If wild executive pay makes your list of "things to be depressed about," steel yourself: A new report on Fannie Mae and Freddie Mac will add the non-executive class to your register of woes. The inspector general's report, out today, looks at the 2011 pay of senior but non-C-level employees, and found that at least 1,000 of them make more than $205,300 a year. Here's how the hefty pay breaks down:
- The company has 333 vice president-level workers, whose median pay is $388,000 (meaning half get more than that, half get less); the median pay for its 62 senior VPs is $723,500
- Another 1,650 director-level workers have a median salary of $205,300
- All told, those employees make up one-sixth of the company
- However, the Federal Housing Finance Agency maintains that "significant changes" to pay levels did occur, but were masked by deferred 2009 and 2010 pay that was paid out last year
The Wall Street Journal
notes this is the first time non-executive pay at Fannie and Freddie has been disclosed. A Fannie Mae rep maintained that it "is absolutely critical that our compensation is competitive in the market." To wit, the Journal
reports that the salaries at the taxpayer-owned housing giants are in line with similar positions in the private sector, but exceed those of most government workers.