The Real Bonus Scandal

Congress is frothing at the mouth over the $165, 000,000 given to executives at AIG, yet has ignored the $90,000,000 in bonuses Franklin Raines received while presiding over the rape of Fannie Mae between 1998-2003. After he pocketed the money, it was discovered that an “accounting error” had mistakenly stated there was a $9,000,000,000 profit when there was none. Later, he did pay a fine, but the media circus such as we’ve witnessed this week never developed and few citizens even remember his name. Sweetness and Light has more background information.