Tester hails decision to strip exit pay from Fannie/Freddie CEOs

(WASHINGTON, D.C.) – Senator Jon Tester, a member of the
Senate Banking Committee, today released the following statement in response to
the government’s decision to deny multimillion-dollar severance packages for the
former CEOs of Fannie Mae and Freddie Mac:

“Wall Street needs to learn what working
folks across America already know: If you make bad
decisions, you pay the price.  No one deserves a multimillion dollar golden
parachute while millions of families are struggling to make ends meet.  This
decision is common sense.  We need more common sense as we work together to turn
this economy around.”

In an effort to prevent disaster in the
U.S. housing market, the Federal
Housing Finance Agency last week seized control of both Fannie Mae and Freddie
Mac and ousted their leaders.

The CEOs stood to receive a combined $24 million before
yesterday’s decision to strip their exit pay.