Fannie and Freddie are up to the same old tricks. Last week Fannie needed another $7.8 billion bailout and Freddie $6 billion to cover abysmal third quarter losses. Since 2008, the two companies have required $169 billion in bailouts. Despite these losses, in 2009-2010 top executives have earned $35.4 billion in bonuses. Only now is Congress pushing to end excessive compensation for these executives. By 2014, the government estimates that these companies will require $220 billion in bailouts. Should the government continue to bail them out?
Tuesday, November 15, 2011
Fannie and Freddie Still Up to the Same Old Tricks
Fannie and Freddie are up to the same old tricks. Last week Fannie needed another $7.8 billion bailout and Freddie $6 billion to cover abysmal third quarter losses. Since 2008, the two companies have required $169 billion in bailouts. Despite these losses, in 2009-2010 top executives have earned $35.4 billion in bonuses. Only now is Congress pushing to end excessive compensation for these executives. By 2014, the government estimates that these companies will require $220 billion in bailouts. Should the government continue to bail them out?
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