The Treasury Department's purchase of nearly $46 billion of Fannie Mae's preferred stock made U.S. taxpayers major owners of the government-sponsored enterprise. This investment so far has not been very profitable for the taxpayer --- Fannie Mae lost just under $40 billion in the first six months of this year. The government has already spent $91 billion propping up Fannie Mae and Freddie Mac.
Not to worry, however, because the Treasury Department North (aka Goldman Sachs) has got its hand out again:
As if $22 billion in bonuses were not enough, Goldman Sachs would now like to obtain another $1 billion in tax benefits from the federal government.
As with the $12.9 billion that Goldman Sachs received from the U.S. Government via payments made to the American International Group, Goldman Sachs would obtain an indirect federal benefit by using tax credits the government provided to Fannie Mae to offset its own profits and thus its federal tax payments. As the Wall Street Journal reported, Goldman Sachs might be purchasing up to $1 billion of Fannie Mae's tax credits.