Fannie Mae And Freddie Mac Lazy Ass Greedy Slackers?
Jim Pence July 20th, 2008
(Cross posted at Hillbilly Report )
Opinion:
During Hurricane Katrina TV showed folks looting over and over. Remember when Coralnelle Little, 36, Rhonda McGowen, 42, and Paul C. Pearson, 36, were sentenced to 15 years for looting during Hurricane Katrina and the judge said he wanted to send a message that looting would not be tolerated when he gave the maximum 15 year sentence?
Well where in the Hell is that judge when it comes to the thieving subprime lenders that have come close and may even succeed in bringing our economy down. I’ll tell you where I think that judge is, he’s in the pocket of Corporate America because that’s where the real thieves are and the judge will find plenty of money in their pockets!
The Fannie Mae, Freddie Mac and the subprime debacle has cost our economy more than the 911 terrorist attact, but it’s not as interesting as the New Yorker Magazine cover or photos of Britney Spears with no underwear. No this is not interesting stuff, but there are investors poised to make millions from this debacle and the Bush administration, with the support of politicians like Senator Mitch McConnell , is more than ready to help them and let them know when to invest. In the meanwhile most of us will be working our asses off trying to make ends meet and the investors with inside information will make fortunes without hitting a lick.
The subprime lenders are and were nothing more than common thieves and should be treated as such, (where are you judge ). Hells Bells these crooks have caused cities to file bankruptcy petitions and others to sue the subprime lenders! The lawsuits have just begun and it wouldn’t surprise me if our government gave the thieving banks immunity just like they did the telecoms .
Our children and grandchildren will be paying for this banking misadventure for years to come and when all is said and done we may have to work a few years more than what we anticipated, because of these jerks, kinda like being sentenced to several years of "Forced Labor". I hope when our children and grandchildren ask us why we let it happen our answer is not " I was more interested in seeing a photo of Britney Spears with no underwear or bitchin’ about the New Yorker Magazine cover" than looking into all that boring banking stuff!!!
CNN MONEY.com
Using a pay-disclosure measure that the SEC prefers, which treats the value of stock and options differently, Richard Syron’s pay for 2007 was $18.3 million , up 24% from a year ago.
Freddie Mac chief Richard Syron is hardly the only executive making out at Freddie. Six other executives or former executives made at least $2 million last year, the filing shows: Finance chief Anthony Piszel, business chief Patricia Cook, technology exec Michael Perlman, multifamily sourcing exec Michael May, former operating chief Eugene McQuade and ex-technology officer Joseph Smialowski.
Read more.Huffington Post
Fannie Mae CEO Daniel Mudd reaped a 7 percent rise in pay to $13.4 million in 2007 while the company lost $2.1 billion and its shared fell 33%. Nice work if you can get it.
So now the Bush administration proposes to make the federal guarantee explicit and even to offer taxpayer money to help recapitalize the two banks if needed. Everything has been nationalized — except the profits and the pay scales of the bank’s executives.
That’s right. If the guarantees work, private speculators, having driven the stock down, will clean up on the upside . And the bank’s CEO’s will continue to pocket the multi-million dollar salaries that are de rigueur on Wall Street. Call it Wall Street socialism. Their losses are socialized; their profits are pocketed. You and I will pay for their failures. And if conservatives have their way, their families will pocket their successes, without even having to pay a tax for the transfer of the estates we’ve helped to create.
Read More.
