Reuters posted a story today about the fact that Fannie Mae is has lost $5.1 billion in the third quarter of this year and needs $7.8 billion in federal aid to stay afloat. Meanwhile back at the ranch, Mary Katharine Ham at the Daily Caller posted a story today stating that Fannie Mae and Freddie Mac, to whom taxpayers have already given billions, gave out $12.79 million in bonuses to its executives for meeting modest goals.
My husband works in the private sector. There was a year when he got no raise and no bonus because the economy was bad and the company he works for was trying not to lay anyone off and still stay profitable. I guess my question is how come a company that loses $5.1 billion in three months and is being subsidized by taxpayers is handing out bonuses amounting to $12.79 million.
This is a total misuse of taxpayer money and needs to be stopped. If the company was making a profit and operating on its own money, I would have no problem with any bonuses they wanted to hand out. However, this is taxpayer money and should be spent much more carefully.