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Obama said. "We're going to be demanding some restraint in exchange for federal aid, so that when firms seek new federal dollars, we won't find them up to the same old tricks."
American taxpayers have already bailed out Fannie Mae to the tune of at least $45 billion, thanks to the congressionally-mandated purchase of sub-prime loans and conversion to mortgage-backed securities that poisoned the global financial markets and caused the current economic crisis. Now American taxpayers will get to bail out the executives who created the crisis by www.nytimes.com/2009/09/06/business/economy/06gret.html?_r=2&scp=2&sq=fannie%20mae&st=cse">paying their legal bills. That includes at least one executive who hasn’t worked for Fannie for five years and left under a cloud of suspicion for fraud and corruption:
What do you expect when those who are charged with the responsibility of overseeing FNMA are in bed with their executives. In one case, litterally. See Barney Frank