Might campaign contributions by Fannie Mae anger Ann Harvey? Imagine that you help “misplace” nearly $9 billion. You get fired over it. But you walk away with a golden-parachute package of $26 million, plus a monthly pension of $116,300 and fully paid health and dental insurance - for life.
As papers filed with the SEC show, the man in question with the sweetheart deal is Franklin Raines - the now-departed CEO of Fannie Mae. He must have needed the parachute: He only earned $90 million while managing the agency into the current crisis.
Is nobody clean? Even the rescuers are pillaging. The New York Post and a host of other publications reported this week that Alan Fishman was paid $60,000 per hour to manage WaMu for a few weeks as it was seized by Federal regulators. His $7.5 million payday might have made some sort of sense if he’d rescued the bank and the investors’ money. But no.
I wonder if Alan can float Ann Harvey a few bucks for groceries, or cover her mortgage for one month.
As Bush and Pelosi tag-teamed to pass the bailout, they could at least comfort one another with the fact that they both enjoy the financial security afforded the political class. In fact, virtually everyone inside is taken care of to the tomb.
What is the future of the political class versus the voters? Professional politicians in the United States -- and the wealthy individuals, foreign families, and business people who own them -- will need to do a better job of honoring the wishes of American voters on Main Street - or become better skilled at subverting them while convincing them they’re being served.
Like the future shape, form, and health of global financial markets, only time will tell. One thing is certain: We’re living in the midst of tremendous historical change.
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