Fannie Mae, Freddie Mac delisted from NYSE

Overdue, but these were once significant companies.


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2 responses to “Fannie Mae, Freddie Mac delisted from NYSE

  1. atticus

    But Bawrny Rank said that would never happen.

    Isn’t that where Rahm made his first million? And where’s Franklin Raines now?

  2. atticus

    Blast from the past:

    Thursday, September 18, 2008
    Fannie Mae’s Franklin Raines $90 Million Compensation
    The National Review reports:
    In 2005, Fannie Mae revealed it overstated earnings by $10.6 billion and that it didn’t really know what was going on. The Bush administration pushed for reforms, but those efforts were rebuffed by Congress, with Democrats Barney Frank and Christopher Dodd taking point, because Fannie and Freddie have spent millions in campaign contributions.

    In 2005, McCain sponsored legislation to thwart what he later called “the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system and the economy as a whole.”

    Obama, the Senate’s second-greatest recipient of donations from Fannie and Freddie after Dodd, did nothing.

    Meanwhile, Raines, the head of a government-supported institution, made $52 million of his $90 million compensation package thanks in part to fraudulent earnings statements.

    But, ah yes, the greedy criminals responsible for this mess must be somewhere on Wall Street.