Tag: Freddie Mac

Rick Santelli rips top Democrat for Fannie and Freddie crap frappé they’re serving the American taxpayers

Rick Santelli is a joy to watch. This time he went off on Rep. Paul Kanjorski’s (D-PA), who claimed Democrats’ just couldn’t include reform of Fannie Mae and Freddie Mac in their financial regulation bill because it was “too complicated.”

Rick Santelli is a joy to watch. Every once in a while, the CNBC on-air editor just can’t take the crap anymore. Tuesday was one of those days.

This time he went off on Rep. Paul Kanjorski’s (D-PA), who claimed Democrats’ just couldn’t include reform of Fannie Mae and Freddie Mac in their financial regulation bill because it was “too complicated.”

“It’s too complicated?” Santelli roared. “You think taxpayers that go to work to pay the money you are subsidizing, it will end up a half a trillion, do you think they think complicated is an excuse?”

The Financial Times reports the dire reality of the situation:

Fannie Mae said on Monday it would need an additional $8.4bn in aid, as the US government-controlled mortgage finance company continued to suffer heavy losses on its bad loans…Fannie Mae’s appeal for help comes on the heels of a similar plea last week by smaller rival Freddie Mac, which asked for an additional $10.6bn cash infusion. The latest requests for aid bring the total amount of taxpayer dollars drawn down by these companies to $148bn since the 2008 government-led bail-out. 

“Anthony Sanders, a senior scholar at the Mercatus Center at George Mason University, called Fannie and Freddie ‘our own Greek tragedy.’ Mr. Sanders estimated that total taxpayer liability was about $8,000bn for the combined companies, including public debt and loan guarantees.”

You know what else is really complicated? Doing your taxes. But the government probably won’t accept that as an excuse for not doing them.

Source: Financial Times

How Rahm Emanuel ripped you off for $320,000

rahm_emanuelHelp Wanted: Must be able to attend 6 meetings per year and overlook blatant fraud. $20,000 annual salary plus stock options. Total compensation in the $320,000 range over 14 months.

We never saw this help wanted ad, but apparently President Obama’s chief of staff, Rahm Emanuel, did. He landed the plum gig, sat on the board of currupt Freddie Mac for 14 months and may have earned more than $320,000 for his meager efforts. Call 1-800-BIG-SCAM and ask for “Freddie.”

Here’s how the Chicago Tribune describes his odd tenure at Freddie Mac:

Before its portfolio of bad loans helped trigger the current housing crisis, mortgage giant Freddie Mac was the focus of a major accounting scandal that led to a management shake-up, huge fines and scalding condemnation of passive directors by a top federal regulator.



One of those allegedly asleep-at-the-switch board members was Chicago’s Rahm Emanuel—now chief of staff to President Barack Obama—who made at least $320,000 for a 14-month stint at Freddie Mac that required little effort.



As gatekeeper to Obama, Emanuel now plays a critical role in addressing the nation’s mortgage woes and fulfilling the administration’s pledge to impose responsibility on the financial world.



Emanuel’s Freddie Mac involvement has been a prominent point on his political résumé, and his healthy payday from the firm has been no secret either. What is less known, however, is how little he apparently did for his money and how he benefited from the kind of cozy ties between Washington and Wall Street that have fueled the nation’s current economic mess.

The board met no more than six times a year. Unlike most fellow directors, Emanuel was not assigned to any of the board’s working committees, according to company proxy statements. Immediately upon joining the board, Emanuel and other new directors qualified for $380,000 in stock and options plus a $20,000 annual fee, records indicate.

We only need two words to describe the Democrats’ connection to the financial crisis: hanky and panky.

Source: Chicago Tribune

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