6 chapters across the catalog
Former bosses of Fannie Mae and Freddie Mac have been charged with fraud, while former "Auto Czar" Steve Rattner admits the government will lose billions on the General Motors bailout. Despite administration claims that the money was paid back in full, reports indicate a loss of approximately $14 billion on GM financing. The hosts also note that the Euro is trending toward a record low against the dollar.
Mortgage Forgiveness, Fannie Mae and Freddie Mac
Rumors suggest the Obama administration may order Fannie Mae and Freddie Mac to forgive portions of mortgage debt for millions of "underwater" homeowners. Critics view the potential move as a massive bailout and a political bribe ahead of the upcoming elections.
Politico Conflict of Interest and Show Outro
The hosts point out a blatant conflict of interest in a Politico video series about "Reforming Wall Street" that is sponsored by Citibank. They also note a Bloomberg report that Fannie Mae and Freddie Mac may require another bailout of up to $1 trillion. The show concludes with a preview of upcoming topics, including genetically engineered insects, and Father's Day sign-offs.
National Debt Limits, Fannie Mae and Freddie Mac Bailouts
The U.S. government quietly removed spending limits for the national debt and eliminated bailout caps for Fannie Mae and Freddie Mac. This legislative move, occurring under the cover of the "crotch bomber" news cycle, potentially puts taxpayers on the hook for hundreds of billions in mortgage liabilities. Executive compensation for the CEOs of these entities was also renegotiated to include multi-million dollar packages.
Fannie Mae and Freddie Mac Federal Bailout
The United States government is preparing a massive bailout for Fannie Mae and Freddie Mac to be announced on a Monday morning. Concerns remain regarding the potential unwinding of $800 trillion in derivatives. This federal intervention marks a significant shift in the ongoing financial crisis.
Global Bank Failures and Taxpayer Bailouts
The Royal Bank of Scotland reported one of the largest losses in UK history following its acquisition of ABN Amro just before the subprime crisis. In the United States, the potential collapse of Fannie Mae and Freddie Mac signals a massive taxpayer-funded bailout. These financial instabilities are viewed as a sign that the global banking system is reaching a critical bottom.
