Sunday, February 16, 2014

The Untouchable Profits of Fannie Mae and Freddie Mac

The Untouchable Profits of Fannie Mae and Freddie Mac

The memo was addressed to Timothy F. Geithner, then the Treasury secretary, from Jeffrey A. Goldstein, then the under secretary for domestic finance. In discussing Fannie and Freddie, the beleaguered government-sponsored enterprises rescued by taxpayers in September 2008, the memo referred to “the administration’s commitment to ensure existing common equity holders will not have access to any positive earnings from the G.S.E.’s in the future.”

http://www.nytimes.com/2014/02/16/business/the-untouchable-profits-of-fannie-mae-and-freddie-mac.html?partner=yahoofinance&_r=0

the actual memo:
http://graphics8.nytimes.com/packages/pdf/business/Tab25.pdf

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