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While politicians in Washington -- Wall Street for excessive pay take a look at what executives of money losing Fannie Mae and Freddie Mac are getting.
Nearly thirteen million bucks in bonuses for what are called quote modest performances and that is not counting a second -- installment.
That has yet to be reported that this is all just boggles the mind of hedge fund manager George shark is seeking turns a profit and is -- by the White House for what he makes.
Fannie and Freddie are costing.
Taxpayers billions but the White House is fine -- these bonuses.
Little frustrating is that George.
All it's very frustrating if you look at these bonuses they paid these bonuses for liquidity.
For stability for affordability.
I mean let's talk liquidity.
The government has given them a 170.
Billion dollars how hard is it to be liquid when you're the largest government bailout.
Let's look at stability.
The market in the housing is in continually drop.
You've got reporters -- which are off the charts.
And then look at let's look at affordability interest rates have gone down significantly.
How who have gone so here we can't use that.
They pay out with with the government.
A backed organization at this point in government receivership really.
And they -- -- these huge bonuses.
And up for these mediocre milestone.
Go even further than you do well I think that the government nationalize these two entities back in 2008 under George Bush.
The president President Obama went even further and putting amid a bit -- as a part of the government they are essentially.
Government -- which means these workers are government bureaucrats.
And they're getting a lot more I think Ken Feinberg allowed some of the private banks again.
And let's say what are we talking about they lost during this period.
-- actually this was anything other than Green companies.
This would be the front page article every news every news -- however might be talking about what an outrageous it but because this is -- -- you know quads I government.
It gets shuffled under the pushed under the rug and that's good that's the reality here.
And we had you know we -- MF global going under we could just as easily wake up tomorrow morning -- maybe -- tomorrow may be in a month or a year two years.
And see that Fannie and Freddie are totally belly up couldn't we.
Yeah you could end and it what you're talking about here is during this period that Obama's taken over seven point three million more foreclosures.
So you're talking about.
The market has continued to deteriorate.
We continue to pump 240 billion dollars and it.
The CEO gets his bonus and then -- -- hits the road here and the reason I use the word.
I wanna just be clear -- the reason I use receivership is somewhere down the road may be and 2014.
Shareholders might have some kind of back -- Which is why this is should operate and typically in in a Chapter Eleven situation.
The the receivers of that wall only allow bonuses in in a bit about where there's a lot of profitability.
And I you've got 240 billion losses and they're still getting bonuses.
Well I just wonder what is gonna happen eventually -- we we have seen these government entities become more private that happened Sallie Mae for example but then it went back.
To be more government -- also.
Whenever you have -- -- side anything -- that you can't see clearly exactly what it is.
I think we're in for trouble that's why these things should either be gotten rid of entirely.
You don't totally nationalize a caller what it is a government bank or whatever it is or totally privatized.
Well they -- this organizations these organizations clearly -- those.
Toward this debacle that we've been in since 2008.
-- wanted -- way to have a house everybody to have an affordable house.
And they offered to investors a slightly better or they actually all.
Investors got a little -- interest from then than they did other organizations because they were quads I government.
So they got better terms that everybody else did.
From from an investor.
I just wanna be clear our I don't care how much a company pays its people if they think the people are worth that much is a private company you pay them whatever the heck you want.
That's up to the stockholders and up to the managers but in a case when that win the taxpayers are foot the bill we should have some kind of import.
-- -- here's a double standard in this is what's really aggravating.
Here's a company that people should be complaining about you're talking about tax dollars you're talking about the largest government bailout has gone to these organizations.
Nobody says anything.
And and -- the CEO of an energy company has a good quarter and does well -- producing oil and gas.
It's on the front page of every newspaper and and and he's walled fort.
And that's really what I -- marriage thing about this.
Absolutely George -- -- good to see again my friend thanks for coming.
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