While many of us were celebrating the birth of Christ, the Obama administration was promising unlimited funding for Fannie Mae and Freddie Mac. Of course it’s our money they’re using to pay executives “Wall Street style” bonuses.
The Christmas Eve announcement by the Treasury Department means that it can continue to run the companies, which were seized last year, as arms of the government for the rest of President Obama’s current term.
But even as the administration was making this open-ended financial commitment, Fannie Mae and Freddie Mac disclosed that they had received approval from their federal regulator to pay $42 million in Wall Street-style compensation packages to 12 top executives for 2009.
The compensation packages, including up to $6 million each to Fannie Mae and Freddie Mac’s chief executives, come amid an ongoing public debate about lavish payments to executives at banks and other financial firms that have received taxpayer aid. But while many firms on Wall Street have repaid the assistance, there is no prospect that Fannie Mae and Freddie Mac will do so. ….
Related: A liberal and a conservative teamed up to call for an investigation of Rahm Emanuel’s role on the board of Freddie Mac.
Fannie and Freddie AREN’T legitimate financial institutions. No bank could ever run in a proper fashion the way Fannie and Freddie conduct business.
They are loaded with political cronies who profit at the expense of the taxpayer.
We need to keep the dems/libs/prog AWAY from the $$$. They don’t take economics in college and have no clue about making payroll.
Ironically, oh so many of these types look down their noses as they are superior having graduated from college.
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Thank you, LC, for pointing out this information about FM and FM. I had not seen this on other websites, but just now emailed my Rep and Senators asking just how much money Obama and the Executive Branch get in walking-around money and exactly why the Legislative Branch is not involved.
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