A letter to the editor from Larry Checco running in today's The Washington Post:

As the federal government moves to rescue Fannie Mae and Freddie Mac ["U.S. Seizes Control of Mortgage Giants," front page, Sept. 8], perhaps this is the perfect time to send a clear signal to the rest of the financial services industry that executive compensation packages need to be more in line with executive performance.

For years, while this whole mortgage crisis was festering, the top executives of Fannie Mae and Freddie Mac were taking home multimillion-dollar salaries and bonuses. Oh, sure, they suffered some. For example, Fannie Mae CEO Daniel H. Mudd took a 15 percent pay cut in 2007 and took home a measly $14.2 million in total compensation, a pittance in comparison with what some of his predecessors received. Meanwhile, his company's stockholders watched in horror as the value of their shares eventually decreased by 90 percent.

So, I'd like Treasury Secretary Henry M. Paulson Jr. to start setting the example for every industry and organization through decisions on compensation for Fannie's and Freddie's new top executives.