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Obama warns on Fannie, Freddie golden parachutes September 9, 2008

Posted by trouble97018 in Economy, News, Obama, Politics.

Tue Sep 9, 6:09 PM ET

WASHINGTON (Reuters) – Democratic presidential candidate Barack Obama warned U.S. regulators on Tuesday it would be “a gross violation of the public trust” if they did not use their power to block excessive severance payments to executives leaving Fannie Mae or Freddie Mac.

In a letter to Treasury Secretary Henry Paulson, Illinois Sen. Obama cited news reports that the CEOs of Fannie and Freddie could get millions of dollars in severance pay. He said “under no circumstances” should such payments be allowed.

Paulson on Sunday unveiled a stunning agreement for a federal takeover of the two mortgage finance giants. Source Article



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