Saturday, November 19, 2011

Obama's selective outrage

When Fannie Mae and Freddie Mac came with hats in hand to beg for another $14 billion in taxpayers' money, there was bipartisan outrage at the committee hearing over their salaries and bonuses. The president was noticeably silent. Didn't the president rail over the AIG bonuses and give approval to the SEIU pickets at the homes of AIG's executives? Didn't the president appoint a wage czar to approve the salaries at the car companies? Something about protecting the taxpayer from the greed of corporate executives? So where was the president's outrage over the million dollar bonuses at Freddie and Fannie? As one of the committee members pointed out it was not just the bonuses but also the inflated salaries of the executives. "How many corporate general counsel's are paid $2 million?" one congressman asked. Indeed. How many? Of course Fannie Mae and Freddie Mac have always been known to pay big salaries and bonuses. Where was the outrage when Franklin Raines took home more than $90 million during his tenure? Regardless, Fannie and Freddie have difficult jobs but not that difficult.

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