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McCain Blasts Great Fannie, Freddie 'Scam'

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    Arizona senator is not happy about the lavish bonuses for the bailed-out mortgage giants

  • Duration 6:02
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-- -- yes sir thank you I watch the video view the S senate floor.

Quite passion about this at twelve point nine million dollar bonus news media executives at Freddie Mac and Fannie may.

-- any questions like he ought to stop at.

But I think we're gonna have to we're just trying to find the vehicle.

Glad to see that senator Rockefeller and many others -- -- we're all in agreement it's outrageous.

No credit that excuse that they're using is somehow.

That Fannie -- has done such a great job.

Well we have by the people who serve in government who do great jobs as well.

And Fannie and Freddie are owned by then the taxpayers today I mean we paid a 190 billion dollars.

Already it's cost the taxpayers and there's about fifteen billion or more to come.

So just somehow assume.

If people can't do their job correctly without millions of dollars in bonuses when every day we have men and women who are serving some were putting their lives on the line.

They're not getting millions of dollars with the bonuses.

And somehow the overseer commend him -- -- I understand is somehow says this -- good idea that he should be fired.

-- of the things that I didn't get -- -- first -- get executives may have bottomed it's -- 100000 dollars a year and the -- on more than any.

In the civil servant more -- admits there's no question about it it is a significant sum of money.

But what what was so stunning to me is DeMarco said that if if they don't get bonuses.

That we're not gonna attract so called good people to the job to replace him which is the -- have you not -- that.

But secondly is that you say that there you know that they're doing a good job or someone that's.

Company they've asked for more -- of 85 or six billion dollars it.

I had a hard time understanding how if you need warm up bail out we -- -- -- -- -- have established in about it.

They -- -- they had the exquisite sense of timing to ask for six billion dollars more at the same time they -- announcing these bonuses and by the way.

If they're doing such great job I wonder why nearly half the homes in my home state of Arizona are still under water in other words worth less.

Then the value of their mortgage if they've been doing such a great job that serves millions of dollars in bonuses.

This is what makes American cynical about -- government.

And I'm sure that we in congress given plenty reasons to feel cynical but this is yes.

Beyond it.

He just departments have like this man mr.

DiMarco is appointed by the president and many government jobs -- the Republican administrations as well.

But it's sort of it you know it's sort of appalling that he has his fingers on the purse strings of such enormous -- -- -- gratuitously grant.

Bonus enemy act is they're no one who oversees it who can let me simply -- -- immunity up to go to some procedure.

Well I've been told that treasury the Treasury Department also had to sign off on and -- signed -- as well so let's check it traffic -- -- in theory signed off on the list when I was told it -- quote treasury maybe I don't know forgot to his level or not he's a busy man.

Select it it's just symptomatic.

Of this of this reckless behavior.

It's Gretchen more attention Mort mentions book called.

Reckless endangerment.

Michael Lewis's book the big short.

They talk about this misbehavior.

Fannie and Freddie Japan especially -- -- and the ninety's and -- 2000 this guy Johnson made huge millions and millions of dollars in bonuses while they were scam and the American public and the regulators and I mean.

It's just and he's also his indictment on the members of congress and they were part of this whole deal.

And I wish -- was just a Ponzi scheme that could not last.

-- in Scottsdale Arizona people were -- 23 houses leaving them empty in -- flipping them a year or two later.

Twist that was it -- because he was so easy to get money to make money.

What are sensitive it's so I'm in a much appalled at these bonuses -- -- an Italian cup point nine million dollars be divvied up -- -- and -- And ethics analyzed they get these huge salaries to Begin with -- -- -- in is that if it had to go through layer and layer second.

DiMarco I was that he scandalized -- -- but Treasury Department and we -- in my managed to find the few people in the United States who weren't scandalized that -- have the authority do this week.

Why did they think it was horrible.

It's a mindset it's the culture it's the culture this is the same confidence that gave hundreds of millions of dollars in bonuses that.

Put us in a hole at least a 150 being which we've already paid of taxpayers' money.

To try to get us out of the hole that -- six billion dollars more as we mentioned now there's testament to another fifty -- and then the numbers are staggering.

So if you talk about that amount of money what's it what's ten or twelve million or so for bonuses because -- doing such a great job I mean it's.

Think there's at least this advanced just scandalous army's second aspect.

There's just no means just had to go to this guy we know various historians say absolutely not you're not going to do that we can the president do that music is and it went to just say no orders -- -- -- have the authority.

I think the president could say no but I am.

Very confident that congress will act.

I really it would just -- right for the right vehicle just saying no idea what it's that you just passes the signal fund should be expanded to pay these -- What's what's the delay the net a letter went out Friday out of Bennett.

Thursday are at least on Monday or tune at me like what's that the -- I think the next vehicle itself on the floor of the senate hopefully we can get it agreed to but that would require.

Senator Reid to agree and I'm not -- that he I'm not sure he would disagree that way thinking would more likely than not agree.

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