Archive for the 'Fannie Mae' Category

Senator Mitch McConnell, Where Is Your Heart?

Jim Pence September 18th, 2008

It has been said  “for where your treasure is, there your heart will be also." So let’s take a few minutes and examine where Mitch McConnell’s heart is.
Remember Senator Mitch McConnell saying this March. 6, 2005 on Meet The Press? " That personal accounts are is an extraordinarily good investment.  Let’s take a 25-year-old, for example.  Invests $1,000 in regular Social Security, gets a 2 percent return over 40 years, he gets $61,000.  That same young person investing that same $1,000 in a personal retirement account, looking at the average return on investment of the stock market, would get $100,000 more.  Why don’t we at least discuss that in the context of the overall effort to save Social Security for our children and our grandchildren?"
Those of of that knew what was going on then and now, know now what Senator Mitch McConnell wanted, he wanted to infuse Social Security money into the stock market to drive the market up temporarily, so his rich pals could make a quick killing and increase their wealth and then his rich pals would bail out of the market, leaving regular folks holding the proverbial empty bag.

Remember SCHIP and how folks like Senator Mitch McConnell fought tooth and nail to defeat a program that would help provide healthcare to our children at a cost of $35 billion over five years.
Remember Mitch saying this "Our Democratic colleagues have taken SCHIP hostage , and what they want in exchange is Republican support for government-run health care., courtesy of Washington."

Remember Medicare Part D and how folks like Senator Mitch McConnell voted against allowing Medicare to negotiate with drug makers to lower the price of medicine for seniors.

OK I could go on and on here, but it’s obvious where Senator Mitch McConnell’s heart is when it comes to regular folks and he, Senator Mitch McConnell, has no problem telling us, but when it comes to his rich pals receiving gaudy amounts of money while running their companies in the ground he , Senator Mitch McConnell, is silent.

Senator Mitch McConnell’s ties with AIG .

Senator Mitch McConnell seemed to approve of AIG CEO Martin Sullivan’s $47 million severance package back in July and the reason I say this is because Senator Mitch McConnell never hesitates to express how he feels and he approved of this gaudy $47 million severance package for his pal Martin Sullivan with his silence. Here in Kentucky we call that welfare for the rich!

Senator Mitch McConnell, with his silence, also approved the gaudy millions paid to the CEO’s of Fannie Mae and Freddie Mac.
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%. How would you like to have a job like that?
Using a pay-disclosure measure that the SEC prefers, which treats the value of stock and options differently, Freddie Mac chief Richard Syron ‘s pay for 2007 was $18.3 million , up 24% from 2006. That ain’t bad either.

Where is Senator Mitch McConnell’s heart? Follow the money all $800 billion of it!

Fannie Mae, Freddie Mac Have Been Socialized!!!!

Jim Pence September 8th, 2008

HTML clipboardYesterday Henry Paulson, United States Treasury Secretary, held a press conference at 11:00am EDT on a Sunday morning to tell us, the tax payers, we’re going to take over Freddie Mac and Fannie Mae and their $5.4 trillion worth of home debt - half the mortgage debt in the country. This was a well choreographed press conference, at 11:00am EDT Sunday morning  when a large portion of the Eastern and Central U.S. were either in church or on their way to church and the folks out on the west Coast were still in bed or just getting up. In the meanwhile Republican Gov. Charlie Crist was holding a press conference at the very same time about hurricane Ike, what a coincidence.
Our government is potentially putting us $5.4 trillion in debt and they hold a press conference at 11:00 am EDT on a Sunday?
Well the good news is we don’t have to worry about the terrorist destroying the United states, because George W. Bush and his banking pals are beating them to the punch, oh by the way let’s don’t forget John McCain (the Keating Five ) or his son Andrew K. McCain .
Now you would think that someone would go to jail over this mess, but these folks have raked in some serious money. 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%. How would you like to have a job like that?
Using a pay-disclosure measure that the SEC prefers, which treats the value of stock and options differently, Freddie Mac chief Richard Syron ‘s pay for 2007 was $18.3 million , up 24% from 2006. That ain’t bad either.
It’s really hard to believe the conservatives are for socialized Health Care banking, but seeing is believing!
How about it Senator Mitch McConnell , are you a socialist?

Fannie Mae And Freddie Mac Lazy Ass Greedy Slackers?

Jim Pence July 20th, 2008

(Cross posted at Hillbilly Report )

Crooks!!

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.