[quote=Officials] that the executives of both institutions had been replaced. Herb Allison, a former vice chairman of Merrill Lynch, was selected to head Fannie Mae and David Moffett, a former vice chairman of US Bancorp, was picked to head Freddie Mac.[/quote]
Absolutely brilliant!
Replace the heads of two failed institutions with the heads of two other failing institutions.
I sometimes wonder if our Government says to themselves, let’s see if the people get a kick out of this one!
The justification is pathetic. In other words, if you want to be bailed out (Washington Mutual, Bank of America, Citi Bank, etc, et al.) make as many reckless loans as you possibly can.
