No wonder I woke-up nauseous and with a headache – it’s must be my psychic-hotline calling-in.
Kevin’s favorite quote (6:20-7:08 in the video.):
Mr. Raines: $1.1 million bonus on a $526,000 salary. Jamie Gorelick: $779,000 bonus on a salary of $567,000. This is… What you state on page 11 is nothing less than staggering. “The 1998 earnings per share value turned out to be three dollars and twenty-three cents and nine mills ($3.239) – a result that Fannie Mae met the max, the EPS maximum payout goal right down to the penny.
“Fannie Mae understood the rules and simply chose not to follow them, if Fannie Mae had followed the, the practices, there wouldn’t have been a bonus that year.”
As Ace says,
I think the worst thing about this bailout plan is it makes it nearly impossible to argue for free market solutions to problems going forward. Regardless of how much of the $700 Billion is actually spent or recouped, it will be thrown in the faces of people who say, ‘let the markets work’.
UPDATE (from my friend The Conservative UAW Guy):
“All animals are equal, but some animals are more equal than others.”
Looking in at the party of elites through the farmhouse window, the common animals can no longer tell which are the pigs and which are the human beings.
George Orwell – Animal Farm