Obama feigns outrage over bonuses,then approves.

www.washingtonexaminer.com... ilout-for-bonus-givers-Fannie-and-Freddie--80147272.html

“The Obama administration pledged Thursday to provide unlimited financial assistance to mortgage giants Fannie Mae and Freddie Mac, an eleventh-hour move that allows the government to exceed the current $400 billion cap on emergency aid without seeking permission from a bailout-weary Congress. The Christmas Eve announcement by the Treasury Department means that it can continue to run the companies, which were seized last year, as arms of the government for the rest of President Obama's current term. … Fannie Mae and Freddie Mac disclosed that they had received approval from their federal regulator to pay $42 million in Wall Street-style compensation packages to 12 top executives for 2009. The compensation packages [include] up to $6 million each to Fannie Mae and Freddie Mac's chief executives.”

Shocked? REALLY????
After all the dems who vilified Republicans for questioning Freddie Mac and Fannie mae?
The Housing and Financial Crisis by Clearskies.


[edit on 29-12-2009 by Clearskies]

Just a part of the game.

Act enraged, give a few good words of anger about what is going on, and approve the whole shebang while everybody is distracted with other breaking news.

Works every time.

reply to post by jam321

Exactly, Muchacho!
It makes me disgusted!

It is probably because they were already contracted for this or something. If this was the case I am glad they are still getting paid. When we start to rip up legal binding contracts in this country we have real problems. If they were not due this sum of money previously then that is a problem.

reply to post by GreenBicMan

It is probably because they were already contracted for this or something.

If he signed a contract than I agree they should keep it.

The agency “sought the guidance of” Kenneth Feinberg, President Obama’s special master on executive pay, before approving the compensation packages, DeMarco said.

Feinberg didn’t have veto power, as he does over compensation of senior executives at certain companies dependent on U.S. aid through the Treasury’s Troubled Asset Relief Program such as General Motors Co. and American International Group Inc.

www.nydailynews.com...

But if it was a contract, why seek the consultation of the pay czar?

Michael Williams became CEO in April 2009, I would have thought the administration would have ensure the pay was OK.

In 2008, Williams made about 6 million in total compensation.

people.forbes.com...

It is beyond me how anyone can still support this man.
How can his popularity still be in the high 40's???

reply to post by jam321


I dont know my friend. Perhaps it says he just did just to say so etc. Once we find out if they were already indeed contracted for this it will make this thread quite interesting or not.

"bailout weary congress"

Yeah, they are so tired. They give up.

Or is it, they just go on doing what they do? Not really weary of the bailouts, just weary of the opposition to this crap.

Looks like he is still rakin' in the big bucks.

This phony outrage from Obama is a common characterisitc we should all be extremely familiar with by now.
Act enraged, spin the truth, pass the buck and maybe I'll get an additional bonus.

From the archives.

The top three U.S. Senators getting big Fannie and Freddie political bucks were democrats and number two is Senator Barack Obama. Now, remember, he has only been in the Senate four years but still managed to grab the number two spot ahead of John Kerry, decades in the senate, and Chris Dodd who is chairman of the senate banking committee.

Look what else they did while the weapons of mass distraction have been explo... er not exploding...

I posted this thread a short time ago, and got no real response from it. Don't expect one on this thread either, sadly, because no can defend him on this.

www.abovetopsecret.com...

updated 4:37 p.m. ET, Wed., Dec . 23, 2009

DETROIT - The new chief financial officer at General Motors Co. will receive a salary of $750,000 next year, but he'll get up to another $5.45 million worth of stock starting in 2012 if GM successfully sells shares to the public.

Chris Liddell's pay package exceeds the limits imposed on companies that have received U.S. government aid, but an exemption was worked out with the government pay czar Kenneth Feinberg, GM said in a government filing Wednesday.

Like I said, he talks out one side of his face while doing something completely opposite.

reply to post by Libertygal



A CFO only getting $5,000,000 in stock options on an IPO is actually pretty weak these days, sounds like someone is giving him less than he deserves IMO. Definately nothing wrong with that. $750,000/year is pocket change as well on wall street for a years salary for a CFO. I think this guy is actually getting ripped off personally.

reply to post by GreenBicMan


Well, you make a great point, except the point is, he is being paid more than what is "allowed" by the Pay Czar to other corporations that received stimulus money. That's the thing, whats good for the goose os not good for the gander, and the only reason they did it is because the guy is from Microsoft, and also a direct link to MSNBC.

Interesting how the links all come together.

Then, this morning, we have this tidbit to add:

www.abovetopsecret.com...

GMAC Financial Services is expected to receive $3.5 billion more in federal aid to further stabilize the lender, The Wall Street Journal reported Tuesday.

This is why, when I make a thread, I like to link stories of like kind as follow ups, even weeks later, because the news comes out in small snippets. We are spoon fed pieces at a time, and you have to wait to make the puzzle pieces a whole picture. But here, you now have to proverbial "rest of the story".

It is as plain as the nose on anyones' face, he does what he wants for those who do for him, but anyone else is left out in the cold.


Edit for typo

[edit on 30-12-2009 by Libertygal]

I had to spend Christmas with the most loathed people on the planet this year, family. Most of them are young dumb and full of "chope."

Though this year they admitted feeling used and ashamed of falling for the tired "change" promise.

There's a certain level of liberty and independence you just cant achieve until you've hit the cynics rock bottom. I'm glad to say these people are headed straight for it. Whether or not they actually 'hit' the bottom and climb up wiser or if they just bounce up and down like most of the voting morons is yet to be seen.

reply to post by thisguyrighthere


I too, have seen some buyers remorse. Sad thing we all have to go on this ride, as it affects us all. If this only affected one party, I would be content to sit back and watch it happen, and let it be a lesson learned, but I resent being drug down with it.

My family has a good income, but we have even been hit by all of this on several ways. I cannot imagine what it would be like to be poor in todays time, though I have been there in the past.

If I were there now, I would feel rather desperate and afraid.

Originally posted by Libertygal
reply to post by GreenBicMan

 

Well, you make a great point, except the point is, he is being paid more than what is "allowed" by the Pay Czar to other corporations that received stimulus money. That's the thing, whats good for the goose os not good for the gander, and the only reason they did it is because the guy is from Microsoft, and also a direct link to MSNBC.

Interesting how the links all come together.

THERE WE GO!!!
OMGosh, I didn't know about that. That's a whole new angle!