Fannie Mae GC Could Earn Nearly $3M Annually, Despite Bailout
Former Bank of America general counsel Timothy Mayopolous landed on his feet after his abrupt ouster from the company more than a year ago.
His pay in his new job as general counsel of Fannie Mae could work out to an annual paycheck of up to $2.95 million, an amount that includes a nearly $1 million incentive bonus, according to Corporate Counsel, Legal Week and the New York Times DealBook blog.
The pay package was revealed in U.S. regulatory filings as the government announced it will give both Fannie Mae and Freddie Mac uncapped support over the next three years, according to Corporate Counsel.
A chart filed with the U.S. Securities and Exchange Commission provides more detail about 2009 compensation. Mayopolous will earn $500,000 in annual base pay, prorated for his service that began on April 21; $1.45 million in deferred pay to be paid in four installments in 2010, prorated to Feb. 17, when he began work as a consultant for the agency; and up to $980,333 in a long-term incentive award, prorated to Feb. 17, to be paid based on individual and corporate performance.
DealBook complains that Mayopolous’ compensation “is on par with the richly rewarded hedge fund market, at a time when dozens of potential general counsel candidates are on the market.”
But officials at the agency that regulates Fannie Mae, the Federal Housing Finance Agency, said in a statement that the pay packages are significantly less than the levels in place before the government took over.
