Happy Monday morning!
Just so you never forget that the people in Washington are screwing you every day of your life, here is a new one for today. Late last week the SEC brought charges against former Fannie and Freddie executives. You say,” Well it's about damn time!” And you would be exactly right. But what is brought to light in Matt Stoller's piece on the Naked Capitalism website is that as always, be careful what you wish for. Yes the SEC is suing those former executives, but Fannie and Freddie are paying all their legal fees. From previous lawsuits the fees covered are estimated to be around $100 million. Now we can add to that. Not to mention the $12 million in performance bonuses paid out in 2010. And whoooooooo is it that pays the bills at Fannie and Freddie? Right.
Read the article. Well worth the time, it's not long. I bring it to your attention just so you can go about your day with a smile on your face.
Term limits and flat taxes please. Not perfect, just better.
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