The government is putting taxpayer funds at risk to stabilize Fannie Mae -- another episode in a long-running legal scandal. There are no hookers, embezzlers and slush funds. Just laws, lobbyists and pay packages.
If the guarantees work, private speculators, having driven the stock down, will clean up on the upside. And the bank's CEOs will continue to pocket the multi-million dollar salaries. Call it Wall Street socialism.