Taxpayers may pay legal bills for mortgage execs

Taxpayers may pay legal bills for mortgage execs

news.yahoo.com

WASHINGTON – 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.

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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.

Can anyone say "lack of forethought & oversight?" This is absolutely an insult. Now not only are the parties responsible for this abomination walking away scott-free, not only are the executives getting tax payer funded "golden parachutes," but We the People also have to pay their legal bills, racked up defending themselves against prosecution & investigations supposedly done in the name of "We the People."

I've had it. I'm a middle class taxpayer and my rear end can't take anymore. We're not the ones demanding the golden parachutes and the taxpayer funded trips to resorts. Hell, my wife and I still haven't ever taken a honeymoon from our marriage 6 years ago because we couldn't afford it, yet these bastards use our money to party it up? How does one go about refusing to pay income tax if their company already removes it from their check every 2 weeks? I require that information ASAP.

news.yahoo.com
(visit the link for the full news article)

Its simple you change your withholding to 10 (people) then they dont take federal taxes.

I dont theink theres a way out of the SS Tax.

This is extremely pathetic.

I'm with you on the not taking a honeymoon my wife and I still haven't had ours, and now I'm searching for employment.

Somehow . . . as I gurgle up and barf upon my own shoes . . . I must say . . . go figure

Here's a question . . . what happened to the outrage at this whole bailout bill where people across the country swore they wouldn't re-elect the bums who gave that bill their 'yea' . . .

And how many of them were re elected?

Hmmmmm . . . another gurgle and go figure

May??? They MAY pay the legal bills?

They WILL pay the legal bills! The taxpayers are fleeced beyond belief, and this bailout will just make sure that the taxpayers pay for everything the bankers desire.

Fundamentally, even without corruption, banks make money only with the money of those who deposit it into the banks. Without people depositing money, banks cannot make money. So the money they use to pay for their bills is essentially made of something that we own.

It's OK people, once the economy fails and the middle class and work force lose there jobs, these jerks will be in the same soup line as us.....

aw, what's a little change compared to the 700Billion we already approved for them.


Everybody that signed on to bailout deal should be given combat boots, a weapon and sent to Iraq or Afghanistan to pay their dues.

Originally posted by rikk7111
It's OK people, once the economy fails and the middle class and work force lose there jobs, these jerks will be in the same soup line as us.....

They will NEVER suffer for their actions. They are 'club' members. They belong to the elite super-class of corporate power. Find me a broke banker and I show you an honest banker.

The most important lesson I've learned in the last two years is that morals and ethics are taught to us to keep us uncompetitive with the elites. We owe it to ourselves to switch credit cards when the introductory no interest period ends, and keep doing it until the cards are paid. I work with people who swear that it's wrong. We owe these people(bankers) NO goodwill!

Oh? And these rich execs. can`t afford to pay their own legal bills? What a joke, make the ones who can`t even hardle afford to make ends meet pay the bill. And then let the fat cats keep their millions. What a bunch of jerks. Whoever the ones were that came up with this, I don`t think there is enough grey matter between them to make a full brain.

reply to post by Mean Red Spider


I agree about the credit cards big time. If everyone were to do that, you would see that no interest part of it dropped like a lead brick within a few weeks.