Fannie Mae & Freddie Mac Under Scrutiny, AIG’s Underwritten Public Offering: Financial Biz Wrap
The hundreds of senior managers at Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) who earned in excess of $200,000 in 2011 saw their take-home pay levels investigated by the inspector general for the Federal Housing Finance Agency, which report is slated for release Monday. Last year was when the United States Congress threatened to significantly slash the pay of rank-and-file employees by placing the firms on federal wage scales.
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On Monday the United States Treasury Department said that it has initiated an underwritten public offering for its remaining 234,169,156 common shares of American International Group (NYSE:AIG). Upon completion of the offering, the Treasury would continue to hold warrants to purchase the firm’s common stock that were also issued as part of its participation in Treasury programs. Goldman Sachs (NYSE:GS), JPMorgan Securities (NYSE:JPM), Bank of America Merrill Lynch, Citigroup, and Deutsche Bank Securities have been retained as joint bookrunners for the offering.
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