Fannie Mae and Freddie Mac had more to do with the collapse
of the economy in 2007-2008 than anyone else. It was their granting of mortgages to those people who could
not possibly pay back the loans and then securitizing those mortgages on the
global financial markets that created this financial debacle that spread
Now these outstanding managers of money have decided to vote
themselves $13,000,000 in bonuses for their executives and directors for a “job
well-done.” The only thing
well-done and getting skewered here is the American taxpayer!
Fannie and Freddie have gotten $141 billion is stimulus
money, and along with AIG, are the only folks (out of all the financial
institutions that received TARP funds) who have not paid it back. Now these brilliant money managers are
asking for another $6 billion, just for this coming quarter!
have a sordid history at Fannie Mae.
Franklin Raines, Bill Clinton’s budget director who became head of
Fannie Mae awarded himself
$90,000,000 in bonuses over a six year period. Let that sink in for a moment. NINETY FREAKING MILLION DOLLARS in bonuses to one man for
helping destroy the world’s economies.
Why is he not in hell, or at least occupying a cell next to Bernie Madoff?