Fannie and Freddie: Shangri-La for Lawyers
Originally published at Fox Business.
Remember that eye-popping $110 million bill taxpayers are on the hook for in defending former Fannie Mae and Freddie Mac execs since 2004?
The total bill is actually even higher – and the worst part is that, by law, taxpayers shouldn't have to pay it at all.
Taxpayers have footed the bill for $194.4 million on legal fees to defend former executives like Franklin Raines and the companies themselves over accounting frauds that boosted bonuses and predated the government takeover of the companies, as well as for their role in the housing collapse. And that's money spent only since the government seized them in 2008.
The new figures come from the office of Rep. Randy Neugebauer (R-Tex.), whose House oversight subcommittee oversees Fannie and Freddie. The figures are based on confidential government documents FOX Business has reviewed.
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