High (Times) Finance. I'd call it Ponzi finance but in a ponzi you borrow from new investors.
This is just phantasmagorical. From Merriam-Webster:
Etymology: French phantasmagorie, from phantasme phantasm (from Old French fantasme) + -agorie (perhaps from Greek agora assembly) — more at agoraDate: circa 1802
1 : an exhibition of optical effects and illusions
2 a : a constantly shifting complex succession of things seen or imagined b : a scene that constantly changes
3 : a bizarre or fantastic combination, collection, or assemblage
Here's the pertinent bit from the Bloomberg story "Fannie Taps Treasury for $15.3 Billion More After a 10th Loss ":
After the next government payout, Fannie Mae’s borrowings will carry an annual dividend cost of $7.6 billion, which the company said it will repay by borrowing more money from the Treasury. “This amount exceeds our reported annual net income for all but one of the last eight years, in most cases by a significant margin,” the company said.
The company said the ability to tap continuing cash infusions from the Treasury this year “is critical to keeping us solvent and avoiding the appointment of a receiver.”...