Fannie Mae sets 2006 exec salaries, 2005 bonuses

Reuters reports:

The board of scandal-plagued mortgage finance company Fannie Mae granted its top five executives a total of more than $28 million in 2006 salaries and regulator-approved 2005 cash and stock bonuses, according to a regulatory filing on Wednesday.

President and Chief Executive Daniel Mudd will draw a 2006 salary of $950,000 and was granted a 2005 cash bonus of $2.59 million. He was also awarded an estimated $8 million in restricted stock as a "2005 Variable Long-Term Incentive Award," according to the filing with the U.S. Securities and Exchange Commission.

Fannie Mae's main regulator, the Office of Federal Housing Enterprise Oversight (OFHEO), approved all of the non-salary compensation decisions as required as part of the company's capital restoration plan, the filing said.

This is rather amazing.The government approving of salaries of a NYSE listed stock.Maybe Fannie Mae should change its name to Fascist Mae.