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Posted on 05/05/2010 3:13:34 PM PDT by Slyscribe
Mortgage finance giant Freddie Mac (FRE) said Wednesday it needs more taxpayer funds after posting a $6.69 billion loss in Q1. The latest request will push total government aid to Freddie and sister firm Fannie Mae (FNM), both under gov’t conservatorship, to $126 billion. Freddie said it expects to ask for more taxpayer funds as the red ink continues to flow. And why not? The Treasury late last year essentially wrote the two quasi-public firms a blank check for future losses.
(Excerpt) Read more at blogs.investors.com ...
Hopefully, all Freddie Mac employees are SEIU members. /s
cover your fannie:
“Former Barney Frank staffer now top Goldman Sachs lobbyist”
Goldman Sachs’ new top lobbyist was recently the top staffer to Rep. Barney Frank, D-Mass., on the House Financial Services Committee chaired by Frank.
I think we need to investigate where all this money is going to.
No time for that, we need to move now for they are too big to fail. /s
1 billion dollars is a lot of money. A thousand millionaires.
Write me a blank check and I will promise to keep it below 1 billion.
No! Flat No!
Privatize Gains, Socialize Losses.
0bamanomics at its best!
Aren’t the losses for Fannie and Freddie expected to top $300 billion? In the interests of the often-promised but rarely delivered “transparency” advocated by candidate Obama, the WH should be required to send a letter to every American household pointing out that each person’s personal share of these losses is $1,000, ideally sometime during the last week in October. The resultant tsunami could easily result in Republican gains of 90 seats in the House and 10 or more in the Senate.
You can start here:
Raines’ total compensation from 1998 through 2004 was $91.1 million, including some $52.6 million in bonuses, according to OFHEO. Howard earned $30.8 million during the period, including $16.8 million in bonuses; Spencer received $7.3 million, of which some $3.5 million was bonus money.
http://seattletimes.nwsource.com/html/businesstechnology/2004358433_webraines18.html
This so-called administration is going to keep history writers in business for decades.
later
Outside of spending our money, government does nothing well.
Evidently he was hoping the Christian nation of the United States would not notice.
Most corrupt and deceitful administration ever.
http://www.foxnews.com/politics/2009/12/24/obama-administration-lifts-bailout-cap-fannie-freddie/
Instead of directly bailing out banks, Zero could have just cut checks to the borrowers, they’d have been out of debt, the banks would have been out of underperforming loans, and his face would be going on Mt Rushmore. Gosh, it’s almost as if he wants to continue to foster dependence while eliminating independent sources of campaign money.
Viva la FReddie Mac!
(Hey, I'm shopping for a new one. OK.?)
Reform.. Next Year. ;-)
Thanks for the new tag ling. I can’t wait to pull that out on the trickle down revisionists.
They are robbing us blind in broad daylight.
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