The plot to use Fannie Mae and Freddie Mac to steal billions from the taxpayer

Click here to access article by Matthew Yglesias from Vox.

Ever since Fannie Mae and Freddie Mac went bust necessitating a federal takeover and about $190 billion in bailout money to cover their debts, plans have abounded about how to best fix the mortgage finance system in the United States. There are plans from the left and plans from the right and many many plans from the center.

And then there is a plan from four hedge fund managers — Bill Ackman, Bruce Berkowitz, John Paulson, and Richard Perry — who think the right solution is for the government to hand them tens of billions of dollars for no good reason at all. It's a plan so shocking that the fact that it's even receiving any consideration at all is a testament to the extent to which our republic is becoming a corrupt oligarchy.