Taxpayers may pay legal bills for mortgage execs

[formercia]

Source: AP


AP
Taxpayers may pay legal bills for mortgage execs
Thursday November 6, 3:34 am ET
By Matt Apuzzo, Associated Press Writer
Taxpayers may be on the hook for millions of dollars in legal bills for Fannie, Freddie execs

WASHINGTON (AP) -- When the government took over mortgage giants Fannie Mae and Freddie Mac, taxpayers inherited more than just bad debts. They're also potentially on the hook for tens of millions of dollars in legal fees for the executives at the center of the housing market's collapse.

With the Justice Department investigating companies involved in the mortgage and financial meltdown, executives around the country are hiring defense lawyers. Like many large companies, Fannie and Freddie had contracts promising to cover legal bills for their executives.

When the Treasury Department delivered a $200 billion bailout to Fannie and Freddie, that obligation passed to the government, which may find itself paying for the lawyers defending the executives against the government's own prosecutors.

--snip--

Read more: http://biz.yahoo.com/ap/081106/meltdown_who_pays.html

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No comment.

[acmavm]

1. We're only on the hook if the crooks, liars, and theives in Washington

say we are. We DON'T owe the debt of these bastards. They do.

It's just that Hank Paulson and the boys figured out a way to stick it to us.

It can be changed. And someone needs to change it.

[formercia]

2. Junior and the Gang can't shove money down the rat hole fast enough:

http://biz.yahoo.com/ap/081106/financial_meltdown.html
AP
Administration speeding up on economic problems
Thursday November 6, 6:22 am ET
By Martin Crutsinger, AP Economics Writer
Administration speeding up rather than slowing down on efforts to get bailout fund launched

WASHINGTON (AP) -- At a time when most administrations are slowing down, the Bush White House appears to be speeding up -- at least when it comes to getting the $700 billion financial rescue program up and running.

Treasury Secretary Henry Paulson, President Bush's point man on the gigantic program, is pushing his staff to do everything possible to show markets that the government is getting the money out the door to bolster the financial system and get banks to resume more normal lending.

On Wednesday, one day after Sen. Barack Obama won the presidency, the Treasury Department detailed how it planned to borrow a record $550 billion before the end of this year to back the bailout. Treasury said it would sell $55 billion in bonds next week, including a reintroduction of the three-year note -- all part of a massive borrowing effort required because of the cost of the bailout and a budget deficit that some believe could hit nearly $1 trillion next year.

--snip--

[ixion]

3. yep, the heist continues

they're shoving money out the door as fast as they can sign the paperwork.

And of course, leave the mess for the next group to clean up. Such are the tactics of the BFEE, in particular, and the GOP in general.

[wordpix]

5. as part of the transition, O's team is scanning what to do first with each agency

Better look into this one early on----BushCo-WallSt's theft of taxpayer's money :puke:

[Romulox]

4. Nancy Pelosi, Barney Frank, Barack Obama, and Harry Reid are part of Junior's gang now???

All were 100% behind this... :hi:

[Raineyb]

6. The more I hear about what is being done with that bailout money

the more convinced I become that they should not have passed it.

When I said that there should be some reforms included this is the type of bullshit I was talking about.

The banks using the money to merge and become even bigger behemoths just shows that the bailout was complete and utter crap and proves basically the Bush administration scared Congress into helping him raid the treasury one more time.

Regards

[razors edge]

7. I somehow doubt they would qualify

for a public defender, which is what you or I would be getting if we couldn't afford our own lawyers.

Fucking parasites.

[primavera]

8. Lol! I'd love to see them in a public defender's office...

... waiting in line with the rest of the PD's clients, being told "Dude, I've got 80 other cases on my desk at the moment, you'll just have to wait your turn." But alas, who are we kidding, they'll probably be served cognac and caviar in the mahogany paneled conference rooms of firms like Arnold & Porter or Rogers & Wells and then we'll get stuck with the bill.

[wordpix]

9. just heard a * spokesman saying he hopes O's team will work "cheek by jowl" w/ those now on bailout

project. I think it might have been Paulson who made the statement but I missed it (NPR). He sounded like he was worried BushCo's people won't be "in" on everything.

Obama should choose his own people to oversee how this money is being spent and FUCK OFF, BushCo, you theives

[Solly Mack]

10. "Thank you, sir, may I have another?"

[curse of greyface]

11. Those seven course lunches don't eat themselves. nt