Fannie Mae's Blank Check

I know, I know, it's Friday night, I've put in 3 or 4 posts already today and I should just go to bed (or get a life) but there is so much going on, it pains me to leave it unreported. Y'all are going to have to connect some of these dots for yourselves 'cus I'm tired.

-On Monday May 10, Fannie Mae asked for another $8.4 billion to cover first quarter losses. According to Reuters:

Fannie Mae said on Monday it would need an additional $8.4 billion from the U.S. Treasury. The two firms have now tapped about $145 billion from the government and the Obama administration has said it will backstop losses, no matter how high they go, through 2012.

-Fannie and Freddie are being exempted from financial reform legislation.

-Under the direction of Franklin Raines, Fannie Mae purchased the patent for carbon tracking technology.

-Today Congressmen Chaffetz (R-UT) and Rep. Issa (R-CA) sent a letter to the Federal Patent and Trademark office requesting information on said patent.

So, we have the government owning this technology as far back as 2005 and now they have unlimited funds to make sure Cap and Trade, I mean, the American Power Act passes and the technology is put to use.

Check out my May 7 post, Crime Inc. for more information on the climate change scandal.

I'm off to stick my head back under my pillow.


Here's some more light reading if I didn't give you enough:

Washington Examiner on Fannie's Patent