Bailout

The Bailout That Keeps Soaking The Taxpayers

Gretchen Morgenson of The New York Times reports taxpayers have spent “more than $160 million defending” Fannie Mae and Freddie Mac and their “former top executives in civil lawsuits accusing them of fraud” since the bailout:

“The bulk of those expenditures — $132 million — went to defend Fannie Mae and its officials in various securities suits and government investigations into accounting irregularities that occurred years before the subprime lending crisis erupted. The legal payments show no sign of abating.”  (Gretchen Morgenson, “Mortgage Giants Leave Legal Bills To The Taxpayers,” The New York Times, 1/24/11)

Bailout: Putting Taxpayers On The Hook For Big Labor’s ULLICO Malfeasance

As Fox News reported, Senator Bob Casey (D-PA) is pushing a bailout for Big Labor to the tune of $168 billion dollars. Casey’s bill would bailout Big Labor’s pension funds by putting the “Pension Benefit Guarantee Corporation behind struggling pensions for union workers.” The problem, as Erik Berte notes, the liability and exposure to taxpayers could far exceed the $168 billion because taxpayers’ “liability could essentially be unlimited because these pensions have to be paid out until the workers die.”

Why is Senator Casey pushing a bailout? The “pensions are in bad shape; as of 2006, well before the market dropped and recession began, only 6% of these funds were doing well.”

Sen. Casey Proposes Big Labor Bailout As Big Labor Prepares Bailout For DEMs

As Fox News is reporting, Senator Bob Casey (D-PA) is pushing a bailout for Big Labor to the tune of $168 billion dollars. Casey’s bill would bailout Big Labor’s pension funds by putting the “Pension Benefit Guarantee Corporation behind struggling pensions for union workers.” The problem, as Erik Berte notes, the liability and exposure to tax payers could far exceed the $168 billion because taxpayers “liability could essentially be unlimited because these pensions have to be paid out until the workers die.”

News of Casey’s bill comes shortly after The Hill reported Big Labor is poised to spend in excess of $100 million to bailout endangered incumbent Democrats in the mid-term elections.

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