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A party at the Ritz hosted by Freddie Mac
Friday, December 14, 2007
Reader WW sent this in as a sort of early Christmas present. Thanks. Apparently losing billions of dollars doesn't stop a Government Sponsored Enterprise from having a good time during the holiday season (see the area circled in red at the bottom).
Wrote WW:Freddie Mac lost $2B last quarter and plans to lose another $2B next quarter on $9B in revenue (20% losses). To celebrate, they threw a decadent holiday party at the Ritz Carlton in exclusive McLean, VA. They had a laser printer that printed pictures on chocolate lollipops for the kids, hors d'oeuvres, entertainment. You'd think it was the Goldman Sachs partners dinner. Alas, it was a Government Sponsored Enterprise pissing away money right before they're going to need a taxpayer bailout.
Happy Holidays to one and all. 
2 comments:
Tim,
Great content all week. Things are getting very interesting indeed. The current unmasking of the depths of the mortgage losses reminds me of the scene in "Return of the Jedi" when Luke takes off Darth Vaders mask. The banks are finally taking off their blinders and seeing the problems that will kill them.
Anakin Skywalker: Luke, help me take this mask off.
Luke Skywalker: But you'll die.
Anakin Skywalker: Nothing can stop that now. Just for once, let me look on you with my own eyes.
I can never avoid a Star Wars analogy!
That's funny.
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