Despite the recklessness of these institutions that heavily contributed to the financial meltdown, $42 million in compensation was announced on Christmas Eve for executives of Freddie Mac and Fannie Mae. The Obama administration is allowing huge salaries and bonuses along with a pledge for “unlimited financial assistance” to these mortgage giants.

There has been little outcry from those who once cheered the Obama administration for restricting the pay and bonuses of CEOs who received bailout money. Of those in the mainstream media who did briefly mention this story, none used the word “bonus” in their reporting.

The media is turning a blind eye to the Obama administration because both government-sponsored enterprises have strong connections to the Democrats. Three former Fannie Mae executives have ties to president Obama: Franklin Raines, James Johnson, and Jamie Gorelick. All three have been involved with mortgage-related scandals and made tens of millions of dollars.

Furthermore, high profile Democrats like Barney Frank defended Freddie and Fannie as ’sound’ organizations. There are many other Democrats that defended Freddie and Fannie just before their collapse (i.e. Reps. Maxine Waters, Gregory Meeks, Lacy Clay, et al.). Rep. Chris Dodd was also the largest recipient of campaign donations from Freddie and Fannie, totaling over $130,000.