WASHINGTON, D.C. – U.S. Rep. Charlie Dent (PA-15) issued the following statement on nearly $13 million in bonuses awarded this year to executives at Fannie Mae and Freddie Mac.
“It is unacceptable that Fannie Mae and Freddie Mac – two government-sponsored enterprises - have issued enormous executive bonuses at a time when both conservatorships are losing billions upon billions of dollars. These exorbitant bonuses became even more unconscionable last week, when Freddie Mac requested another $6 billion in federal assistance.
“Taxpayers are right to be outraged. While countless Americans struggle to make ends meet and the federal government works to reduce the troublesome national deficit, it is difficult to understand why a federal agency responsible for overseeing the conservatorships did not prevent the awarding of these outrageous bonuses.
“I opposed the multibillion dollar bailout of these failing conservatorships in 2008 because I was concerned gross mismanagement within both entities would ultimately leave taxpayers high and dry. It is now abundantly clear an unfortunate lack of executive accountably is the norm at Fannie Mae and Freddie Mac, and both entities remain a huge liability to taxpayers. I have fought against similar abuse of tax dollars in the past and will continue to work to ensure federal funds are not dedicated to unjustified bonuses for executives presiding over multibillion dollar losses and failing government entities.”