Government Backing Fannie Mae and Freddie Mac
  • Black+BalloonBlack Balloon September 2008
    Yahoo News

    Another bank closed in Nevada at the same time. I wonder what this will all entail in the long run if this goes through.
  • xemplarxemplar September 2008
    Basically, if we don't get our shit together and back on track...another depression! Though, some say we are in a recession already so...
  • Black+BalloonBlack Balloon September 2008
    We pretty much are. Just throwing this out there, and seeing what people here think about it.
  • JeddHamptonJeddHampton September 2008
    Came across this on reddit. It's about Fannie Mae and Freddie Mac from 2003. Man what happened to the guy who predicted this?
  • NunesNunes September 2008
    I don't know what happened to them, but this is what's happening to the people who SHOULD have predicted this, and didn't, or DID predict it and ignored it.


    Dan Mudd, the CEO of Fannie Mae : $9.3 million severance package
    Richard Syron, the CEO of Freddie Mac: $14.1 million severance package

    Paid for by taxpayers like you.

    But national healthcare is socialism! oogah boogah!
  • JeddHamptonJeddHampton September 2008
    Wait. You get a large severance package when you do a terrible job? Holy shit. I need to get off my ass and screw things up!
  • NunesNunes September 2008
    Here's more from today:

    Not a bailout, but basically the CEO of WaMu is responsible for an 85% drop in shareholder value, about 19 million bucks.
    He's leaving with $23.6 million in total compensation.

    Let's say I only manage to write 15% of the code I'm asked to write in a year. I get fired. But if they only salvage 15% of the company, they get 24 million dollars.

    This is why class warfare is okay by me.

    /I bet the rich are delicious.
    //I refuse to eat cake in the absence of bread.

    Bonus, the guys name is Killinger:
  • JeddHamptonJeddHampton September 2008
    Obama is earning many brownie points in my book:

    "Under no circumstances should the executives of these institutions earn a windfall at a time when the U.S. Treasury has taken unprecedented steps to rescue these companies with taxpayer resources," Obama said in a letter to Treasury Secretary Henry Paulson and Federal Housing Finance Agency Director James Lockhart. "I urge you immediately to clarify that the agreement with Fannie Mae and Freddie Mac voids any such inappropriate windfall payments to outgoing CEOs and senior management."

    from here.
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