Remember when

[RickN]

Everyone was all upset because the failing banks were paying their execs millions?

Over the last two years, the Obama administration has approved a whopping $34.4 million in compensation to the top six executives of the financially troubled Fannie Mae and Freddie Mac mortgage giants while lacking basic protections to ensure such compensation is warranted, a federal watchdog found.

The largesse flowed to the six executives even though the two companies they run struggle to staunch billions of dollars in losses, remain in government conservatorship, and are required to repay taxpayers for assuming the companies’ liabilities during the mortgage crisis. Fannie and Freddie are tapping Treasury Department funds each quarter to help pay 10 percent dividends owed to the U.S. government.

“The need for effectiveness, integrity, and transparency in FHFA’s programs and operations cannot be overstated,” said Inspector General Steve Linick, a former Justice Department prosecutor confirmed by Senate last year to watch over federal housing programs. “Fannie Mae and Freddie Mac have received almost $154 billion in taxpayer funding to support the still-fragile housing market. In addition, they own or guarantee about $5.4 trillion in residential mortgage obligations.”

Fannie and Freddie are expected to require around 400 billion in taxpayer bailouts before it is all over.

 

[Twmaster]

Tar and feathers time....

 

[HMFIC]

I can think of much more deserving efforts or people for that 34.4 million. Particularly the taxpayers like me who paid it.

 

[waltham41]

So much for change.......

 

[Robert871]

So much for change.......

Well, we didn't get to keep the change, but at least the hope is free... oh wait...

 

[beast1989]

Yep here in America the screwing never stops, but hey thanks to our great democracy we get to choose which way our @ss gets handed to us...... lol