Freddie Mac’s and Fannie Mae’s obscene bonus plan
Freddie Mac and Fannie Mae, the hybrid semi-private mortgage entities, are issuing seven figure bonuses to some of their executives. There is not one peep out of the media or the professional protesting mobs. No one is averse to this, no groups are planning to picket the homes of the executives. The White House is silent, both houses of congress are mute. No one is threatening to drag these people before hearings to explain themselves.
The normally wealth averse president is not asking them how much is enough. He is not at some podium, in his shirt sleeves raging at the excesses of Fannie and Freddie.
Even the Occupy Movement and the Tea Party are strangely silent. Fannie and Freddie received 169 billion dollars in government bailouts after the mortgage crash. A crash many say they were involved in. It is projected that taxpayers may be on the hook for between 50 and 142 billion dollars more over the next few years.
Fannie and Freddie received bailouts. Their fat cat executives are getting obscene bonuses. Can anyone smell the stench of hypocrisy? Or do olfactory senses go dead when Fannie and Freddie are involved?
12.79 million dollars in bonuses will be doled out to ten executives. This cash cow was approved by the Federal Housing Finance Agency. FHFA is the government agency that regulates Fannie Mae and Freddie Mac.