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| Topic: Will there be an outcry for this? | |
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Edited by
AndrewAV
on
Fri 04/03/09 07:44 PM
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WASHINGTON (AFP) — More than 7,600 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.
Of the total retention bonuses planned over the next 18 months by the two companies, seized by the government last September to prevent their collapse, more than 50 million dollars have already been paid, the Federal Housing Finance Agency (FHFA) said in a letter to Senator Charles Grassley. The FHFA is the government agency that oversees the bailed-out companies. In the letter to the Republican senator, FHFA director James Lockhart defended the bonuses as necessary, saying retention of "human capital" was "one of our most important challenges" amid the housing meltdown. "The enterprises need to control their risks carefully. That requires skilled and experienced staff in a wide range" of areas, he said. Fannie Mae and Freddie Mac guarantee more than 40 percent of the home loans in the United States. Hammered by the global financial crisis and the US recession, the two publicly owned firms were bailed out at a cost of up to 200 billion dollars by the Treasury Department. According to Lockhart, Freddie Mac paid 17.8 million dollars in retention bonuses in 2008 and plans to pay 74.5 million in 2009 and 5.8 million in 2010. Fannie Mae disbursed 33.5 million dollars last year and intends to spend 71.9 million this year and 7.2 million in 2010. The disclosure of the bonus plans cames several weeks after a public uproar over 165 million dollars in bonuses paid by insurance giant American International Group. AIG also was bailed out in September, and the government has paid more than 170 billion dollars to keep it afloat. Personally, I doubt it will happen. The Fed is actually supporting this for identical reasons that AIG was criticized for not a few weeks ago. EDIT i wonder if there will be demands of 90% taxation too - I mean, they did receive government bailout funds, after all. |
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And I watch as Barney Franks outrage wilts and dies.
I watch as Chris Dodd somehow turns a blind eye. I watch as the media that plays left barely gives this the time of day, while the media that manipulates the right makes it on of the top 5 issues. I watch as the American Taxpayers get fleeced some more. |
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And I watch as Barney Franks outrage wilts and dies. I watch as Chris Dodd somehow turns a blind eye. I watch as the media that plays left barely gives this the time of day, while the media that manipulates the right makes it on of the top 5 issues. I watch as the American Taxpayers get fleeced some more. Politics is great, isn't it? |
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this is where the collapse of the econamy started.if they are not treated with the same vengence as aig was there is somthing wrong with the system.and it may be because barny frank and co. are in bed with them.lets see what happens.will acorn hire protesters to picket the bonus resipients houses?
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And I watch as Barney Franks outrage wilts and dies. I watch as Chris Dodd somehow turns a blind eye. I watch as the media that plays left barely gives this the time of day, while the media that manipulates the right makes it on of the top 5 issues. I watch as the American Taxpayers get fleeced some more. From what I'm reading Dodd is already done for the 2010 re election. Look into how much money these politicians including Obama received from not only AIG but Fannie Mae and Freddie Mac and Citigroup, Bank of America, etc. |
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And I watch as Barney Franks outrage wilts and dies. I watch as Chris Dodd somehow turns a blind eye. I watch as the media that plays left barely gives this the time of day, while the media that manipulates the right makes it on of the top 5 issues. I watch as the American Taxpayers get fleeced some more. From what I'm reading Dodd is already done for the 2010 re election. Look into how much money these politicians including Obama received from not only AIG but Fannie Mae and Freddie Mac and Citigroup, Bank of America, etc. His approval dropped into the low 30s after the AIG clause he put in. It's sad it's still that high. |
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... i dont see the 800 dollar tax cut covering the price of rectal surgery... 
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Edited by
crickstergo
on
Fri 04/03/09 08:57 PM
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And I watch as Barney Franks outrage wilts and dies. I watch as Chris Dodd somehow turns a blind eye. I watch as the media that plays left barely gives this the time of day, while the media that manipulates the right makes it on of the top 5 issues. I watch as the American Taxpayers get fleeced some more. From what I'm reading Dodd is already done for the 2010 re election. Look into how much money these politicians including Obama received from not only AIG but Fannie Mae and Freddie Mac and Citigroup, Bank of America, etc. Look whose at the top of the list just like AIG for Freddie/Fannie Name Office State Party Grand Total Total from PACs Total from Individuals Dodd, Christopher J S CT D $165,400 $48,500 $116,900 Obama, Barack S IL D $126,349 $6,000 $120,349 Kerry, John S MA D $111,000 $2,000 $109,000 Bennett, Robert F S UT R $107,999 $71,499 $36,500 Bachus, Spencer H AL R $103,300 $70,500 $32,800 Blunt, Roy H MO R $96,950 $78,500 $18,450 Kanjorski, Paul E H PA D $96,000 $57,500 $38,500 Bond, Christopher S 'Kit' S MO R $95,400 $64,000 $31,400 Shelby, Richard C S AL R $80,000 $23,000 $57,000 Reed, Jack S RI D $78,250 $43,500 $34,750 Reid, Harry S NV D $77,000 $60,500 $16,500 Clinton, Hillary S NY D $76,050 $8,000 $68,050 Davis, Tom H VA R $75,499 $13,999 $61,500 Boehner, John H OH R $67,750 $60,500 $7,250 Conrad, Kent S ND D $64,491 $22,000 $42,491 Reynolds, Tom H NY R $62,200 $53,000 $9,200 Johnson, Tim S SD D $61,000 $20,000 $41,000 Pelosi, Nancy H CA D $56,250 $47,000 $9,250 Carper, Tom S DE D $55,889 $31,350 $24,539 Hoyer, Steny H H MD D $55,500 $51,500 $4,000 Pryce, Deborah H OH R $55,500 $45,000 $10,500 Emanuel, Rahm H IL D $51,750 $16,000 $35,750 Isakson, Johnny S GA R $49,200 $35,500 $13,700 Cantor, Eric H VA R $48,500 $46,500 $2,000 Crapo, Mike S ID R $47,250 $40,500 $6,750 Frank, Barney H MA D $42,350 $30,500 $11,850 http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html Listed under induividuals are employees of fannie and freddie |
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Here is AIG
Campaign Contribution to Congress by AIG Open secrets ^ | 09.16.08 | Perdogg Posted on Tuesday, September 16, 2008 7:40:06 PM by Perdogg Name Office Total Contributions Dodd, Christopher J (D-CT) Senate $104,300 Obama, Barack (D-IL) Senate $45,111 McCain, John (R-AZ) Senate $41,200 Clinton, Hillary (D-NY) Senate $36,831 Baucus, Max (D-MT) Senate $24,750 Biden, Joseph R Jr (D-DE) Senate $19,975 Romney, Mitt (R) Pres $19,950 Sununu, John E (R-NH) Senate $15,950 http://209.157.64.200/focus/f-news/2083881/posts |
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Stanford and Madoff were huge Democratic donors as well, and not a mention of it..
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Now lets see what banks gave to Obama campaign
Goldman Sachs: $955,473 Citigroup: $653,468 JP Morgan Chase & Co.: $646,058 Morgan Stanley: $485,823 Bank of America: $274,493 Wachovia: $214,151 Lehman Brothers: $ 276,088 Individuals identifying themselves as working for the banks above gave Barack Obama’s presidential campaign $3,617,724. http://pajamasmedia.com/blog/contributions-to-obama-campaign-track-bailout-money/2/ |
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Put a date to those contributions.
Were they before or after the veil was lifted on their failures? Didnt I post in here earlier about this being the third or fourth thread about this same topic? |
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Put a date to those contributions. Were they before or after the veil was lifted on their failures? Didnt I post in here earlier about this being the third or fourth thread about this same topic? Why does the date matter. Obama has reimbursed most of them with taxpayer money quadzillion fold. |
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Put a date to those contributions. Were they before or after the veil was lifted on their failures? Does it matter when they were paid? Do favors just disappear after a certain period of time? That's all this is on every side by politicians of all ideologies. it is nothing but paying back favors to those that put you in that position. It is nearly impossible for any one man to effectively run a campaign against someone with corporate backing on the same scale fiscally. Note the fact both McCain and Obama received funds. They are not playing ideologies, they are covering their ass given any outcome. |
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Edited by
Fanta46
on
Fri 04/03/09 09:54 PM
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Yes it matters!
I dont see how you wouldn't realize how it matters. Implying that they sold favors for the contributions is just spreading false rumors without proof. It could be defined as slanderous! Where's your proof that anyone sold favors? |
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Yes it matters! I dont see how you wouldn't realize how it matters. Implying that they sold favors for the contributions is just spreading false rumors without proof. It could be defined as slanderous! Where's your proof that anyone sold favors? It can't be proved 99.9% of the time. Unless you are Blagojovich who happened to be that .1%. That's the nature of the game - it's an implied i'll scratch your back if you scratch mine. it was that way with W, Clinton, and I'm sure further back. There is no concrete evidence but the continued bailouts of AIG are a strong indicator as is Dodd's provision to allow bonuses. i personally cannot think of any reason that provision was necessary but the fact he was one of the highest recipients from the company makes you wonder. If it could be proven, they would all be removed from office. Why else would AIG invest in every major candidate with so many conflicting economic policies? |
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Yes it matters! I dont see how you wouldn't realize how it matters. Implying that they sold favors for the contributions is just spreading false rumors without proof. It could be defined as slanderous! Where's your proof that anyone sold favors? Looking after your contributors, now man that never happens. 
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So how do you explain the strictness with how the bonuses were dealt?
I dont buy that Obama sold favors. Dodd, maybe, but then these are all just rumored speculations right. Nothing backed by actual facts. Just assumptions made on a private chat site! 
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A large fraction of those AIG bonuses were paid to employees not responsible for the part of the business that sunk the economy. To keep them from getting bonuses strikes at the very heart of contract law.
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