12.8 million dollars ($12,800,000.00) in bonuses have been approved for 10 executives at Freddie and Fannie. As you probably know, these are quasi-private mortgage companies that are insured by the full faith and credit of the United States Government (talk about moral hazard). After the mortgage debacle of 2008 (actually 2008-present) they were taken over by Sam so as to get things back on a paying basis (right!). I don't know, call me crazy but when the taxpayer gets nailed for 150 billion dollars (so far) in bailouts due to an absurd business model, felonious bookkeeping and criminal chief executives like Jim Johnson and Franklin Raines, well I'm thinking bonuses are not appropriate at this exact moment in time. Alas the White House Press Secretary Jay Carney informs us that President Obama disagrees.
Wednesday, November 2, 2011
FREDDIE & FANNIE; AT IT AGAIN!
12.8 million dollars ($12,800,000.00) in bonuses have been approved for 10 executives at Freddie and Fannie. As you probably know, these are quasi-private mortgage companies that are insured by the full faith and credit of the United States Government (talk about moral hazard). After the mortgage debacle of 2008 (actually 2008-present) they were taken over by Sam so as to get things back on a paying basis (right!). I don't know, call me crazy but when the taxpayer gets nailed for 150 billion dollars (so far) in bailouts due to an absurd business model, felonious bookkeeping and criminal chief executives like Jim Johnson and Franklin Raines, well I'm thinking bonuses are not appropriate at this exact moment in time. Alas the White House Press Secretary Jay Carney informs us that President Obama disagrees.
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