Friday, September 05, 2008

U.S. Rescue Seen at Hand for 2 Mortgage Giants -

Nice to know that wild speculation is being bailed out on the backs of taxpayers.

I know, I know, better than not doing anything, but it sure reminds me of sending drunken Uncle Bob some cash so he doesn't end up in jail.

Promises of reform to follow, I suspect, followed by a short memory, debates, and a watered down bill in Congress.

And here, this is what really gets my goat:

But privately, senior officials have been critical of top executives at the companies, particularly Freddie Mac. They have raised concerns about major risks to taxpayers of a bailout of companies whose executives have received huge compensation packages. Mr. Syron, for instance, collected more than $38 million in compensation since he joined the company in 2003.

Must be nice, to have the taxpayers foot $38 million in personal income. Consequences, what consequences?

What's even worse is that the reason investors didn't help out these two companies was because everyone knew that the US government would bail them out sooner or later. Fait accomplis...


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