Support HR 6864

September 11, 2008 at 5:27 pm Leave a comment

Please contact your local Representative in Congress to support H.R. 6864 – “To prohibit golden parachute payments for former executives and directors of Fannie Mae and Freddie Mac”. 

A “golden parachute” is a termination agreement which provides for the payment of extremely lucrative financial benefits, usually to a limited number of key executives. The ermination or severance payments granted under the “golden parachute” arrangement are normally well in excess of normal severance payments. Such payments are paid only in the event the employee leaves the company following an actual or anticipated corporate merger or a transfer of control over the company.

The executives made poor financial decisions and should not deserve excessive severance.  They should get severance in accordance with the standard policies and procedures of the company and not get a deal from the taxpayers.

 

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