Posts filed under “Credit”
One of the more interesting things about the inter-tubes is that a great many things manage to find their way to the public than in the old days of public records being buried in musty court house basements .
For example, given the horrific year Freddie Mac (FRE) is having (down 53% YTD as of Friday’s close), they probably don’t want the world to know about what appears to be a rather not inexpensive soiree at shareholders’ expense at the Ritz Carlton, via W:
It’s not a news story; it’s something I witnessed personally. 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:
Those damn tubes!
Shorter Fed Statement:
Cut 1/4 point federal funds rate
Cut 1/4 point discount rate
Growth slowing, inflation risks remain
Mr. Market no-likey the no-happy talk . . . Dow off
175 275 as I type this
Complete Fed statement after the jump . . .
I have long respected and enjoyed Jim Cramer, but jeez, could he have possibly been any more wrong than this? Its one thing to be wrong about the future, but how about getting the present correct?
So Subprime Blows Up; So What, Says Cramer (Jim gives you the scoop on why the $500 billion market is no threat to
the market, even if it fully collapses. Added: July 16, 2007)
Geez, that makes 6,800 look good.