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Inside Washington (05/02/2012)
  • WASHINGTON (5/3/12)--Rep. Spencer Bachus (R-Ala.), chairman of the House Financial Services Committee, Tuesday welcomed the dismissal of ethics allegations against him. The board of the Office of Congressional Ethics (OCE) voted 6-0 Friday to clear Bachus on allegations of insider trading. "The OCE's unanimous dismissal of these false allegations is a welcome conclusion to a destructive and disruptive, media-generated assault," Bachus said in a press release.  "It has been a long, painful, and frustrating experience to have a reputation built over many years sullied by untrue accusations." Bachus thanked former Securities and Exchange Commission (SEC) chairmen Harvey Pitt and Roderick Hills and former federal judge and SEC official Stanley Sporkin "for reviewing the allegations, determining they were false and meritless, and publicly coming to my defense" …
  • WASHINGTON (5/3/12)--In a letter to Acting FHFA Director Edward Demarco, two Democratic House members said Demarco's office purposely quashed a mortgage principal reduction program despite analyses that showed the initiative would save U.S. taxpayers money. In the letter, Reps. Elijah Cummings (D-Md.) and John Tierney (D-Mass.) said they obtained internal documents that reveal how Fannie Mae officials worked with Citibank beginning in 2009 to develop a "shared equity" principal reduction pilot program that ultimately was terminated for unspecified reasons. They said the documents show that Fannie Mae officials strongly supported the concept of principal reduction and fully evaluated its risks and benefits as they obtained the necessary internal approvals to finalize the program …
  • WASHINGTON (5/3/12)--Tony Renzi, executive vice president of single family business, operations and information technology at Freddie Mac, has resigned, effective May 11, according to a Securities and Exchange Commission filing (American Banker May 2). Renzi joined the government-sponsored enterprise in April 2011 after leaving GMAC Mortgage. He has taken a position with an unnamed financial services company, according to the filing …
  • WASHINGTON (5/3/12)--Patricia Geoghan, acting special master for the Troubled Asset Relief Program (TARP), outlined the principles used to determine compensation for executive pay of TARP recipients, in an interview with American Banker (May 2). In most cases, 75% of compensation is issued in stock, Geoghan said. Up to a third of the stock is in incentive compensation, which is based on achievement of performance metrics.  If performance goals are reached, then the executive can only cash out that award as the company repays its TARP obligations in 25% increments. The remaining stock compensation is issued on every payroll date, but instead of being paid in cash, executives are paid in stock or stock units that are promises to deliver stock in the future. Any cash salary is limited to no more than $500,000. The overall CEO compensation packages payable by American International Group, Ally Financial and General Motors have not increased, Geoghan said.  Although there has been some modification in the mix of stock salary and long-term restricted stock for the CEO group, the overall amount of CEO compensation is frozen at 2011 levels …


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