Thursday, March 19, 2009

Fannie and Freddie-A Love Story

I just realized that I wasted my entire working career. You see, I thought that I was supposed to make money for the owners who hired me to manage their hotels. I did it backwards all of those years. I now know that I could have made thousands, maybe even millions in bonuses if I had just lost money for the company. No, instead, I worked my buns off trying to make everything good for the owners, and actually make a profit. Wow, how the owners must have been laughing behind my back. Idiot. That would be me. Think of all the money these guys made by not having to pay me bonuses for losing money!

Let me introduce you to a very loving couple named Fannie and Freddie. I admit my complete ignorance in knowing how important these two love birds are. I thought that Fannie Mae was a porno star from the seventies, or least was one of the madams on Cedar Street in Wallace. I also thought that Freddie was an old vaudeville comedian or a soft shoe dancer of a time long ago. Was I ever surprised to learn that these two held in their hands the key to the economy of none other than the United States of America. between the two of them, they hold more than fifty percent of all of the home mortgages in the USA. Talk about power! These two certainly had it.

Well, due to very poor management, these two lost billions and billions of dollars. The Feds said, "no problem, Fannie and Freddie, we will give you billions to get you out of this little problem, and in return, we will take over your company". Good deal, right? Well, I just read in the paper this morning that Freddie and Fannie are paying out millions in bonuses so that they can keep their "key" people to keep the company running. Now, let's look at this for a moment. These are "key" people for the successful operation of the company, but these are the same idiots who made all of the decisions that lost the company billions of dollars.

Freddie and Fannie are not alone. AIG also found it necessary to pay out millions in bonuses to "key" people who helped in the demise of AIG. Only after the outraged cry of the shareholders, who are the lowly tax payers, did AIG say they made an error on laying the bonuses.

Ah, back to me. I used to get measly little bonuses when I met my quotas and made the company money. As a matter of fact, I was under the impression that if I lost the company money that I would be looking at unemployment. Wow, was I ever wrong. Think how much more valuable I would have been if I had not taken my job so seriously and would lost the company millions, maybe even billions ofr dollars.

Sure wish I had my career to do all over again!

4 comments:

MarmiteToasty said...

Often as not its the hard working moralistic people like us that usually end up getting shit on lol..... I tell ya, Ive learnt it dont pay to be honest and hardworking....... nope, it dont..

Fannie is soooooooo not a name that anyone over here would want LOL..... except there was a famous telly cook from when I was a kid called Fannie Cradock.....

x

Cedar Street Kid said...

But there is always the great dream of winning the lottery, MT.
Thanks for stopping by, my friend. It is getting lonely in the blogging world. When you write about politics, I guess that you lose your audience.

Go Figure said...

Cedar, is you trying to make a point? HA! Maybe the good nuc. sci. should look to F & F?

Cedar Street Kid said...

Yes, GF, and my point is
It's not fair, it's not fair=it's not fair-ok, I feel better now!