Monday, April 12, 2010

At The Worse Posssible Time: New Freddie Mac CEO Earned $800,000 Last Year

Several news organizations have found that chief executive of Freddie Mac earned nearly $800,000 last year after being hired in late summer to run the government-controlled mortgage finance company.

Charles Haldeman, 61, who started as CEO of the McLean, Va.-based mortgage finance giant last August, received 2009 compensation valued at $798,928, according to a proxy statement filed Monday with the Securities and Exchange Commission.

The figure does not include more than $1.3 million in deferred salary that will be paid out over this year.

The calculation is based on a regulatory filing. It aims to isolate the value company boards place on CEOs' total compensation packages. It includes salary, bonus, incentives, perks and the estimated value of stock options and awards.

Freddie Mac, being on the verge of financial collapse, has had a recent history of poor budgeting and indiscriminate bookkeeping.

AP; Reuters; UPI; ABC; 360.

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