Fannie Mae and Freddie Mac officials, whom many in the financial world blame for a big part of the economic melt-down this year, are going to get bonuses. Big Ones.
Million. dollar. checks.
The excellent investigative journalist Claudia Rossett has details here.
I have been waiting for this story to break, because I knew it was coming. I can't tell you how or why, but suffice it to say that it doesn't take a rocket scientist to figure out that since the only official to actually be fired at Fannie Mae is Franklin "Raincoat" Raines... (Raines has been under investigation for corruption for the better part of this decade.)
Everybody else in the parking lot of political whoredom gets to keep their jobs.
Of course, it's not the fault of Fannie employees. I am upset because Fannie exists at all - and its enablers are people like Senator Barack Obama, Christopher Dodd, Barney Frank, Nancy Pelosi and others who have shoveled millions into a failing quasi-public company.
And some Republicans, too.
There is plenty of outrage to go around, and trust me, it's going around and around and around.
"...Say it ain’t so. But looks like it is. Here we are, clutching our devastated 401Ks, howling for scalps at AIG, dizzy with the zeroes of the $3.55 trillion budget and the $797 billion “stimulus” and the $700 billion TARP, and the election of a President whose answer to all ills is to frag bomb the capitalist system, spend us into hock unto the umpteenth generation, blow out our currency in the process, and usher us into an era in which ACORN helps with the census and government doles out the ensuing rations.
And, over at the outfit that primed the sub-prime fuse for this chain reaction, Fannie Mae, the top executives are now going to rake in six or seven-figure bonuses over the next year — in some cases double what they got last year. Here’s the AP reporting on Fannie Mae plans bonuses of $1M for execs."