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More millions in bonuses to executives from banking bailout. Your tax dollars hard at work.
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When do we the people get a bailout? (AP Photo/Carson Walker)
More news just in that your hard-earned tax dollars are helping to support million dollar bonuses for top executives who helped to crash our banking system.
According to the New York Times, "Fannie Mae and Freddie Mac, the two troubled companies at the heart of the nation’s mortgage market, are set to pay their employees 'retention bonuses' totaling $210 million, despite calls from lawmakers to cancel the payments."
The companies’ federal regulator, James B. Lockhart, revealed that 7,600 top managers and executives at Fannie Mae and Freddie Mac are scheduled to receive millions of your tax dollars because they are the “employees most critical to keep and difficult to replace.”
213 of these people partially responsible for the housing crisis are scheduled to receive retention bonuses worth more than $100,000 this year. The Times reports that one Freddie Mac executive will receive $1.3 million. These two government organizations are set to receive $400 billion from taxpayers to offset the huge losses they posted. Where's the accountability?
These payouts are icing on the cake for the many millions in bonuses given to AIG executives recently to reward their poor performance. Below is a quote from the New York Times article made by Senator Charles Grassley, an Iowa Republican on these payouts.
It’s hard to see any common sense in management decisions that award hundreds of millions in bonuses when their organizations lost more than $100 billion in a year. It’s an insult that the bonuses were made with an infusion of cash from taxpayers.
How can this be happening? Could it be that many of our politicians are in cahoots with the rich bankers and huge corporations like AIG? Why would our political representatives allow this to happen?
The box immediately below provides several ideas on what you can do to educate yourself and make a difference about this critical issue. We also invite you to comment below and let us know your thoughts. What do you think is the real reason these people who performed so miserably are being rewarded so generously?
What you can do:
- Inform your media and political representatives of this important information. To contact those close to you, click here. Urge them stop using our tax dollars to reward those who wreaked havoc in the financial and housing markets.
- Learn more about the hidden history of banking and how the richest bankers in the world keep getting richer in this powerful three-page essay.
- Read revealing summaries of major media reports on the banking bailouts available here.
- Explore inspiring ideas on how we can build a brighter future by reading this short essay.
- Spread this news to your friends and colleagues, and bookmark this article on key news websites using the "Share This" icon just below the title of this article, so that we can fill the role at which the major media is sadly failing. Together, we can make a difference.
Fred Burks served as personal language interpreter to Clinton, Bush, Cheney, Gore, and other top dignitaries in secret meetings. As part of an international network of researchers and news analysts, Fred obtains and disseminates key, reliable information about powerful, yet little-known forces which shape our world. For more, see articles and links in the right column of this page.
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