Wednesday, November 02, 2011

Occupy White House

Nothing says 99% like big corporate bonuses for businesses with big federal bailouts and lots of democratic cash.........

But the fact is that the banks — most of which were mere victims of the financial meltdown — have paid back almost all the money they got from taxpayers. The much-ballyhooed $700 billion TARP program will likely end up costing taxpayers as little as $19 billion when all is said and done.

The same cannot be said of mortgage giants Fannie Mae and Freddie Mac.

Not only where they at the epicenter of the housing bubble, but also the government had to take them over, pumping in cash to cover their huge losses on the mortgages they owned and guaranteed. And far from paying taxpayers back, the best-case scenario for Fannie and Freddie is that their bailout will cost over $120 billion.

But that didn't stop the two agencies from giving their top 10 executives $12.8 million in bonuses for meeting what have been charitably described as "modest goals."

And the White House response to this genuine outrage? Crickets.


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