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04/05/2009 01:41 PM ID: 78044 Permalink   

Another Tax Payer Bailed Out Company Planning to Pay Out 210 Million In Bonuses

 

Fannie Mae and Freddie Mac were bailed out by tax payers in 2008, with a total cost of over 200 billion dollars. Today they are giving out bonuses to 7,600 employees with some receiving as much as 1.5 million dollars, even with losses over 100 billion.

AIG recently under fire from Barney Frank, President Obama, and the public for the same type of bonuses, with even some calling for a 90% tax on them, but without the same outrage the company heads which are pushing for the bonuses to be paid.

James Lockhart of the Federal Housing Finance Agency says the bonuses are needed to retain the same "teams" that kept the companies "operating at full speed that was best for the housing market, best for the economy and the tax payer".

 
  Source: www.washingtontimes.com  
    WebReporter: cray0la Show Calling Card      
  Recommendation:  
ASSESS this news: BLOCK this news. Reason:
   
  19 Comments
  
  reason i posted this  
 
is due to the blind eye turned on these two companies compared to the AIG boon doggle that lead for Bfrank calling for the names to be released to the public who recieved the bonuses even thou the story was smeared everywhere people were calling in death threats to AIG Execs,there children and so on.

with more news coming out that the white house, Tim "tax cheat" Geitner knew about the bonuses months before, with Chris dodd making sure they were included in the stimulus. all that was swept under the rug and the eye was made to be kept on AIG, There Bailout, and There "outragous" idea of paying bonuses to employees that promised them to via contracts a while back.


now freddie and fannie is paying out bigger bonuses, without nearly any outrage for it, yes Bfrank called for them to not be given out,but that was the end of it, no news conferences, no demanding the names of the people receving them, no legislation that taxes it 90% and so on.

all while B frank, Obama and other prominent democrats recieved huge campaign donations from the company. (i think some republicans got donations too but the numbers were in the democrats favor)

now that im done posting my points, time for your thoughts on this brushed under the rug story.
 
  by: cray0la     04/05/2009 02:00 PM     
  Can we bring back the Midnight Firing Squad?  
 
I don't see any other end to the cheating, lying and scamming taking place in corporate America. Not to mention a blind eye by the government.
 
  by: White Albino   04/05/2009 02:51 PM     
  @Cray0la  
 
I don't disagree with you on this subject. But I'm at a loss to consider appropriate action.

It is a huge annoyance too me that these rich jerk offs are getting our tax dollars but they had legal contracts guaranteeing them. We can't break the law to deny them the bonuses and the 90% tax idea is unconstitutional. But if we did nothing to stop their downfall we could have seen a complete collapse.

I don't know. It's a suck situation for everyone but the a-hole rich republican types who created the problem.
 
  by: VermiciousG     04/05/2009 06:05 PM     
  And...  
 
Don't try to convince me that a tax cut will fix anything.
 
  by: VermiciousG     04/05/2009 06:07 PM     
  make pression to adopt  
 
This Stimulus Package, The WE THE PEOPLE STIMULU PACKAGE instead of watching your government destroying your and your childrens future by throwing money at those company.

http://www.youtube.com/...
 
  by: Korzen   04/05/2009 06:12 PM     
  n/t  
 
The only tax cuts the Bush Admin got passed were for rich people, so I agree that tax cuts have never fixed anything. Never will.
 
  by: Lurker     04/05/2009 06:13 PM     
  I read an interesting one the other day...  
 
Might have been on here not sure, but it was basically about a guy who worked for one of these banks but had a salary of 1p and everything else was given to him in bonuses.

If they're taken away from him, he will effectively be paid nothing for his services.
 
  by: dook   04/05/2009 09:42 PM     
  @VermiciousG  
 
Sorry, but you're wrong. It was your precious Democrats that caused this mess by lowering lending standards, encouraging "fair" lending to those who wouldn't qualify and being the largest recipients of campaign contributions by Fannie Mae and Freddie Mac. Of course campaign contributions also explain why there is no outcry. (Obama was their number one fan I believe).

I know it hurts when you are a liberal, but Democrats can be rich a-hole's too.
 
  by: adhemar   04/05/2009 09:48 PM     
  found this on a friend's blog...  
 


This is not my post but it is a GREAT IDEA!!! Please Read...



This idea sounds just crazy enough to possibly work, so naturally it won't be given serious consideration. How great is our bureaucracy!!



Hi Pals,

I'm against the $85,000,000,000.00 bailout of AIG.

Instead, I'm in favor of giving $85,000,000,000 to America in a We Deserve It Dividend.

To make the math simple, let's assume there are 200,000,000 bona fide U.S. Citizens 18+.

Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up..

So divide 200 million adults 18+ into $85 billion that equals $425,000.00.

My plan is to give $425,000 to every person 18+ as a We Deserve It Dividend.

Of course, it would NOT be tax free.

So let's assume a tax rate of 30%.

Every individual 18+ has to pay $127,500.00 in taxes.

That sends $25,500,000,000 right back to Uncle Sam.

But it means that every adult 18+ has $297,500.00 in their pocket.

A husband and wife has $595,000.00.

What would you do with $297,500.00 to $595,000.00 in your family?

Pay off your mortgage - housing crisis solved.

Repay college loans - what a great boost to new grads

Put away money for college - it'll be there

Save in a bank - create money to loan to entrepreneurs.

Buy a new car - create jobs

Invest in the market - capital drives growth

Pay for your parent's medical insurance - health care improves

Enable Deadbeat Dads to come clean - or else


Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. And of course, for those serving in our Armed Forces.

If we're going to re-distribute wealth let's really do it...instead of trickling out a puny $1000.00 ( 'vote buy' ) economic incentive that is being proposed
By one of our candidates for President.


If we're going to do an $85 billion bailout, let's bail out every adult U S Citizen 18+!

As for AIG - liquidate it.

Sell off its parts.

Let American General go back to being American General.

Sell off the real estate.

Let the private sector bargain hunters cut it up and clean it up.

Here's my rationale. We deserve it and AIG doesn't.

Sure it's a crazy idea that can 'never work.'

But can you imagine the Coast-To-Coast Block Party!

How do you spell Economic Boom?

I trust my fellow adult Americans to know how to use the $85 Billion

We Deserve It Dividend more than I do the geniuses at AIG or in Washington DC

And remember, The Birk plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.

Ahhh...I feel so much better getting that off my chest.

Kindest personal regards,

Birk

T. J. Birkenmeier, A Creative Guy & Citizen of the Republic

PS: Feel free to pass this along to your pals as it's either good for a laugh or a tear or a very sobering thought on how to best use $85 Billion!!
 
  by: UrbanGeisha   04/05/2009 09:58 PM     
  Hang on here  
 
By rich Republican types I'm referring to the bankers who are getting the bonuses right now. The same group that lobbied heavily to get those bills passed to lower lending standards. in the late 90's. Well before Obama was even running for the senate. I'm not saying the Dems are not mostly responsible for signing/passing the bill. But they did it at the behest of the banking institutions. The dems were guilty of a short sighted naivety. The rich bankers were guilty of going for the quick buck and using our 401k's to finance it.

What's precious too me is playing on my back porch with a friend of hers. She'll be paying for this long after I'm dead. Don't ever pretend you know me well enough to know what's precious too me.
 
  by: VermiciousG     04/05/2009 10:03 PM     
  @adhemar  
 
Sorry, you are wrong. The problem was some rich Republicans and some rich Democrats who pulled off the biggest Ponzi scheme the world has ever seen. The Bush Admin was in charge and they didn't give a rat's ass. what was going on. Don't try to say it was just Democrats, because that is a ffffin' lie.
 
  by: Lurker     04/05/2009 10:41 PM     
  @UrbanGeisha  
 
85,000,000,000/200,000,000 = $425.00.

But, if that's your plan...read this!
http://www.msnbc.msn.com/...
 
  by: H. W. Hutchins   04/06/2009 03:12 AM     
  @UrbanGeisha  
 
Why is it that Republicans are so bad at math?
Maybe that explains why they screwed America up so bad?
85 billion divided by 200 million is $425. You're off by a 1000 times! Although, since you admit you didn't originally come up with the math, I'll give you a pass. But, in the future, when you come across ridiculous propaganda, maybe, just maybe, you can think about what might be a made up lie, conceived to hoodwink you & the rest of the American public. What else have they mislead you about? Then think about WHY these people constantly produce propaganda meant to mislead...
 
  by: o4tuna   04/06/2009 03:14 AM     
  @o4tuna  
 
Well darnit! I reproduced one of the errors in the post by UrbanGeisha. UrbanGeisha said $85 billion, so that's what I based my math on. Thinking about it, The bail out was $850 billion, so my math is off by a zero, $4500, not $450. Which still makes UrbanGeisha off by 100 times.
 
  by: o4tuna   04/06/2009 03:35 AM     
  @UrbanGeisha  
 
According to my calcumalation it would cost $59,500,000,000,000. Close but not close enough :(
 
  by: shiftyfarker   04/06/2009 05:00 AM     
  @o4tuna  
 
In defense of that figure and my derivations, the 85 billion is supposed to refer to a specific (September 2008) bill to AIG and not the entire financial aid program.

The link which I provided estimates the entire program would have all citizens receive a little over $5,100 from about 1 trillion of aid.
 
  by: H. W. Hutchins   04/06/2009 08:21 AM     
  @UrbanGeisha  
 
With the math mistake aside, the real problem with that plan is that if you do give every household 250k/500k, sure, the people will pay off their debts and america will start spending again. But what that also means is that the prices of house will stay inflated instead of being foreclosed on and brought down to normal levels, everyone will go out and buy new cars so now automakers can go back to charging an arm and a leg. But eventually that pool of money will dry up, and we will have tons of families out there making $40k/yr and won't be able to afford new shoes for their children because its $950 a pair now. What we need is to stop thinking there is a magic governmental check that will solve the problems of the world. In order to make money you have to produce something worthwhile. There is no get rich quick scheme.
 
  by: teh_epic     04/06/2009 05:51 PM     
  Above this is a good comment...  
 
but someone should really tell that to the people working at wall street...
 
  by: Trevelyan   04/07/2009 08:44 AM     
  @teh_epic  
 
I agree. It's a great idea and would be really cool to see happen, but I'm pretty sure it would be our demise when a candy bar will go from being $1 to $500 from insane inflation.
 
  by: veX   04/07/2009 03:53 PM     
 
 
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