Here's the chart I referenced in the Dem/WallSt. oligarchy post the other day, via Jonah....there are a couple of Chicago zipcodes too. 60614 and 60611, otherwise known as The Gold Coast. Count Oprah in there.
More. WSJ on the Congressional malfeasance and other crony capitalists:
According to a 2004 Congressional Budget Office study, the two GSEs enjoyed $23 billion in subsidies in 2003—primarily in the form of lower borrowing costs and exemption from state and local taxation. But they passed on only $13 billion to home buyers. Nevertheless, one former Fannie Mae CEO, Franklin Raines, received $91 million in compensation from 1998 through 2003. In 2006, the top five Fannie Mae executives shared $34 million in compensation, while their counterparts at Freddie Mac shared $35 million. In 2009, even after the financial crash and as these two GSEs fell deeper into the red, the top five executives at Fannie Mae received $19 million in compensation and the CEO earned $6 million.
This is not private enterprise—it's crony capitalism, in which public subsidies are turned into private riches. From 2001 through 2006, Fannie and Freddie spent $123 million to lobby Congress—the second-highest lobbying total (after the U.S. Chamber of Commerce) in the country. That lobbying was complemented by sizable direct political contributions to members of Congress.
Some ideas on how to fix the system. NRO.
Related posts: The One's thugs by any other name, Rep. Luis Gutierrez is a crook, Fannie Mae Carbon Credit Scam?!!!, Obama Runs Away in Quincy, Rahmbo and Too Big To Fail, Any reform that excludes Fannie & Freddie is a Fraud, Not so simple, not so fast, Why we don't trust our government
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