Rahm imitates Freddie's treatment of taxpayers.
The total bailout of Fannie and Freddie is likely to cost at least $260 billion (Robert Shiller says $1 trillion - CBO says $400b) by the time the government is done using them as landfills for the banks' fraudulently created assets. Of course, by the way that Tim Geithner does math, that amounts to a "profit" for taxpayers on the bank bailouts. Maybe he can explain how this works when he testifies before Congress next week.
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FHFA Projections for Freddic Mac Losses...
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Freddie Mac's Q4 and 2010 Earnings Report...
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Freddie Mac posts $1.7B loss for Q4
By Marcy Gordon
WASHINGTON - Government-controlled mortgage buyer Freddie Mac managed a narrower loss of $1.7 billion for the October-December quarter of last year. But it has asked for an additional $500 million in federal aid - up from the $100 million it sought in the previous quarter.
Freddie Mac also posted a $19.8 billion loss for all of 2010.
The government rescued Freddie Mac and sibling company Fannie Mae in September 2008 to cover their losses on soured mortgage loans. It estimates the bailouts will cost taxpayers as much as $259 billion.
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I used to think Freddie Mac was a pimp...
Original song from comedians Rhett and Link.
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