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Freddie and Fannie & Uncle Sam

By       Message Margaret Bassett       (Page 1 of 1 pages)     Permalink    (# of views)   No comments

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At the end of trading (September 8, 2008), the first day after the "take over" of Fannie Mae and Freddie Mac, MarketWatch, a subidiary of Wall Street Journal, discusses how shareholders complain about the high compensation paid the CEOs.

The current price of stock was less that a dollar on each:

Shares of Fannie Mae (FNM) closed at 73 cents on Monday; 12 months ago the shares had traded as high as $68.60. Meanwhile, shares of Freddie Mac (FRE) fetched 88 cents at the close of trading Monday; the stock had been as high as $65.88 a year ago.

The New York Stock Exchange enjoyed a rally.  Even before it opened, markets around the world were signaling approval of US action to put the two in "something like bankruptcy."  

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Because I read somewhere that Senator Obama is talking against the former CEOs' weighty severance packages, I thought it good to let others help in keeping up-to-date on  campaign implications.  I hope this link will be available in near term:{832C8CA2-92B9-4AE4-9D8F-6105C62DBA1B}&destination=&symb=fnm

Sorry I couldn't QuickLink the article which is titled Shareholder Groups Blast Fannie, Freddie  Payouts.  I do not have a subscription.  

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Margaret Bassett passed away August 21, 2011. She was a treasured member of the editorial team for four years.

Margaret Bassett--OEN editor--is an 89-year old, currently living in senior housing, with a lifelong interest in political philosophy. Bachelors from State University of Iowa (1944) and Masters from Roosevelt University (1975) help to unravel important requirements for modern communication. Early introduction to computer science (1966) trumps them. It's payback time. She's been "entitled" so long she hopes to find some good coming off the keyboard into the lives of those who come after her.

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