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Yet Again: The Political Compass
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[QUOTE]Originally posted by Jason Abbadon: [QB] Speaking of accountibility, or shocking lack thereof.... [URL=http://www.salon.com/2011/12/17/sec_charges_ex_fannie_freddie_ceos_with_fraud_4/singleton/]SEC Charges Ex fannie/Freddie CEOs with fraud.[/URL] [QUOTE][b]According to the lawsuit, Fannie and Freddie misrepresented their exposure to subprime loans in reports, speeches and congressional testimony. Fannie told investors in 2007 that it had roughly $4.8 billion worth of subprime loans on its books, or just 0.2 percent of its portfolio. That same year, Mudd told two congressional panels that Fannie’s subprime loans represented didn’t exceed 2.5 percent of its business. The SEC says Fannie actually had about $43 billion worth of products targeted to borrowers with weak credit, or 11 percent of its holdings. Freddie told investors in late 2006 that it held between $2 billion and $6 billion of subprime mortgages on its books. And Syron, in a 2007 speech, said Freddie had “basically no subprime exposure,” according to the suit. The SEC says its holdings were actually closer to $141 billion, or 10 percent of its portfolio in 2006, and $244 billion, or 14 percent, by 2008 [/QUOTE][/b] So, they lied under oath to Congress, then acted shocked when the huse of cards collapsed and THEN asked for $150 billion in taxpayer money to stay afloat, then patted themselves on the back for saving their companies and collected obscene bonuses for doing [i]such[/i] a great job. [QUOTE][b]Mudd was paid more than $10 million in salary and bonuses in 2007, according to company statements. Syron made more than $18 million in 2007, according to company statements. [/QUOTE][/b] 18 million bucks to lie to Congress and make the financial system tank? Good deal if you can get it, I guess. This- THIS is what people are protesting- the fact that until now these guys were never even [i]charged[/i] with a crime- and it's so unlikely that they'll face crimminal charges as to make the entire affair a publicity stunt- even if they were fined millions each, what would it possibly matter to men that made 10 million dollars or more [i]yearly?[/i] This is why the system is totally broken. Best of all- pundits on the right will call this "class warfare" as though these assholes are being persecuted. Another almost impossible to believe news... [URL=http://www.salon.com/2011/12/16/direct_elections_a_threat_to_america/]Direct Elections Are A THREAT To America![/URL] The old fear of "Voter Fraud" to supress...voters strikes yet again! Why does anyone listen to a man that seems to be a human/turtle hybrid? [IMG]http://agallantidea.files.wordpress.com/2011/01/tippy.jpg[/IMG] [/QB][/QUOTE]
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