Obama Outraged About Bonuses…..But….

Back in March of this year we read how Obama was totally outraged about the bonuses that AIG was going to pay their executives in the amount of $165 million. And he ordered his treasury secretary, Tim Geithner, to do anything in his legal power to prevent those raises from happening.

Obama was visibly angry and said:

”All across the country, there are people who are working hard and meeting their responsibilities every single day, without the benefit of government bailouts or multimillion-dollar bonuses. You’ve got a bunch of small-business people here who are struggling just to keep their credit line open”

But apparently Obama’s outrage is non-existent when it comes to giving Fannie Mae and Freddie Mac a blank check. Obama removed the $400 billion dollar cap on Fannie and Freddie emergency aid without seeking permission from Congress.

And if that doesn’t make your blood boil, the administration also approved bonuses for Fannie and Freddie executives

The compensation packages, including up to $6 million each to Fannie Mae and Freddie Mac’s chief executives, come amid an ongoing public debate about lavish payments to executives at banks and other financial firms that have received taxpayer aid. But while many firms on Wall Street have repaid the assistance, there is no prospect that Fannie Mae and Freddie Mac will do so Washington Post

And this is not going down well in Republican circles. And it pleases me that finally the Republicans are finally finding their voices.

“The Obama administration’s decision to write a blank check with taxpayer dollars for the continued bailout of Fannie Mae and Freddie Mac is appalling,” said Rep. Scott Garrett (R-N.J.), a member of the House Financial Services subcommittee that oversees Fannie Mae and Freddie Mac. “Not only is this a continued bailout of failed entities that need to be privatized to protect the taxpayer, the timing of the announcement is clearly designed to try and sneak the bailout by the taxpayers.”

Garrett is right. This was decided during the Christmas holiday period when many people have their mind on other things than what is being shoved through in the dead of night.

Ah, Obama, we appreciate all those secret Christmas presents. You’re the gift that keeps on giving………………us heartburn.


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