Fair crack of the whip!
Up to our knees in a global recession caused by excessive business and personal debt and out-of-control greed and what does the world do?
Continues accumulating massive debt through government borrowings to prop up ailing national economies and stands by while many of the architects of this crisis continue on their avaricious way.
The Australian this morning:
Up to our knees in a global recession caused by excessive business and personal debt and out-of-control greed and what does the world do?
Continues accumulating massive debt through government borrowings to prop up ailing national economies and stands by while many of the architects of this crisis continue on their avaricious way.
The Australian this morning:
"FANNIE Mae and Freddie Mac, the US Government-controlled mortgage giants, will pay $US210 million ($294 million) in retention bonuses over the next 18 months.
The lenders are overseen by the Federal Housing Finance Agency (FHFA) after making $US108 billion in losses last year and being taken into Government conservatorship.
Fannie Mae's disclosure last month that it planned to pay almost $US5 million in bonuses to its top four executives riled politicians, who were already furious over $US165 million windfalls for about 400 workers at AIG's troubled financial products business.
Today's revelations of the payments to be made to ordinary workers are almost certain to cause anger in Congress, which is considering legislation to tax bonuses paid by companies that have received federal bailouts.
In a letter to Senator Charles Grassley, James Lockhart, director of the FHFA, spelt out the bonuses being paid to 7600 employees at the lenders over 18 months to early 2010.
Mr Lockhart said that about $US51 million of payments were made to workers late last year, according to The Wall Street Journal, which has seen the letter. The rest of the cash would be distributed this year and early next year.
At Freddie Mac, 4057 workers would be eligible for payouts, of which 92 would receive $US100,000 or more. One Freddie worker would be paid more than $US675,000 to retain his or her services.
The letter said that 3545 Fannie employees would be eligible for retention bonuses, of which 121 will get $US100,000 or more. The maximum payout at Fannie will be $US705,000............
Fannie and Freddie loan or guarantee half of America's $US12 trillion mortgage market but made losses on sub-prime loans. They are propped up by the Government, which has put aside $US200 billion to support the lenders."
The lenders are overseen by the Federal Housing Finance Agency (FHFA) after making $US108 billion in losses last year and being taken into Government conservatorship.
Fannie Mae's disclosure last month that it planned to pay almost $US5 million in bonuses to its top four executives riled politicians, who were already furious over $US165 million windfalls for about 400 workers at AIG's troubled financial products business.
Today's revelations of the payments to be made to ordinary workers are almost certain to cause anger in Congress, which is considering legislation to tax bonuses paid by companies that have received federal bailouts.
In a letter to Senator Charles Grassley, James Lockhart, director of the FHFA, spelt out the bonuses being paid to 7600 employees at the lenders over 18 months to early 2010.
Mr Lockhart said that about $US51 million of payments were made to workers late last year, according to The Wall Street Journal, which has seen the letter. The rest of the cash would be distributed this year and early next year.
At Freddie Mac, 4057 workers would be eligible for payouts, of which 92 would receive $US100,000 or more. One Freddie worker would be paid more than $US675,000 to retain his or her services.
The letter said that 3545 Fannie employees would be eligible for retention bonuses, of which 121 will get $US100,000 or more. The maximum payout at Fannie will be $US705,000............
Fannie and Freddie loan or guarantee half of America's $US12 trillion mortgage market but made losses on sub-prime loans. They are propped up by the Government, which has put aside $US200 billion to support the lenders."
If this isn't milking government for all it's worth, what is?
