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House Committee releases harsh report and video on “government sponsored luxury”

Harsh words for President Obama

The House Committee on Oversight and Government Reform has created and released the above video in conjunction with Committee Chairman Darrell Issa’s report “Government-Sponsored Moguls: Executive Compensation at Fannie Mae and Freddie Mac” which excoriates the Administration’s rhetoric on executive compensation for the private sector as well as decisions made regarding the recent large bonuses approved for Fannie Mae and Freddie Mac executives.

The report also brought up recent FHFA Inspector General criticisms of Fannie and Freddie executive compensation practices, asserting that there is a double standard being ignored by the Administration.

“While taxpayers are saddled with billions in losses, executives at Fannie Mae and Freddie Mac are being rewarded with millions for their efforts to pursue public policy goals of the Obama administration,” said Chairman Issa.  “This report examines and explains fundamental criticisms of executive compensation decisions for Fannie Mae and Freddie Mac – decisions made under an administration that excoriates private companies for big bonuses on the backs of taxpayers but looks the other way when our own federal entities heap cash on their executives for a job left undone.”

In addition to the video above, the Committee released the following graphic:

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The full Committee Report:

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