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-- -- for that a lot makers in the house are looking you know put the brakes -- hefty compensation packages going to the heads of Fannie Mae.
And Freddie Mac Fannie and Freddie have received more than a 170 billion dollars in taxpayer money.
Since 2000 -- eight.
And they're aimed to receive even more than that going he's the end of next year.
I since 20086.
Top executives have raked in 35 million dollars in pay and now -- -- is going before the house financial services committee.
This -- into -- this and configured to step out Republican congressman Spencer Bachus of Alabama is chaired the house financial services committee and it's good to remind our viewers congressman that Fannie and Freddie are our government sponsored enterprises this -- is MM.
But it is just -- the different -- a private corporation these are essentially government owned and operated.
What what's -- at the -- they have a what do you aim to achieve.
Where you're right -- this is taxpayer money this is money that American solutions -- so it's not a private enterprise.
It's been bailed out by the government.
They're not only have we put a 170.
They -- you say but they're now asking for fifteen billion dollars more to cover losses just on the last quarter.
Actually -- -- bill on Christmas.
During the Christmas break.
When the White House announced.
That an unlimited bailout of Fannie and Freddie back in 2000.
And introduced it again in March and and with this latest announcement.
I'm not only that they paid that 35 million dollars to the top six executives.
That you mentioned but they also want to give them thirteen million dollars in bonuses.
We -- -- is an argument for that if I could congressman became his argument has been made for Fannie and Freddie going back years in years not just right now is that if you don't.
I highly compensate the individuals that are reading these enterprises it -- and then they will not be competitive.
Then the taxpayers will miss out because they're not gonna be managed appropriately what's your response to that.
All the government's never had problems.
Secretary of it -- paid.
Dollars -- sector treasury.
200000 giving my that's the other GSA their story either Jenny -- Fannie and frantic Freddie and Fannie.
Their top executives only -- a 155000.
Dollars a year not five million dollars.
Are over five million is both of these executives are -- this is a very rich package I don't think that anyone in America.
Believes that you can't car qualified people for less than five million dollars plus a big bonus of another million dollars.
Tell -- and I checked I don't think he congressman get bonuses like that at least less health last time I checked ready made -- -- for the government congress and why hasn't the bill.
Gain more traction it -- you say is true and it sounds like an accurate description of what's going on there and then why's it taken so long to figure out away yet.
Look at these compensation packages.
Well in 2000 mandated the Obama administration not put the brakes on -- in fact you know President Obama who's spoken out against AIG bonuses and and Bank of America and and really private sector bonuses and think of this for amenities are actually corporate money -- shareholder money they're not in taxpayer money.
He's been strangely silent we hadn't heard a word out of the White House.
And they've really not.
The senate until just recently has not.
Offered to take bills -- but we're gonna marked up Tuesday and we're gonna pass it.
And -- -- sixty some senators have indicated to us if they're ready to support the legislation.
Maybe -- and we'll watch for that progress enough to reach -- the White House to see if they have any response on this times in going to be to update us on added that.
Thank you very much -- Thank you --
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