skippy the bush kangaroo

Saturday, September 06, 2008

another case of privatize the wealth

and "socialize" the bailouts/losses.
the government has formulated a plan to put troubled mortgage giants fannie mae and freddie mac under federal control, dismiss their top executives and prop them up financially, federal officials told the two companies yesterday, according to three sources familiar with the conversations. - wapo
it is not possible to calculate the cost of any government bailout, but the huge potential liabilities of the companies could cost taxpayers tens of billions of dollars and make any rescue among the largest in the nation’s history. - nytimes
and don't forget the other "bailout" that isn't talked about too much....the taxpayer's bailing out those companies who gave their ceo's, etc. golden parachutes while dumping their pension obligations onto the government. oh, btw....seems that the government is "gambling" with the future of millions of americans pensions.
an investment strategy adopted by the u.s. agency that insures retirement benefits for about 44 million people is likely riskier than acknowledged and needs stronger oversight, according to congressional auditors.

the government accountability office said in a report issued on monday that the pension benefit guaranty corp strategy aims to reduce its $14 billion liability shortfall by investing its $68 billion in assets in investments with a greater expected return. - reuters

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posted by Cookie Jill at 1:17 AM |

1 Comments:

I recently listened to the Prez of Fannie Mae talk about his company, it's status as a semi-private, semi-federal company, and the publics mistaken preception that the Executives were getting rich whilst bankrolling the banking scandal... when he was asked what his salary was he balked,... played dumb, suggested his wife would know better than him and finally named a number ( around $980,000.00 per year he thought) ...
Then the NPR interviewer revealed that her sources put his salary the year before at close to $43 million... and asked him if he had taken a pay cut ... he actually changed the subject...but he never did answer..
Yeah, just a poor , misunderstood , semi-public servant.
commented by Blogger Essaress ; Prior of the F.C.F.J.,, 3:15 PM PDT  

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