U.S. promises unlimited financial assistance to Fannie Mae, Freddie Mac

Only Obama would offer unlimited aid. No CEO would ever offer open ended commitments such as this.

On the same day that Obama was taking additional shots at the insurance industry and proclaiming historic progress toward nationalizing health insurance he was offering unlimited aid to Fannie and Freddie. Not only that but approving of multimillion dollar bonuses to their top management. If you are a friend of the White House then multimillion dollar bonuses are fine and even supported with government cash but if you are on their "shit list" then you should be restricted to 400,000 per year.

Here is an excerpt from the news long ago (December 5, 2009) relative to the just passed senate bill:

"Talks to find common ground on those issues are happening behind the scenes, but coloring the public action. Democratic leaders were giving the spotlight Saturday to Sen. Blanche Lincoln, D-Ark. — a key moderate with a difficult re-election next year — to propose an amendment that would limit insurance executives' tax deductible salaries to the same amount the U.S. president makes — currently $400,000.

The bill already includes a limit of $500,000 added by Lincoln earlier, so the new amendment doesn't represent a major change, though it does add a provision directing the expected $650 million in revenue to the Medicare trust fund."

This amendment failed but the intent is already in the bill.

Unlimited aid

Fannie, Freddie CEOs to Earn $4M-$6M in '09