According to The New York Daily News, Fannie Mae and Freddie Mac, the giant mortgage corporations, plan to give their executives more than $210 million in bonuses. This bonus distribution is occurring despite the mortgage companies losing more than a combined $100 billion in a year, and receiving taxpayer-funded bailout money.The New York Daily News states that Fannie Mae and Freddie Mac are supposed to be being closely watched by federal officials since their financial collapse last year. Fannie Mae has received $15 billion in bailout money. Freddie Mac has received approximately $45 billion in bailout aid.
What is this groundhog's day??? After AIG distributed an exorbitant amount of money in bonuses to their executives, the current administration vowed to implement legislation to stop corporate employees from receiving hefty bonuses while feeding off of the average-taxpayers' dollars. The President needs to address this. What happened to the promised legislation? Where is the bailout for the people?
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