Freddie Mac CEO Gets Millions in 2007

By: Associated Press
By: Associated Press

NEW YORK (AP) The Securities and Exchange Commission says Richard Syron pocketed nearly 19.8 million dollars last year.

If he stays at the helm of Freddie Mac through the end of next year, he will receive nearly $20 million in stock awards if the board says he has met certain goals. This year, he is guaranteed to get 8.8 million dollars in stock grants regardless of performance.

For 2007, Syron received a 1.2 million dollar salary, a 3.45 million dollar bonus, including 1.25 million dollars to remain at the company, and more than $771,000 in other compensation. He also received stock and options valued by the company at 14.3 million dollars at the time they were awarded.

The news of Syron's pay package comes after the government pledged on Sunday to help provide larger credit lines for Freddie and its sister company Fannie Mae. The Treasury Department will ask Congress to allow it to buy equity stakes in the two if necessary.

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