Freddie Mac's Ex-CEO to Pay $16.4 Million

The Washington Post reports:

The government yesterday settled its case against former Freddie Mac chairman and chief executive Leland C. Brendsel for a fraction of the more than $1 billion in damages and penalties it had been seeking for his alleged participation in accounting manipulations.

As Brendsel's trial on regulatory charges was about to enter its fourth week, the federal agency accusing him announced that he would give up $13 million, including $10.5 million of past compensation, and would waive claims against Freddie Mac for more than $3.4 million of additional pay.

Freddie Mac sure is special.