weee!

In so many corporate failures the CEOs “jump ship” with bulging moneybags leaving the rest of the people to deal with sinking ship. Well in a twist of shocking great news, the federal government is deciding to apply some semblance of justice to the colossal failure of the CEOs of Fannie Mae and Freddie Mac. From the Washington Post:

The Federal Housing Finance Agency (FHFA), the regulator that seized control of the mortgage giants last weekend and removed their chief executives, declined yesterday to specify what the executives would lose. Former Fannie Mae chief executive Daniel Mudd and former Freddie Mac chief executive Richard Syron together were eligible to receive as much as $25 million, according to outside compensation consultants who last week reviewed the companies’ financial disclosures.

“The Federal Housing Finance Agency notified [Mudd and Syron] that ‘golden parachute’ payments contemplated under their contracts would not be paid,” the agency said in a statement.

A spokesman for Syron declined to comment, and the Washington lawyer representing Mudd, Robert B. Barnett, did not return a phone call or e-mail.

The disgraced executives will still walk away with millions in severance but not nearly the amount that was in their contracts.