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Fannie, Freddie CEOs To Leave With Millions

MADELEINE BRAND, host:

This is Day to Day from NPR News. I'm Madeleine Brand.

ALEX CHADWICK, host:

I'm Alex Chadwick. We're going to check back on our lead story, the federal government bailout of Fannie Mae and Freddie Mac. The Treasury secretary, Henry Paulson, is out today reassuring nervous investors and taxpayers. Here he is on the CBS "Early Show." (Soundbite of TV show "The Early Show," September 8, 2008)

Secretary HENRY PAULSON (U.S. Department of the Treasury, George W. Bush Administration): A failure by either one of these companies would cause great havoc in the economy system. It would be a big blow to the average American, affect their budget and their ability to get a consumer loan, a car loan.

BRAND: There's still no real official estimate for what this bailout may cost, although it will surely be in the billions of dollars. Here is one set of numbers we do have.

CHADWICK: Fannie Mae's CEO - that's Daniel Mudd - could take home as much as nine million dollars in severance pay and other benefits. And Richard Syron of Freddie Mac reportedly has a contract that pays him 14 million dollars when he walks out the door. Transcript provided by NPR, Copyright NPR.

NPR transcripts are created on a rush deadline by an NPR contractor. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.

Alex Chadwick
For more than 30 years, Alex Chadwick has been bringing the world to NPR listeners as an NPR News producer, program host and currently senior correspondent. He's reported from every continent except Antarctica.
Madeleine Brand
Madeleine Brand is the host of NPR’s newest and fastest-growing daily show, Day to Day. She conducts interviews with newsmakers (Iraqi politicians, US senators), entertainment figures (Bernardo Bertolluci, Phillip Seymour Hoffman, Ricky Gervais), and the everyday people affected by the news (an autoworker laid off at GM, a mother whose son was killed in Iraq).