Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
722,032+456
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
7.00%0.01
Mortgage

Op-ed: Arrogant billionaires sue government over taxpayer bailout

How far will this go?

Americans are not fans of the financial crisis.

While this is old news, what is new, as the op-ed puts it, is that “Wall Street sharpies went to court to argue that they didn’t benefit enough from the bailouts and that taxpayers should pay them tens of billions of dollars more.”

Steven Pearlstein, a business and economics columnist with the Washington Post, published a commentary over the issues surrounding the bailout.

In two separate cases, the government now stands accused of overstepping its authority when it took extraordinary measures to prevent a financial meltdown in the fall of 2008. The Wall Street figures who are suing say their property was seized without compensation, in violation of the Constitution. One case was brought by Maurice “Hank” Greenberg, the legendary former chief executive of AIG who built it into the world’s largest insurer. Filing the other case is a group of hedge funds that bought Fannie and Freddie stock for pennies per share after the companies were put in government conservatorship.

The piece goes a lot more in depth on the intricacies of the "arrogant" billionaires on Wall Street. While the debate over the financial crisis never seems to rest, Pearlstein concluded that with billions of dollars at stake decisions are almost certain to be appealed all the way to the Supreme Court.

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please