Commentary: Fannie, Freddie rescue must favor taxpayers

If taxpayers are forced to fund the recapitalization of Fannie Mae and Freddie Mac, the priority must be to protect the broader financial system, not existing shareholders, according to this Wall Street Journal editorial. The managers and directors of the government sponsored enterprises should be fired and existing shareholders wiped out. If Treasury Secretary Henry Paulson allows either group to survive after a taxpayer-funded rescue, then Paulson "should be run out of town."

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