Wednesday, March 18, 2009

Bonuses For Me, But Not For Thee

Ed Morrissey notes the "retention bonus" structure for Fannie Mae and Freddie Mac (both of which are orders of magnitude more broke than AIG, and have placed trillions of dollars in prospective debt at the feet of the taxpayers), and asks, "If AIG’s retention bonuses are a problem, why aren’t Freddie Mac’s?"

C'mon, Ed. You know the answer to that. Fannie and Freddie are larded up with political sinecures designed to make party hacks into rich party hacks. It's one thing to expect responsible compensation practices from a business, but if you think the political class is willing to live under those kind of rules, I've got some beachfront property in Kansas with your name on it.

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