Tuesday, November 15, 2011
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?