Monday, January 24, 2011

$160 million here, $160 million there, pretty soon it adds up to real money

Barney Frank famously wanted to "roll the dice" a bit more with Fannie Mae and Freddie Mac, and the taxpayers are still cleaning up the mess from that particular crap game. Today the New York Times reports that we've picked up a $160,000,000 bill for defending the mortgage agencies' former executives in their various trials for fraud. That's right: one government agency investigates crooks, and another pays their legal expenses. But cheer up: we won a victory of sorts: three of the crooks returned $31,400,000! It would have been cheaper to buy them each a retirement home. Blue skies! -- Dan Ford

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