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Final Tally - Outgoing Freddie CEO Gets $4 Million Bonus To Receive $21 Billion In Bailouts After Massive Q3 Loss

Tyler Durden's picture




 

When last week we reported about the scandal of outgoing Freddie Mac CEO Ed Haldeman receiving at least $3.9 million as a reward for his two year tenure at the top of the insolvent and nationalized housing entity, we said: "As the chart below demonstrates, the total "draws" received under Haldeman's tenure amounts to $14.5 billion. This excludes the Q3 number which will be made clear next week. Something tells us with this abrupt departure, the number may be higher to quite higher than expected." As usual: when in doubt, be cynical, and be skeptical, and you will be right. Today, Freddie just reported that its Q3 draw, or required quarterly bailout amount from the Treasury, was $6 billion: the highest since Q1 2010, as a result of a massive loss of $4.4 billion. This means that during his tenure which ended just after the completin of Q3, Freddie has been "rewarded" with $20.5 billion in taxpayer capital merely to keep the zombie entity in operation! And for this, Ed gets $4 milliom. And this is why people in America are very, very pissed.

Before:

and After:

 

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Thu, 11/03/2011 - 13:11 | 1842160 scatterbrains
scatterbrains's picture

shush and eat your peas bitches !

Thu, 11/03/2011 - 13:27 | 1842194 Don Birnam
Don Birnam's picture

Haldeman. Why, that name has a certain bell-ringing quality. Could Inside-the-Beltway appointee Mr. Ed Haldeman be related to this particular, former Inside-the-Beltway Harry Robbins Haldeman -- a/k/a "H R" ?   http://www.presidentialufo.com/old_site/Nixon_Haldeman.gif

 

 

Thu, 11/03/2011 - 13:27 | 1842262 redpill
redpill's picture

ARE YOU PAYING ATTENTION #OWS?????

Thu, 11/03/2011 - 13:31 | 1842281 NOTW777
NOTW777's picture

LOL likely some of this bonus $ will find its way to OWS

Thu, 11/03/2011 - 15:27 | 1842766 JW n FL
JW n FL's picture

 

 

Transitory Bonus Monies only go to the Anti-Global Warming Koch Brothers Tea Baggers.

The new, new, new.. Red v. Blue.. Divide and Conquer!

You poor, wanna be middle class.. soon to be hobo's.. may carry on now.

Thu, 11/03/2011 - 15:54 | 1842871 eisley79
eisley79's picture

you cant be anti something that doesnt exist...

Thu, 11/03/2011 - 13:32 | 1842288 Pitchman
Pitchman's picture

In Crony Capitalism...

You always fail upwards...

 

... You see, as with the $1.2 Billion SunPower scam below, in the NWO Game of Debt Slavery Economics the House Always Wins And You Are The Mark.

See: Obama's Problem With Solyndra: It's A Warm Up For SunPower

*

When it comes to financial terrorism, waged against the people, the President has abdicated his Constitutional Oath and that is an act of Treason.

See: HOUSING: To Solve The Problem You Have To Force Very Large Banks To Recognize Loses

*

THE FED’S DEBT SLAVERY ECONOMIC MODEL is the genesis of funding for the elite money power.  Such power concentrated in the hands of so few is the most pernicious corrupting force, for which all others follow.

See: END THE FED: THE FIRST STEP IN RESTORING OUR CONSTITUTIONAL REPUBLIC

 

- Inflection Point

Thu, 11/03/2011 - 13:32 | 1842293 Melin
Melin's picture

Quiet!  Our OWSers are still sleeping here on the Leftist Coast.

Thu, 11/03/2011 - 13:30 | 1842280 iDealMeat
iDealMeat's picture

related:  -  from CNBC http://www.cnbc.com/id/45147605

"Mortgage finance giant Freddie Mac said on Wednesday it will seek an additional $6 billion from U.S. taxpayers following its worst quarterly loss this year.

The government-owned company reported a comprehensive loss in the third quarter of $4.4 billion, it said in a filing with the U.S. Securities and Exchange Commission. That compared with a $1.1 billion loss for the second quarter of 2011.

Despite an income of $4.6 billion, the company registered a net worth deficit of $6.0 billion, which was partly attributed to the $1.6 billion quarterly dividend payment owed to the Treasury.

Freddie Mac has drawn $72.2 billion from the government since it was taken over at the height of the financial crisis in September 2008. The government seized both Freddie Mac and larger rival company Fannie Mae as mortgage losses at the two firms piled up and threatened them with insolvency."

Thu, 11/03/2011 - 13:31 | 1842283 Xinu
Xinu's picture

Ed Haldeman is not related to H.R. Haldeman...

Thu, 11/03/2011 - 13:25 | 1842248 Chief KnocAHoma
Chief KnocAHoma's picture

But the bankers are eating steak, why do I have to eat peas?

 

Thu, 11/03/2011 - 14:13 | 1842478 Ruffcut
Ruffcut's picture

Millions? Shit, for 50 bucks I'll run and shit all over freakybitchfromfraudfuck. 

Actually.I'd do it for it free.

Thu, 11/03/2011 - 14:21 | 1842520 LongSoupLine
LongSoupLine's picture

Hmmm, sounds like a job opening for Corzine.  Good timing.

Thu, 11/03/2011 - 13:11 | 1842164 Deadpool
Deadpool's picture

Atlas shrugged.

Thu, 11/03/2011 - 13:28 | 1842267 Gully Foyle
Gully Foyle's picture

Telemachus Sneezed "What is John Guilt?"

Thu, 11/03/2011 - 13:32 | 1842291 tarsubil
tarsubil's picture

Don't you know it. Oh, hey, another wing of Reapers is coming. Go get 'em, Gully! I'm right behind you! *turns and runs*

Thu, 11/03/2011 - 14:31 | 1842551 reTARD
reTARD's picture

Exactly, Atlas Shrugged. And when you try to reason with someone who ends up having no logical answers in a debate, but always ends up saying that the human condition is unexplainable like love and that some things are not finite, why bother?

Atlas is based in large part on the notion of force. The state (like institutions as the Church, countries, corporations, public school monopoly) is just an imaginary entity that is even created by the laws of state itself. And the state has been determined as the only entity allowed to use force to enforce supposedly people's liberties.

Someone accused of a crime and stands before a judge has a pretty finite outcome of either guilty or not guilty and is held at gunpoint. Similarly, a citizen is also in effect held at gunpoint to pay taxes for many things which he may not want to pay for but the majority or through cronyism has forced every citizen to do so. And that outcome is finite as well; pay your taxes or be forced to jail.

Bottom line is that if a state is to force its citizens to do any single thing, it really must be something absolute or de"finite". Or at least as absolute and finite as standing directly in front of a gun.

Thu, 11/03/2011 - 14:50 | 1842652 DosZap
DosZap's picture

If I were HIM I would SUE!!!!!!!!!!!!!!(discrimination the black Dude before him,walked with over 11x's that

The first dude kicked out at FM/FM, got a 50 Million Bous(and Barack) did not SEIZE it like he did private corporations CEO bonus bucks.

Hypocrite bstd.

Thu, 11/03/2011 - 13:12 | 1842167 azzhatter
azzhatter's picture

Are they hiring? I can do this job

Thu, 11/03/2011 - 13:45 | 1842351 Roland99
Roland99's picture

My left nut could do that job!

Thu, 11/03/2011 - 13:12 | 1842169 LawsofPhysics
LawsofPhysics's picture

Where the fuck are the guillotines?  Time to get physical on so many levels.

Thu, 11/03/2011 - 13:21 | 1842218 AbeFroman
AbeFroman's picture

People need to get medieval on this dude. Where's Marsellus Wallace?

Thu, 11/03/2011 - 13:51 | 1842377 MachoMan
MachoMan's picture

In the basement with zed?

Thu, 11/03/2011 - 13:58 | 1842403 Bastiat
Bastiat's picture

That didn't work out so well for Zed.

Thu, 11/03/2011 - 15:25 | 1842761 MachoMan
MachoMan's picture

Nor Mr. Wallace...

Thu, 11/03/2011 - 13:23 | 1842230 Dealer
Dealer's picture

This CEO bastard is a criminal, he needs to be put down.

Thu, 11/03/2011 - 13:27 | 1842259 Abitdodgie
Abitdodgie's picture

Nobody cares, just watch the reaction from the people NOTHING , there will be a lot of chest beating by blogers that will be it, MSN , NBC , FOX et al will all say what a great job he did, and they just need this next bailout to really get going, the people in charge will carry on living like kings , while we all get a big bite of there "shit sandwich" as we all downsize so we can give them more money in the form of taxes. If you stop paying taxes we may get some change ,but untill that, well hows that new tent working out for you.

Thu, 11/03/2011 - 13:29 | 1842271 karzai_luver
karzai_luver's picture

no words for it.................

 

Thu, 11/03/2011 - 13:31 | 1842287 NOTW777
NOTW777's picture

franklin raines

Thu, 11/03/2011 - 13:34 | 1842303 tarsubil
tarsubil's picture

Thanks buddy. That's a good reminder that both sides partake in the raping of the American public. Neither party is on the People's side.

Thu, 11/03/2011 - 14:39 | 1842602 karzai_luver
karzai_luver's picture

I hear there is a bust of him in the lobby.

The Greatest Leader!!!!!

Real Trailblazer!

 

Thu, 11/03/2011 - 13:12 | 1842170 mfoste1
mfoste1's picture

CEOs must have some type of contest going on between themselves to see who can get the biggest departure pay.....jokes on the taxpayers

Thu, 11/03/2011 - 13:13 | 1842178 squexx
squexx's picture

They need to change from occupying tactics to assassinating members of a certain "shitty little tribe" behind it all!

Thu, 11/03/2011 - 13:14 | 1842181 Madcow
Madcow's picture

lets not be too quick to jump to conclusions.  just becuase you work for the US Government does not necessarily mean you are some kind of sex criminal.  surely, there are politicians and regulators who are not sociopaths. we should be carful to identify them so that we don't throw out the baby with the bathwater -

Thu, 11/03/2011 - 13:17 | 1842195 jcaz
jcaz's picture

True- that would be an insult to sex criminals and sociopaths everywhere......

Thu, 11/03/2011 - 13:30 | 1842277 Gully Foyle
Gully Foyle's picture

Madcow

Mrs.Clinton, is that you?

Thu, 11/03/2011 - 13:14 | 1842182 alien-IQ
alien-IQ's picture

In order to keep from going totally fuckin postal, I must stop reading any more news today.

Looks like an early Tequila day for me kids. Today seems to be fraught with more ulcer inducing news than I can take.

ciao.

Thu, 11/03/2011 - 13:14 | 1842183 Seasmoke
Seasmoke's picture

i am very very pissed

Thu, 11/03/2011 - 13:15 | 1842187 Breaker
Breaker's picture

To be fair, Freddie is going to lose money no matter what happens and that will result in treasury draws. That was built into Freddie by Frank, Dodd, Raines, Gorelick et al long before this guy took charge. This is a problem with the liabilities Freddie took on over decades and the idea that taxpayers should pick up the bill to encourage home ownership.

Thu, 11/03/2011 - 13:24 | 1842236 TheSilverJournal
TheSilverJournal's picture

Given your argument, the man should be paid the salary of a public servant. I'll argue that all federal public servants should be fired.

Thu, 11/03/2011 - 13:26 | 1842255 Tyler Durden
Tyler Durden's picture

Correct. However, managing a roll off portfolio is a function for a back office worker, and one person making $100k tops.

Thu, 11/03/2011 - 13:31 | 1842282 karzai_luver
karzai_luver's picture

GS-12 at most.

All these types should be there and NO walk away cash, NONE!

I can send them 100 peeps who could handle this simple task.

 

 

 

Thu, 11/03/2011 - 13:36 | 1842307 tarsubil
tarsubil's picture

Oh, one can dream...

Thu, 11/03/2011 - 14:04 | 1842430 Chariots of the Feds
Chariots of the Feds's picture

Step 1
+1

Thu, 11/03/2011 - 14:13 | 1842482 baby_BLYTHE
baby_BLYTHE's picture

the dollar will soon be worthless so It is all meaningless anyways.

Thu, 11/03/2011 - 14:25 | 1842531 LongSoupLine
LongSoupLine's picture

Can't be a GS-12 if it's supervisory/directing.  Give the slot a SCS and hold the rating system to losses incurred.

Thu, 11/03/2011 - 14:42 | 1842616 karzai_luver
karzai_luver's picture

I DIDN"T SAY ANYTHING ABOUT supering , now did i.

 

This doesn't take much beyond an 8th grade(well 20 years ago an 8th grade) ed to handle.

 

 

Thu, 11/03/2011 - 13:36 | 1842310 scatterbrains
scatterbrains's picture

but how much is agreeing to keep your mouth shut about what you see while preforming said roll off worth? 3.9mil might be dirt cheap

Thu, 11/03/2011 - 14:11 | 1842469 rwe2late
rwe2late's picture

Breaker

“Built-in” need to feed at the public trough, that’s it?

Why only make such a half-hearted defense of CEO Haldeman?

Obviously, others are missing the main point. Without his guidance, Freddie could have lost $70 billion. Instead they only lost $20 billion. The bonus is clearly for 'saving' all that money, all $50 billion.

Don’t say you’ve never heard this kind of argument before.

It’s unprovable, but then again, it can’t be disproven either.

There’s too much emphasis on fixing things, and getting the right answers. That’s old school. That just makes people feel bad when they do wrong. We should focus on the good inner heart everyone has, whether they say they tried. Most stuff is just too hard to fix, and should just be left as is.

Haldeman definitely deserves a suitable reward for ‘not rocking the boat‘.

Thu, 11/03/2011 - 13:15 | 1842189 gofigure
gofigure's picture

Good work, if you can find it.

Thu, 11/03/2011 - 13:15 | 1842190 SloMoe
SloMoe's picture

Where does HR find these losers? I could have lost twice as much money, for half as much pay.

Thu, 11/03/2011 - 13:17 | 1842192 fuu
fuu's picture

I'm sort of irked as heck and I will probably take more of it.

Thu, 11/03/2011 - 13:31 | 1842285 Gully Foyle
Gully Foyle's picture

fuu

I am annoyed and will surely post something short and pithy!

Thu, 11/03/2011 - 13:43 | 1842346 fuu
fuu's picture

My game has been off all week. My bad.

Thu, 11/03/2011 - 13:17 | 1842193 wtf.gov
wtf.gov's picture

Can someone explain why Fannie Mae and Freddie Mac exist at all? I was looking through my pocket Constitution and couldn’t find any reference to them, or to any enumerated power that provides for their support.

Thu, 11/03/2011 - 13:25 | 1842246 earleflorida
earleflorida's picture

check out "Marxism"

Thu, 11/03/2011 - 13:26 | 1842252 Ace Ventura
Ace Ventura's picture

LOL! Your pocket WHAT? You mean that founding document which now holds about as much relevance as the owner's manual for a sponge?

Don't get me wrong, I'm 100% with you, but the Constitution was abandoned LOOONG ago. If our government were to actually obey it, it would be about 10% of the size (and cost) it is now.

Thu, 11/03/2011 - 13:33 | 1842296 karzai_luver
karzai_luver's picture

This country would collapse if strict enforcement.

The peeps are not up to the task anymore.

 

Thu, 11/03/2011 - 13:45 | 1842352 Ace Ventura
Ace Ventura's picture

This country is going to collapse under the current 'non-enforcement' anyway. You think the peeps are going to be up to the task when that happens?

I'd rather be surrounded by peeps who aren't up to the task in a free constitutional republic, as opposed to surrounded by peeps who aren't up to the task in a tyrannical marxo-fascist police state.

Thu, 11/03/2011 - 14:54 | 1842670 karzai_luver
karzai_luver's picture

Ace

 

 

That's the problem , you CAN'T live in a free republic with the amount of peeps we NOW HAVE who are not fit for it.

They will support your worst fears as long as the gvt teat is available.

 

Thu, 11/03/2011 - 13:36 | 1842308 wtf.gov
wtf.gov's picture

You are correct sir. The last bit of my "hopium" drip bag is nearly empty.

Thu, 11/03/2011 - 13:28 | 1842265 scatterbrains
scatterbrains's picture

mean while peeps living in tents unable to afford a home because their wages are falling.. if they even have a wage,  while our leaders/patriots pour it all into propping up home prices to make the lobbyist/bankers look solvent.

Thu, 11/03/2011 - 13:40 | 1842335 topcallingtroll
topcallingtroll's picture

Yeah it is funny how GNMA and FNMA were originated to make home prices affordable. Now they are being used to try to keep home prices from falling to more affordable levels.

Thu, 11/03/2011 - 13:18 | 1842196 11b40
11b40's picture

Is it too late to apply for his job?  I would be willing to put in some overtime and bet I could lose more than he did, which is the goal, right?

Thu, 11/03/2011 - 13:18 | 1842201 UTICA CLUB XX PURE
UTICA CLUB XX PURE's picture

That's Chump Change! Now get back to work...

Thu, 11/03/2011 - 13:18 | 1842202 I am a Man I am...
I am a Man I am Forty's picture

Would have been $100B without him, no question, saved the taxpayers billions.  See how this works?

Thu, 11/03/2011 - 13:18 | 1842203 Atomizer
Atomizer's picture

Martha, where's my whiteout? I need to doctor up a few sentence in the Dodd-Frack Act. Fetch it quickly.

Thu, 11/03/2011 - 13:18 | 1842205 spekulatn
spekulatn's picture

Occupy Fannie!

Someone get that fat a$$ from Flint on the phone pronto!!

 

 

Pathetic, bitchez.

 

Thu, 11/03/2011 - 13:38 | 1842328 Agent P
Agent P's picture

"Occupy Fannie!"

The wife gets very upset with me every time I try this.

 

Thu, 11/03/2011 - 13:39 | 1842206 Ignatius
Ignatius's picture

Not really very complicated, now is it?

A complete lack ot taste, decency, geometry and theology.

Health note: valve temporarily open (half way)

Thu, 11/03/2011 - 13:19 | 1842207 hangemhigh77
hangemhigh77's picture

4 mil? That's all?  He must not be a very well connected bankster.  For 4 mil we can hang him in times square on Wed afternoon.  He doesn't get top billing.  Or maybe a lynch mob can get his home address and visit him with pitchforks and rope.  I hope he has a nice sturdy oak tree in his front yard. ZH should start publishing home addresses of these guys.

Thu, 11/03/2011 - 13:20 | 1842211 Steroid
Steroid's picture

 

The higher they are the more they can waste.

Billions are just the CEO level but

Trillions are the Treasury Secretary level and

Multitrillions are the Presidential level.

Thu, 11/03/2011 - 13:24 | 1842234 Falcon15
Falcon15's picture

Quadrillions at the Federal Reserve level.

Thu, 11/03/2011 - 13:19 | 1842212 Mr. Poon
Mr. Poon's picture

"Freddie" did not get billions, Freddie Mac's bondholders got billions.  Who would that be?  Well, if you are received a public or a private pension, or even have a holding in a money market fund, that's probably you.

"Freddie", or rather its executives, did in fact get millions, but frankly, if that can secure the services of even halfway competent executives who can keep these sinkholes for money from sucking up any more tax dollars than they have to, we would be getting a bargain.  Freddie and Fannie are, unfortunately, very much on the Federal balance sheet, and if you go cheap on executive compensation and end up having them lose even more money than they are losing now, it would be classic penny-wise-pound-foolish behavior.

Thu, 11/03/2011 - 13:35 | 1842302 topcallingtroll
topcallingtroll's picture

You are arguing that moral hazard is acceptable.

I didnt downrate you though.

Thu, 11/03/2011 - 13:37 | 1842316 karzai_luver
karzai_luver's picture

idiot- when you have a shithole you burn it you don't pour in more shit.

You must be one of those city-libs who can't tell shit from sunshine.

 

Thu, 11/03/2011 - 13:38 | 1842321 Ace Ventura
Ace Ventura's picture

LOLZ! So since they're only losing a few billions, instead of trillions, its a bargain! Definitely worth millions to keep this 'talent' so only billions are lost! Awesome!

Thanks for the laugh holmes. If sarc was your intent, it still made me laugh, and the thanks still apply. :-)

 

Thu, 11/03/2011 - 13:56 | 1842393 donsluck
donsluck's picture

I must disagree. As a succeful business owning high school dropout, I have found there is no magic in the business world. As the Beatles sang "nothing you can do that can't be done". I am positive that there are direct government employees capabable of running Freddie Mac.

Secondly, the only reason thay are on the Federal "balance" sheet is because the ground breaking, criminal genius George Bush put them there, along with the spineless Democrats. They were not originally structured to be backed up by the Federal Reserve (not the Federal Government) and Greenspan said many times that the market perseption of an implied backstop was erroneous, which was true, until it wasn't.

Thu, 11/03/2011 - 13:20 | 1842216 centerline
centerline's picture

This is what you get when you attempt to support a criminal enterprise.  The same asshats that cause the mess get paid more big bucks to "beach" the ship rather than see it go down in flames.

Some might call it a necessary evil.  I would just say that it is insult added to injury.  All these criminals have managed to do is raise the stakes further - in a game that HAS an end.

Thu, 11/03/2011 - 13:21 | 1842219 FutureShock
FutureShock's picture

This is the current administration. O gets on tv denounceing the wall street bailout execs and guess what buddy this is in your camp. OWSers should be at Marthas Vineyard on the next trip. Dammn I am pissed. Who the hell signed that check!!! 

Most Senators got choice countrywide loans so they well be sidestepping this. Mother Fuckers!!!!

Thu, 11/03/2011 - 13:21 | 1842221 topcallingtroll
topcallingtroll's picture

Pissed is not the right word.

If failure is rewarded with taxpayer money rather than let the market enforce its discipline, then I and many others are just about ready to hunt down and kill the guilty motherfuckers, after appropriate abjudication by an ad hoc citizen tribunal of course.

When citizens see the rich get bailed out of losing pisitions with taxpayer money there is only so much we can take.

Most of the oligarchs by now keep their curtains drawn as a security precaution. I find that to be a wise strategy. Considering just an average marksman and average large caliber rifle can make a 400 yard shot.

Thu, 11/03/2011 - 13:32 | 1842289 centerline
centerline's picture

I have to say that I am really surprised someone hasn't already "gone postal" with a sniper rifle.  I am not condoning any violence here... just saying that people have flipped out over alot less.  I think the real difference here is simply that most people haven't a clue how they are being boiled alive.

Thu, 11/03/2011 - 13:46 | 1842355 topcallingtroll
topcallingtroll's picture

If we have a real depression or a crack up boom it will happen.

A $300 rifle plus $100 scope and a little practice time is all that is needed.

Gillie suits can be constructed for practically nothing. Plenty of free instruction on youtube.

Thu, 11/03/2011 - 14:00 | 1842406 centerline
centerline's picture

Primarily the reason to get prepared now for a period of real trouble.  We are most likely going to get both.  The crack up boom, then the deflationary kick in the nuts.

Thu, 11/03/2011 - 21:45 | 1843727 merizobeach
merizobeach's picture

"I am not condoning any violence here..."

 

I am.  Kill 'em all, bitchez!

Thu, 11/03/2011 - 14:00 | 1842408 donsluck
donsluck's picture

There are only two rational responses to injustice. Forgiveness and violence. Otherwise you are co-dependent. I forgive him, and buy gold, of course.

Thu, 11/03/2011 - 13:22 | 1842227 XitSam
XitSam's picture

“When you see that trading is done, not by consent, but by compulsion – when you see that in order to produce, you need to obtain permission from men who produce nothing – when you see money flowing to those who deal, not in goods, but in favors – when you see that men get richer by graft and pull than by work, and your laws don’t protect you against them, but protect them against you – when you see corruption being rewarded and honesty becoming a self sacrifice - you may know that your society is doomed.” (Francisco D'Anconia, "Atlas Shrugged")

Via Dave in Denver

Thu, 11/03/2011 - 13:24 | 1842235 YesWeKahn
YesWeKahn's picture

They are not pissed, they are stupid.

Thu, 11/03/2011 - 13:58 | 1842404 hedgeless_horseman
hedgeless_horseman's picture

It really is an either/or situation and I am forced to agree with you based on what I see, hear, and read.

Thu, 11/03/2011 - 13:25 | 1842244 hangemhigh77
hangemhigh77's picture

He got 4 mil bonus but how much of the 21 bil did he thieve?  It's at the point now that if you're a CEO you should just be hanged....period.

Thu, 11/03/2011 - 13:26 | 1842251 AngryGerman
AngryGerman's picture

this is nothing new. all i dont understand is why we just not give the money straight to them, but ban them from running businesses in our countries. would be cheaper to us.

just pay every gs fucker and friend like 4 mln. per year, and relocate them to some small island (in haiti is a lot of space for new housing development available i heard)

Thu, 11/03/2011 - 13:26 | 1842253 Dick Darlington
Dick Darlington's picture

Scamerica, the dollar denominated Greece.

Thu, 11/03/2011 - 13:26 | 1842256 NOTW777
NOTW777's picture

more campaign $ for obama and dems so they can denounce the rich republicans - party on garth

Thu, 11/03/2011 - 13:33 | 1842272 Ignatius
Ignatius's picture

Send the money to me.  I can guarantee it will go to hotel rooms and hand-jobs.

Oh, Fortuna, you terrible wanton.

Thu, 11/03/2011 - 13:27 | 1842258 NOTW777
NOTW777's picture

are we close to the crescendo of fraud

Thu, 11/03/2011 - 13:39 | 1842331 karzai_luver
karzai_luver's picture

no-still in bottomm of the 1st inning.

 

Thu, 11/03/2011 - 14:01 | 1842414 centerline
centerline's picture

When the college bubble pops, that will be the top.  Getting closer every day.

Thu, 11/03/2011 - 13:27 | 1842260 hangemhigh77
hangemhigh77's picture

The business of America is F R A U D.

Thu, 11/03/2011 - 13:27 | 1842261 yabyum
yabyum's picture

Reward failure, punish success.OTOH which will be the new MF? How much money will the cornor office steal? Fuckers.

Thu, 11/03/2011 - 13:28 | 1842266 Racer
Racer's picture

This along with the Greek people not getting a say is truly stunning in the way they are now openly sticking the finger at the people

Thu, 11/03/2011 - 13:28 | 1842268 Taffy Lewis
Taffy Lewis's picture

It sickens me that the Madoffs get hammered by the mainstream media while they give evil pukes like this prick a free pass.

 

Thu, 11/03/2011 - 13:28 | 1842269 yogibear
yogibear's picture

That's the way it works. Pay yourself and all of your high level staff well, burn the money and ask for more. AIG, Freddie, Fannie, Amtrak and others just keep asking and Uncle sugar daddy gives you more. Just put on the taxpayer's bill.

Thu, 11/03/2011 - 13:30 | 1842278 hangemhigh77
hangemhigh77's picture

Soon there will be infomercials on TV about how you can defraud your neighbors and grocery stores and other businesses. Defrauding a bank, in my opinion, is just business as usual and turnabout is fair play.  Get videos on how to be a cat burglar and rob everyone in your neighborhood. Then again you can just become a cop and make millions dealing drugs to all the sheeple you're writting tickets to.

Thu, 11/03/2011 - 13:33 | 1842298 TooRichtoCare
TooRichtoCare's picture

That's the problem...The government takes over an insolvent institution (which THEY Created, and whose reckless risk-taking THEY aided and abetted) and bail them out with taxpayer money, but then you still have the unenviable task of managing their trillion dollar portfolio of toxic debt. So you try and go out and hire someone who can handle it. Someone who won't be a total bumble-fuck and make things even worse. Someone who knows what the heck negative convexity means, someone who has experience in managing duration risk, someone who can figure out whether it's better to issue a 10yr non-call 3yr or a 5yr non-call 1yr.  Someone who knows what the heck the LIBOR/OIS spread means.  You give the guy the task of taking a billion-dollar loser and tell them their job is to prevent it from being a trillion dollar loser.  And that's within an envirnoment where the US may or may not lose its credit rating, and treasuries are supposed to sell off to 6% but instead do the opposite (well done Bill Gross!) and rally to 2%.  

Nobody in their right mind would want to do that job.  Anyone who's even remotely qualified would be able to go to Goldman or Deutsche or UBS or anywhere within the hedge fund world and make an easy 20 million per year.

And yet, if you accept a massive pay cut and take on the hugely stressful job of cleaning up someone else's mess, and trying to keep a zombie entity alive, then when you finally get your puny (yes, that's right...puny) payoff you have to face the masses of ignorant indignant peasants who get their faux populist outrage from watching Keith Olberman or listening to the 6th grade logic of Michael Moore.  

A thankless task...

Thu, 11/03/2011 - 13:42 | 1842343 Uchtdorf
Uchtdorf's picture

Sure the US thanked him. The US gave him a job. He was paid to do a job. If he couldn't do it, he should not have accepted it. It was a political appointment anyway. Why should he eat nightly $300 dinners at taxpayer expense and still get a $4M bonus after departing as a failure.

And like Goldman Sachs is doing such a great job of running things, eh? Your logic fails you.

Thu, 11/03/2011 - 13:50 | 1842375 topcallingtroll
topcallingtroll's picture

As tyler mentioned above a roll off portfolio is easy to manage.

Follow the algorithm. It could even be programmed and done by computer without the backoffice worker, just a little tech suppoet.

Thu, 11/03/2011 - 13:48 | 1842345 karzai_luver
karzai_luver's picture

Ok, agree with all you say.

 

Still, I would bet you the 4mill there are a thousand peeps who could sit in the chair and for say 85K and no walk away.

No, the problem is that there is a small set of "ins" to pick from and of course the market for that small set of "ins" must be set by them.

Fraud and lies and scammers.

Nothing you posted gets past that.

 

Basically the dude "saved or create a couple of billion dollars" is THAT where you are going?

 

hahaha

 

 

Fri, 11/04/2011 - 00:54 | 1844074 Georgiabelle
Georgiabelle's picture

TooRich is dead-on correct.  The rest of you---be careful what you wish for. It's very difficult to find/retain competent people to work at entities as hopelessly underwater, and as generally reviled, as Fannie and Freddie. And without competent people managing the existing portfolios and working to provide an ongoing secondary mortgage market for single- and multi-family housing, home values will completely collapse, yours included. At this point there are no private companies willing to step up and take on the risks inherent in the secondary market. And until there are, like it or not, Fannie and Freddie are the secondary market, all of it. And without a seconday market, primary lenders won't lend. And if primary lenders won't lend...well, we are all screwed. If you want to see total real estate Armageddon, take out Fannie and Freddie. 

Thu, 11/03/2011 - 13:36 | 1842315 Alex Kintner
Alex Kintner's picture

Looting the taxpayers if lucrative work if you can get it. Haldeman, I'll see you in Hell.

Thu, 11/03/2011 - 13:37 | 1842319 Snakeeyes
Snakeeyes's picture

The government subsidization of government mortgage markets is nuts. And now we are doing Guatemala too!!!! 

Feds Increase Funding to Mortgage Market by $100m … in Guatemala! Can We Fix Our Mortgage Securitzation Platforms First?

http://confoundedinterest.wordpress.com/

Thu, 11/03/2011 - 13:37 | 1842320 Uchtdorf
Uchtdorf's picture

Oh, but if not for the agility and sagacity and leadership and cunning and sheer joie de vivre of little Eddie, Freddie Mac would have required $50B in injections. Thus, he saved billions. I'd say that at $4M, the US got off cheap. ZH always spins things in such negative light.

Thu, 11/03/2011 - 13:37 | 1842323 SteveGennisonBa...
SteveGennisonBallWasher's picture

The only way to get TPTB to listen is to stop paying taxes.  That's the only way to fight back. Period.

Thu, 11/03/2011 - 13:39 | 1842332 Racer
Racer's picture

And most people's taxes are  taking from their pay before they get it, what can you do about that?

And if you don't pay tax you get fined and if you don't pay that you go to prison, unlike the banksters of course who if they do any wrong will get a tiny fine and a big golden parachute to retire on

Thu, 11/03/2011 - 13:43 | 1842347 SteveGennisonBa...
SteveGennisonBallWasher's picture

Of course i agree with all your comments.  You can set up your taxes at work so nothing but state and local is deducted.  I dont even do that, but I can.... I'm just saying if enough people did it, who would they go after?  One day when people are fed up, I think that it will happen.

Thu, 11/03/2011 - 13:38 | 1842324 El Yunque
Thu, 11/03/2011 - 13:49 | 1842369 g speed
g speed's picture

there will be blood in the streets because of this ongoing rape and pillage--I hope they film it at seven when guys like this are on their knees begging before getting a axe through the forhead-- just dreaming--

Thu, 11/03/2011 - 13:50 | 1842373 ziggy59
ziggy59's picture

Freddie Mac reports Q3 loss, asks for $6B in aid 
 
 
http://news.yahoo.com/freddie-mac-reports-q3-loss-asks-6b-aid-124449542....

Thu, 11/03/2011 - 13:57 | 1842396 bill1102inf
bill1102inf's picture

I wonder if the ANTI-OWS ignoramouses that troll ZH have figured it out yet.  Its people like this, and ABOVE who are the 1%.  Not the business owner down the street who makes 300K a year during good times.  This type of ass-clownery should end with people being hung from lamp posts and set on fire.  

 

LETS DEFAULT THIS MFER - the WHOLE enchillada!!!! 

Thu, 11/03/2011 - 13:57 | 1842398 t0mmyBerg
t0mmyBerg's picture

i wrote a piece on my vanity blog recently which quotes extensively from one of my favorite books.  in it, a famous USGS geologist who is the son of a scottish homesteader in late 19th century wyoming got to have lots of famous bandits through their ranch, many of whom they entertained for dinner.  Some of these were essentially vigilantes who were on the run for murder.  But they were welcomed because in that frontier of widely dispersed justice, these were people who had "just been doin their civic duty" by doing in those who "just needed killing".  http://bangpath.com if you have any interest

Thu, 11/03/2011 - 14:00 | 1842411 ebworthen
ebworthen's picture

The Lords and Ladies deserve all this money; since it will cost them their heads.

Thu, 11/03/2011 - 14:02 | 1842416 Bastiat
Bastiat's picture

What was the name of that OMB weasel who predicted "less than 50% chance" that Fannie/Freddie bailout cost would exceed $24bln?  That was during the Big Bazooka days.  How do people get to skate on outrageous crap like that?

Thu, 11/03/2011 - 14:09 | 1842435 Bastiat
Bastiat's picture

Peter Orszag was Director Congressional Budget Office at the time. Promoted to OMB no doubt for his great genius displayed below:

'A price has been put on the potential Fannie and Freddie bailout. The price tag could be as much as $25 billion. It is not a fait accompli, however. Peter R. Orszag, Director of the nonpartisan Congressional Budget Office put the odds at better than half that Fannie and Freddie will not use need any cash."

Thu, 11/03/2011 - 14:13 | 1842479 Bastiat
Bastiat's picture

The CBO says the proposal to allow the federal government to purchase equity in the mortgage giants could cost up to $25 billion. Yet in the same letter, to House Budget Chairman John Spratt (D-S.C.), the CBO says there's greater than a 50 percent chance that the bailout won't cost the government a penny because Fannie and Freddie may not need the feds to swoop in and provide any liquidity.

The hope for taxpayers is that the markets will simply recover along with Fannie and Freddie and no bailout will be necessary.

"If the proposal is enacted, private markets might be sufficiently reassured to provide the GSEs [government sponsored enterprises] with adequate capital to continue operations without any infusion of funds from the Treasury," CBO director Peter Orszag said. "Under that scenario, the temporary authority would not be used and thus would involve no budgetary cost."

http://www.cbsnews.com/stories/2008/07/22/politics/politico/thecrypt/main4282236.shtml

 

Thu, 11/03/2011 - 14:03 | 1842419 MFL8240
MFL8240's picture

Very little to say short of that this is a fucking disgrace and Obama must be held accountable.  He is a liar, a con, a phony, a trouble maker and has done everything possible to ruin America.  Hey Bonier, time to grow some balls, DO NOT FUND THIS FRAUD!

Thu, 11/03/2011 - 14:08 | 1842446 reTARD
reTARD's picture

This has to be very bullish for something... maybe it'll be bullish for the Grand Casino called the stock market!

Thu, 11/03/2011 - 14:13 | 1842481 Seal
Seal's picture

Let’s not forget Congress’s part in perpetuating the FNM/FRE monstrosities – TO GIVE LOBBYING “DONATIONS” TO CONGRESS-PEOPLE WHO PLAY ALONG WITH THE big pay – Raines is drawing $100,000+/month in Bermuda where he can’t be touched. My Senators Boxer and Feinstein have refused over a 5 year period to respond to my direct requests as to how much they got from FNM/FRE. Rahm took $$$$$ out of FRE while idling along before the big Zero got elected.

Thu, 11/03/2011 - 14:14 | 1842485 youngman
youngman's picture

Its not as big a Corzine´s....but its the new norma...if you are successful....tax you ...you 1 %er...but if you lose all kinds of money...and fail...or if yu don´t pay any taxes at all...GE....you are a hero...big bonus...and a spot in Obama´s cabinet....if this wasn´t so funny..I would puke..

Thu, 11/03/2011 - 14:26 | 1842546 Fozzy Slippers
Fozzy Slippers's picture

I don't know where these fing bastard pricks think they're going to hide.

 

Thu, 11/03/2011 - 14:37 | 1842588 PulauHantu29
PulauHantu29's picture

"Why Steal less?"

 

I am sure he feels "underappreciated' by this Piddley sum.

Thu, 11/03/2011 - 14:47 | 1842637 metastar
metastar's picture

Zombies are real and they do feed off the flesh of the living.

Thu, 11/03/2011 - 15:22 | 1842754 Hedge Fund of One
Hedge Fund of One's picture

Hey, it's just a commission bonus for salesmanship in prying more money from U.S. government. That's all!

 

Thu, 11/03/2011 - 16:08 | 1842917 miningman
miningman's picture

If it can't be grown it must be mined...how much are you worth?  I dig aurium & then

bury it again...what do you do in your spare time...after the chickens been FED & Hosed?

I give 2r2c a +...2bc...stack or bury aurium.

Fri, 11/04/2011 - 04:24 | 1844209 Caveman93
Caveman93's picture

FUCK THIS SHIT!

Do NOT follow this link or you will be banned from the site!