When it comes to doing a Scrooge McDuck-style vault dive, Annaly Capital Management Inc. CEO Michael A.J. Farrell is the man to beat. According to a Bloomberg News report, Farrell was paid $35 million last year – more than the CEOs of the six largest U.S. banks – and received more than double the bank leaders' average compensation.
The 15-year-old, New York-based Annaly Capital Management is a real estate investment trust (REIT) focused on the government-sponsored mortgage-backed securities market. In an email to Bloomberg, Farrell – who is also president and chairman of the board of directors at Annaly – defended his compensation as evidence of a job well done.
‘If mortgage REITs were not delivering to investors, they would not be in a position to raise capital,’ Farrell wrote. ‘Last I checked, the United States was still a capitalist country despite efforts to the contrary.’