Straight Talk With Sam Graves 1/18

Posted: February 19, 2010 in Congressman Sam Graves, Straight Talk With Sam
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Below is Congressman Graves newsletter, he addresses Fannie Mae and Freddie Mac’s insane bonuses. I agree!

We Need to Stop Taxpayer Funded Bonuses and Bailouts

A bonus is defined as something that is in excess of what is due. Some college and professional coaches get bonuses when their teams win championships. In Washington, bonuses are given even when you lose taxpayer money.
This week, we learned that the Chief Executive Officers and top administrators of government-run Fannie Mae and Freddie Mac will earn $42 million in bonuses. These are the same two government-sponsored institutions that have cost taxpayers more than $110 billion and have put us at risk for another $2 trillion in potential losses.
On Christmas Eve, the Obama Administration announced that it was removing the cap on the amount of taxpayer aid available to Fannie Mae and Freddie Mac. Both institutions have been shielded from the executive compensation limits that the administration put in place for companies that received Troubled Asset Relief Program funds. The CEOs for these institutions have a base salary of $900,000 and will now receive bonuses of $5 million each.
Only in Washington can it make sense to give out $5 million bonuses, but tell our seniors that there is no money available for a cost of living adjustment to social security.  Instead of handing out millions in bonuses, Washington ought to be restructuring Fannie Mae and Freddie Mac so that taxpayers get their money back.
We can start by canceling taxpayer funded bonuses to failing institutions. I, along with 70 of my colleagues, have written to the Treasury Secretary asking him to do just that. Taxpayer funded bailouts and bonuses have to stop.

Sincerely,
Sam Graves Signature
Sam Graves

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