Related: U.S. Taxpayers Get Screwed in Fannie
American Taxpayers Take It in the Fannie Again
"Freddie, Fannie to give bonuses; Retention pay to total over $210m" by Associated Press | April 4, 2009
That's MORE than AIG!!!!!!!!
The ARROGANT AVARICE of these MONSTERS is BEYOND BELIEF!!!!!!
I really don't know what to say to you, Americans!!!
The retention awards for more than 7,600 employees were disclosed in a letter from the companies' regulator released yesterday by Senator Charles Grassley of Iowa, the senior Republican on the Senate Finance Committee. The companies paid out nearly $51 million last year and are scheduled to make $146 million in payments this year and $13 million in 2010.
"It's hard to see any common sense in management decisions that award hundreds of millions in bonuses when their organizations lost more than $100 billion in a year," Grassley said in a statement. "It's an insult that the bonuses were made with an infusion of cash from taxpayers."
Fannie and Freddie officials declined to comment yesterday. Fannie had disclosed it plans to pay four top executives at least $1 million each in retention payments that run through February. Freddie has yet to report on which executives are in line for the awards.That's MORE than some of them are making in SALARY -- which is ALREADY a COOL $600k!!!! --more--"
You LIKE it up the ass, don't you, Amurkns?
Of course, I see this in my LOCAL and I WONDER why the GLOBE IGNORED THIS!!!?!!!!
"Agency Says Bailout Will Cost Taxpayers More; Congressional estimate finds financial sector bailout will cost taxpayers $167B more" by PETE YOST, Associated Press | April 5, 2009
Bailing out the financial sector will cost taxpayers $167 billion more than originally anticipated, according to a Congressional Budget Office estimate. The original figure in January was $189 billion, but it is now $356 billion — $152 billion more for 2009 and $15 billion more next year, the CBO says in its March report updating the budget and economic outlook.
Why would the Globe want to keep that from the enraged citizenry?
The CBO raised its projection because yields have increased on securities issued by the bailed-out financial institutions under the $700 billion Troubled Asset Relief Program. That means there will be an increase in the cost of the subsidy from the U.S. Treasury's purchase of preferred stock, asset guarantees and loans to automakers, the CBO said.
So the RICHERS BENEFIT at TAXPAYER EXPENSE at EVERY TURN, huh?
In addition, since the CBO issued its original cost estimate for the program, the Treasury announced additional deals with Bank of America and American International Group. Those deals will be at rates higher than the averages in the CBO's original estimate. Also going up: the subsidy rates in the administration's $50 billion program to deal with home foreclosures.
The TARP program isn't the only one that will prove more costly to taxpayers than originally thought, says the CBO.
They KEEP ON PUMPING THAT ASS, 'eh, Amurka?!
I'm SORRY, readers, for BEING SO CRASS; however, the ANALOGY FITS like a, well, condom!!
Oh, yeah, GOVERNMENT DOESN'T USE THEM, either!!!!
Bailing out Fannie Mae and Freddie Mac — the two mortage finance giants taken over by the government in September — will cost another $52 billion this year alone, and an additional $28 billion for their activities from 2010 to 2019, says the CBO.
And yet, THEY ARE GIVING OUT $210 MILLION in BONUSES!!!!!
You THERE, America?
Time for some people to SWING FROM SOME LAMPOSTS!!!!!!!!
NOW!!!!!!!!!!!!!!!
This SHIT has to STOP and STOP NOW!!!!!!!!!!!!!!!!!!!
Since January, the condition of both Fannie Mac and Freddie Mac has turned out to be worse than expected....
And yet, $210 MILLION in BONUSES when THEY HAVE RECEIVED WAY MORE $$$$ than AIG, America!!!!!!!!!!!!!!
Yup, GOVERNMENT is going to SAVE US from being LOOTED MORE, right!!!!!!!!!!!!!!!!!!!
