The Long Hot Summer

" Frank implied that Fannie Mae and Freddie Mac might be allowed to deliver haircuts to their bondholders. This apparently is part of the doomed to failure attempts to reorganize Fannie and Freddie, which are loaded up with trillions of -potential- losses for the US taxpayer. It should have dawned on Frank and the rest of the Capitol Hill crew by now that Fannie and Freddie are in such a deep dark hole that reorganizing them is simply not possible in any meaningful way, "