Freddie and Fannie & Uncle Sam

At the end of trading (September 8, 2008), the first day after the "take over" of Fannie Mae and Freddie Mac, MarketWatch, a subidiary of Wall Street Journal, discusses how shareholders complain about the high compensation paid the CEOs.

The current price of stock was less that a dollar on each:

Shares of Fannie Mae (FNM) closed at 73 cents on Monday; 12 months ago the shares had traded as high as $68.60. Meanwhile, shares of Freddie Mac (FRE) fetched 88 cents at the close of trading Monday; the stock had been as high as $65.88 a year ago.

The New York Stock Exchange enjoyed a rally.  Even before it opened, markets around the world were signaling approval of US action to put the two in "something like bankruptcy."  

Because I read somewhere that Senator Obama is talking against the former CEOs' weighty severance packages, I thought it good to let others help in keeping up-to-date on  campaign implications.  I hope this link will be available in near term:

http://custom.marketwatch.com/custom/earthlink-net/mw-news.asp?GUID={832C8CA2-92B9-4AE4-9D8F-6105C62DBA1B}&destination=&symb=fnm

Sorry I couldn't QuickLink the article which is titled Shareholder Groups Blast Fannie, Freddie  Payouts.  I do not have a subscription.  

 

Margaret Bassett--OEN editor--is an 87-year old, currently living in senior housing, with a lifelong interest in political conumbra. Bachelors from State University of Iowa (1944) and Masters from Roosevelt University (1975) help to unravel (more...)
 

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