Friday, December 25, 2009

$42 million divided by 12

Merry Christmas taxpayers, the ghosts of Franklin Raines are alive and well!

U.S. Uncaps Support for Fannie, Freddie

WASHINGTON -- The U.S. Treasury said it would provide capital as needed to Fannie Mae and Freddie Mac over the next three years, effectively opening its checkbook to the government-controlled companies in a bid to reassure investors in their debt....

http://online.wsj.com/article/SB126168307200704747.html?mod=rss

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from the Washington Post

U.S. promises unlimited financial assistance to Fannie Mae, Freddie Mac

Friday, December 25, 2009



The Obama administration pledged Thursday to provide unlimited financial assistance to mortgage giants Fannie Mae and Freddie Mac, an eleventh-hour move that allows the government to exceed the current $400 billion cap on emergency aid without seeking permission from a bailout-weary Congress.

The Christmas Eve announcement by the Treasury Department means that it can continue to run the companies, which were seized last year, as arms of the government for the rest of President Obama's current term.

But even as the administration was making this open-ended financial commitment, Fannie Mae and Freddie Mac disclosed that they had received approval from their federal regulator to pay $42 million in Wall Street-style compensation packages to 12 top executives for 2009.
http://www.washingtonpost.com/wp-dyn/content/article/2009/12/24/AR200912...

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