Statement from Senator Obama Commending Federal Regulators on Blocking Golden Parachutes for Fannie Mae and Freddie Mac CEOs
Below is a statement from Senator Obama commending federal regulators on blocking golden parachutes for Fannie Mae and Freddie Mac CEOs:
"I want to commend federal regulators for blocking golden parachutes for the outgoing CEOs of Fannie Mae and Freddie Mac. Last week, while John McCain praised the plan to rescue Fannie and Freddie without raising any concerns about a golden parachute for their CEOs, I urged Secretary Paulson and Director Lockhart to reject these multimillion dollar bonuses. Rewarding CEOs during a historic economic crisis may make sense to someone who's so disturbingly out of touch he believes 'the fundamentals of our economy are strong,' but it undermines our economy and betrays our sense of fairness. And I am glad these bonuses will not come to pass," said Senator Barack Obama.