Obama Administration Approved $13 Million

Barack Obama’s has administration approved $13 million for the executives of Fannie Mae and Freddie Mac as “performance bonuses.”  This is the same Fannie Mae and Freddie Mac who were solely responsible for the mortgage crisis mayhem of the last two years by giving away hundreds of billions of tax-payers’ dollars to sub-prime loaners – thus driving the prices up and creating the housing bubble which burst in 2008.

Fannie Mae and Freddie Mac screwed things up so badly that they needed a bailout of $170 billion of tax-payers’ money to keep afloat and keep spending money on people who can never and will never repay it; and according to the FHFA report of October 2010, will need a total of $360 billion, tax-payers’ money again, to get above the water.

In the last 10 years Fannie Mae and Freddie Mac have a history of shamelessly lying about their earnings, of deceiving Federal regulators and the public about their operations and true performance, of deliberately suppressing any attempts by investigators to get into the true nature of what these two government companies are actually doing at the expense of the American people.

For these amazing feats, the executives of Fannie Mae and Freddie Mac deserve $13 million of bonuses, Obama’s own administration declared. Apparently, Obama believes, those two companies have done a good job, and their executives deserve a good reward. After all, who can create such a serious financial and debt crisis using only home mortgages. “Ingenious” is the best word to describe the record of these executives.

While the housing market is struggling to recover from the Fannie Mae and Freddie Mac’s expert intervention, and hundreds of thousands of construction workers are without jobs as a consequence of the immoral business practices of these two companies, Obama has forgotten his rant about “obscene bonuses.” When it's for his own cronies, bonuses are okay, even for dismal performance records.

Why did Obama quietly give these people bonuses?  It is easy to answer.  Fannie Mae and Freddie Mac have always been run by Democrats.  They have done the Democrats bidding.  It doesn't matter to Obama if they destroy the economy.  They will give him large campaign contributions.

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