Thursday, March 19, 2009
I guess I will enter the AIG Blunder
Now that Barney Frank has finished his ‘dog and pony show’ with AIG’s chief and his continual demands for names of those AIG’s employees who received bonus let’s take this one step farther.
AIG filled the campaign coffers with $564,614.00 to members of both political parties in 2008.
Should we now not demand that these hypocrites return this money to the American Tax Payers!
The complete HYPOCRITE LIST can be seen here.
Here are the top recipients from THE HYPOCRITE LIST
Senator Chris Dodd ……………$103,100
Bonuses Expected at Fannie, Freddie
More financial companies that are being propped up with federal money are facing political heat over bonus payments to executives.
Fannie Mae is due to pay retention bonuses of as much $470,000 to $611,000 this year to some executives despite enormous losses at the government-backed mortgage company. Fannie’s main rival, Freddie Mac, also plans to pay such bonuses but hasn’t yet provided details.
Fannie’s bonuses are smaller than ones paid by American International Group Inc. that have caused a political firestorm for that company. Seventy-three AIG executives got retention payments of $1 million or more recently, according to New York Attorney General Andrew Cuomo.
But the Fannie bonuses are still considerable and come at a time when Fannie and Freddie are receiving increasing amounts of funding from the Treasury. For 2008, Fannie and Freddie reported combined losses of about $108 billion, largely stemming from a surge in home-mortgage defaults. The U.S. Treasury has agreed to provide as much as $200 billion of capital apiece to Fannie and Freddie in exchange for preferred stock. The two companies have said they will need a combined $60 billion of that money to cover their losses so far.
Read more from Wall Street Journal
I don't care for Sheperd Smith but he hits it pretty good here...
Update: Shep Smith goes off on Congress over AIG debacle
Barney Frank to AIG: I can’t promise confidentiality even though you’re getting death threats