Departing head of Fannie Mae, Daniel H Mudd, departs with a 9.3 million dollar gold parachute. I wonder if he’ll use the money to buy a house?

From the NY Times article by Eric Dash:

But even after the government seized the mortgage finance companies on Sunday and dismissed their chief executives, the companies’ outgoing leaders could see big paydays — a prospect that angers many investors, particularly because ordinary stockholders could be virtually wiped out.

Under the terms of his employment contract, Daniel H. Mudd, the departing head of Fannie Mae, stands to collect $9.3 million in severance pay, retirement benefits and deferred compensation, provided his dismissal is deemed to be “without cause,” according to an analysis by the consulting firm James F. Reda & Associates. Mr. Mudd has already taken home $12.4 million in cash compensation and stock option gains since becoming chief executive in 2004, according to an analysis by Equilar, an executive payresearch firm.

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2 responses to “Departing head of Fannie Mae, Daniel H Mudd, departs with a 9.3 million dollar gold parachute. I wonder if he’ll use the money to buy a house?

  1. I’m running for congress, and the word I hear at least 20 times day, is “crooks”, as in, “they’re all crooks”. It seems to be a very popular sentiment.

  2. Ruin a company and still get a 9.3 million dollar gold parachute. It only shows how rotten the system is.

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