Your Tax Dollars At Work

Hey, if you’re gonna suck, suck big

(Reuters) – Fannie Mae, the biggest source of money for U.S. home loans, on Tuesday said it needed a further $7.8 billion in federal aid to stay afloat as a shaky housing market widened its third-quarter loss to $5.1 billion.

The government-controlled firm also attributed the deeper cash drain to losses on derivatives used to hedge its exposure to interest-rate swings and on expenses related to home loans made prior to the 2008 financial collapse. In the year-earlier quarter it had a loss of a $1.3 billion.

Fannie Mae has now drawn $112.6 billion in bailout funds from the Treasury Department since being seized by the government in 2008 as mortgage losses mounted, and it has returned $17.2 billion to taxpayers in the form of dividends.

So we’re only out at least $95 some odd billion so far, eh?

Hey, it’s bonus time!

The Federal Housing Finance Agency, which regulates the mortgage giants that are now under government receivership, has approved $12.79 million in bonus pay for the performance of 10 executives at Fannie and Freddie last year despite both companies posting losses in all four quarters, Politico reported.

This is your Big Government at “work.”

Of the Elites.

For the Elites.

Paid for by, er, You.

So shut up already, you reactionary hick.

3 Responses to “Your Tax Dollars At Work”

  1. major dad says:

    And just how big were the bonuses and salaries of the smucks who run that disaster? Way more then any of us will ever get even if we run a company into the ground.

  2. Mr. Bingley says:

    md: “Among the compensation deals was a $2.3 million bonus awarded to outgoing Freddie Mac CEO Ed Haldeman for 2010, a figure that is more than double his salary of $900,000. Fannie Mae CEO Michael Williams got $2.37 million in performance bonuses.”

    That big.

  3. Dave E. says:

    Hey, not just anybody can lose billions of dollars like that. You have to go to the right schools and know the right people.

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