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No more hedging by banks
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<blockquote data-quote="Babagounj" data-source="post: 677005" data-attributes="member: 12952"><p>On Christmas Eve, the Department of Treasury said that it would remove the $400 billion cap on Treasury's funding of Fannie Mae and Freddie Mac, the two bankrupt government sponsored enterprises that Secretary Tim Geithner said were at the "epicenter" of the financial crisis. The move gives the failed GSEs unlimited taxpayer funded bailouts to cover losses incurred as a result of their managements' recklessness and their boards of directors' oversight failures. Geithner's Treasury essentially turned the two failed GSEs into full government agencies and further exposes taxpayers to losses that the GSEs may incur in the future. The two GSEs are expected to report losses in the billions for 2009. Also on Christmas Eve, Fannie and Freddie disclosed that they received approval to pay $42 million in compensation packages to 12 top executives (all federal government employees and payable in cash) for 2009. Interestingly, the Democrats, led by Geithner and Rep. Barney Frank (D-MA), have launched an all out attack on capitalism by attempting to restrict the compensation of Wall Street firms they deem to be too profitable.</p></blockquote><p></p>
[QUOTE="Babagounj, post: 677005, member: 12952"] On Christmas Eve, the Department of Treasury said that it would remove the $400 billion cap on Treasury's funding of Fannie Mae and Freddie Mac, the two bankrupt government sponsored enterprises that Secretary Tim Geithner said were at the "epicenter" of the financial crisis. The move gives the failed GSEs unlimited taxpayer funded bailouts to cover losses incurred as a result of their managements' recklessness and their boards of directors' oversight failures. Geithner's Treasury essentially turned the two failed GSEs into full government agencies and further exposes taxpayers to losses that the GSEs may incur in the future. The two GSEs are expected to report losses in the billions for 2009. Also on Christmas Eve, Fannie and Freddie disclosed that they received approval to pay $42 million in compensation packages to 12 top executives (all federal government employees and payable in cash) for 2009. Interestingly, the Democrats, led by Geithner and Rep. Barney Frank (D-MA), have launched an all out attack on capitalism by attempting to restrict the compensation of Wall Street firms they deem to be too profitable. [/QUOTE]
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