Freddie Mac Asks for Another $10 Billion Bailout

posted by Nima

May 7, 2010 · Posted in Business

Since whatever Freddie Mac is doing is so essential to all our lives they are asking for another $10 billion in extorted money:

Troubled US government-backed mortgage firm Freddie Mac on Wednesday asked for an additional 10.6 billion dollars from the Treasury Department to cover losses.

Announcing a 6.7 billion dollar loss in the first quarter, Freddie Mac said it would need the new funding by June 30 this year.

The Washington-based company has already received more than 50 billion dollars in taxpayers cash to cover losses from toxic assets.

It also warned that further demands would be on the way.

“Freddie Mac expects to request additional draws,” it said in a statement.

“The size and timing of such draws will be determined by a variety of factors that could adversely affect the company’s net worth.”

Yeah … so I’ll opt out of that program if you don’t mind? Yeap, I’d like to not contribute any money to this corrupt company out of my pocket. I’d prefer to keep at least that portion.

That’s right, I’m basically opting out of this one, the one with the fat cat executives with political connections getting stupidly rich for nothing I ever asked for … yea exactly that one. I’m checking “no” on it. Hope you don’t mind?

Oh, sorry, I forgot that I have no choice in the matter, forgot you’ll throw me into a cell if I disagree. Nevermind …