
after the power goes off and the batteries in this thing fade….
i better git hoppin’ and teach these kittycats how to run in circles to recharge the batteries….
He did used to be an exterminator.
digg is open
Hmmm, “rats” and “scabs” have been long used by the union movement. Maybe “bloated ticks,” “lampreys,” “hookworms”?
Corporate theif
I don’t know if it works as a description, but have always liked to use the term “cowbird” to cast aspersion. They lay their eggs in other bird’s nests and the larger cowbird young eventually throw the righful babies from the nest while stealing all of the food brought by the parents.
These “boards” are nothing but a bunch of wealthy property owners who are winners in capitalism who take these plum assignments and take a huge remuneration for essentially rubber stamping what management is doing and creating the pretense that there is some sort of oversight.
The whole capitalist structure is such a sham and rip off of workers. Top level management and board members compensate themselves at rates which have nothing to do with any work they do, any skill they have and performance that can be measured. Their compensation is an entitlement of their class for “having a job” at all.
All of them are suckers on the backs of workers and all of them need to be run out of town.
Maybe the people will wake up.
But…
Many people ARE “invested” in the system in the form of their “savings” or retirement funds or pensions that they have accumulated. Anyone with money set aside wants that money to GROW. They don’t keep it under the mattress. So they give it to a money market or some other “agent/broker” to invest it (for a fee of course) in COMPANIES which are … ripping of employees and consumers all in the name of profit and increased share value and dividends. So now anyone who has money put away is part of the problem, except those few with “ethical” investments.
Since fiat money and credit is causing inflation, everyone feels compelled to either spend their money or make a return on their money to beat inflation… or borrow money now and pay it off with less valuable dollars tomorrow.
What an fucked up system. The best in the world! Let’s go to America!
Hey, hey! Hey!!!! Doncha know that they gotta pay this salary to attract the best available talent? Ya gotta be competitive with the private sector ya know.
I agree completely. People just don’t understand what high quality slackery goes for these days.
‘zactly.
These guys are dipping into the profits – and that’s what they’re there for and if there are no profits, then this is just a cost of doing business. The people MUST be paid or the company founders. hahahaha
oh groan. don’t even mention bloated ticks in my household. one of those kindly gave me his allotment of Lyme in ‘62. Mebbe i could belatedly blame my demented state on the innocent lil’ critter. he sure did shoot my knees all to hoo-ha. Not to fret; I’s titanium Adie now, heh. no. sadly not the brain.
’scum’ works for me – sort of discreetly and nebulously vaguely passively unpinpointable, albeit disgusting.
cream’s not the only thing that rises to the top in our glorious world….
Hey! There’s progress on the march within our humble abode.
The lethal-looking but scrumptious, rum-spritzed plum pudding is sitting ominously in the kitchen. The ham’s in the frig. & glaze anxiously awaiting its solemn-sworn duty. The taters all lined up and saluting, honor bound to morph into scrumptious scalloped taters by tomorrow. All the riotously colorful, crunchy little veggies sitting in the chiller, ready to march forth as tasty crudities alongside the fancy cheeses. Hard sauce yet to be composed but ingredients at the ready. *hic*
There’s even greenery and purty red spots adorning the mantle.
But we need Sonny home. Would some kind soul convince Indiana to hold fast to that ice storm for just one more day, pretty-please?
Oh. And the patient’s doing well. The new knee stronger every day. The dear kitties taking turns at lap-duty with their special brand of tender loving care. ;->
Peace to All, even the money-lenders/keepers.
My favorite part of this monstrosity is that the board members are being paid in cash, not “stock of Fannie & Freddie.” [This from the WP story.]
Well hey, now that the stock is WORTHLESS [’cause you rubes drove it into the ground], suddenly you decide you’d like cold hard cash???? And LOTS of it???
I understand that the problem under Dearly Departed Frank Raines was that because executives & board members got stock & options, they were quite “motivated” to have the stock price go up and engaged in “trickeration” [to use a John Madden term] to assure that it did so — until they cashed out.
There should be some remedy to award them in the worthless crap they’ve made of these two entities, and pay the $160,000/year to help people who can’t afford to stay in their houses.
Given that Einstein was a patent clerk, that the inventor of TV was a potato farmer and that Bill Gates dropped out of college how much would you invest in the failed status quo while seeking world changing innovation? The answers in the fringes, always has been, always will be. Pay ‘em if you like. They’ve already proven themselves worthless unless they’re on record as being ahead of this.
Maybe they needed a gise to get their wiretaps out of their.
considering how much of our tax dollars are hidden from view, I’m surprised they don’t get paid even more.
http://www.brasschecktv.com/page/512.html
Where all the money goes
Two sets of books
The government take over
of the US economy
This video was originally produced on January 8, 2000 by Walter Burien.
The government, at all levels, is running a very simple financial con game.
If something produces revenue – like bridges, highways, ports, or successful investments etc – that revenue goes into off budget slush funds.
If it costs money, it’s charged to the public via taxes.
This is being done at all levels of government – including state, county, city, and school districts.
The total “off budget” funds held by the various governments amount to trillions of dollars.
The real accounting is contained in what’s called Comprehensive Annual Financial Reports (CAFR) which are not only not made available to the public, their very existence is never mentioned by the news media.
Why?
Trillions of dollars pays for a lot of corruption.
Every time an elected official stands before you and tells you the government is out of money and they have to raise taxes, he or she is lying through their teeth.
http://www.brasschecktv.com/page/512.html