Brookfield Asset Management Inc (BAM)

[MrBankRoll]

Bailout money hard at work....... Until you get caught.....

GRAPEVINE, Texas (AP) - Taxpayers paid $6,279.26 for a golf outing that included at least 14 executives from the troubled mortgage giant Fannie Mae, according to a television report.

The Sept. 29 event came just 22 days after the government bailed out Fannie Mae.

A spokeswoman for Fannie Mae says the golf outing was part of a customer advisory board meeting that had been scheduled in January and all activities such as this have since been canceled.

The 14 listed on the tee sheet included three Fannie Mae executives from Dallas, two from Chicago and one from Washington, D.C. The cost for the golfing alone at the Cowboys Golf Course in Grapevine was $3,316, Dallas-Fort Worth television station KTVT reported Monday night.

Fannie paid for 20 golfers, according to documents obtained by the station. The outing included mango towel service and more than $1,700 worth of buffet food and a $555 bar tab.

"While this event was planned since January, obviously circumstances with our company and the market overall have changed significantly since then," Fannie Mae spokeswoman Amy Bonitatibus said. "We have ceased all similar activities as those associated with this event, and we regret having not done so in this case."