Fannie Mae loses billions, wants U.S. to bail it out with billions more

and yet it pays four top executives bonuses of $470,000 to $611,000.  “More than 022609oshit7,600 employees of US government-rescued mortgage finance giants Fannie Mae and Freddie Mac are to receive 210 million dollars in bonuses to keep them in their jobs, according to documents released by a lawmaker Friday [early April 2009].”  But no fake outrage from The Agitator in Chief?  Remember his feigned outrage when AIG, which also received taxpayer funded bailouts, was going to pay their executives bonuses–which the execs had earned pursuant to their pre-existing contracts and which Obama wanted to force AIG to violate?  “The president expressed dismay and anger over the bonuses [$160 million] to executives at AIG, which has received $173 billion in U.S. government bailouts over the past six months.”

Remember how The Community Agitator in Chief forced AIG to make their executives repay their bonuses? Not a peep so far regarding the Fannie Mae bonuses. 

The Obama response to AIG bonuses: “We are a country of law,” Mr Summers told ABC television. “There are contracts. The government cannot just abrogate contracts. Every legal step possible to limit those bonuses is being taken by [Treasury] secretary [Tim] Geithner and by the Federal Reserve system.”

From the Times Dispatch today: “Fannie Mae says it needs $19 billion in additional government aid after posting a loss of $23.2 billion in the first quarter as the taxpayer bill from the housing market bust mounts.”

What has changed between the AIG bonuses (which were earned pursuant to contract) and the Fannie bonuses (which were not earned)? The Obamessiah has moved on to other crises? Or he is just ignorant?  At least two Senators are just as outraged at the Fannie Mae fiasco as Obama was the AIG bonuses: 

On Tuesday [late April 2009], two key senators announced a plan to impose a hefty tax on retention bonuses paid to executives of companies that received federal bailout money or in which the United States has at least a 50 percent equity interest — including Fannie Mae, Freddie Mac and AIG.

“Millions of Americans are losing their jobs. Millions. And to some degree they’re losing their jobs because of actions taken by some of these firms,” said Sen. Max Baucus, a Montana Democrat and Senate Finance Committee chairman.””At the same time, they’re giving themselves bonuses. I mean, give me a break. What are these people thinking? That’s part of the problem. They’re not thinking.”

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