If the original terms weren't bad enough, someone even added a new clause in July. For most Americans, it's a mystery how a supposed leader can perform so poorly yet become so wealthy. They may not be walking away with as much as Angelo Mozilo, Stanley O'Neal or Charles Prince, but something tells me they will be much more comfortable than most Americans who get sacked for such poor performance at work. How is it possible to fail so badly yet receive so much money? Is this really the America that we used to know?
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 pay research firm.
Richard F. Syron, the departing chief executive of Freddie Mac, could receive an exit package of at least $14.1 million, largely because of a clause added to his employment contract in mid-July as his company’s troubles deepened. He has taken home $17.1 million in pay and stock option gains since becoming chief executive in 2003.
