FREDDIE MAC: Spending as if they had a good year

Fre
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:

Freddie_ritz

Those damn tubes!

Category: Corporate Management, Credit, Derivatives

Friday Night Jazz Rock-N-Roll

Lz_set
I was planning on doing a Jazz post this evening, but the week’s biggest musical news — the one-night only reunion concert by Led Zep — had to take precedence.

What’s that you say? One night only?

Unfortunately, it is true:  Robert Plant, not Zeppelin, is touring in May 08 with album mate Allison Kraus.

As previously mentioned, I am an enormous Led Zep fan.  However, despite having seen a bazillion concerts, to my everlasting regret, I never managed to see Zep live.

This was going to be my big chance. 

To make matter worse, the reviews from the show in London have been spectacular:

 

Led Zeppelin’s Rocking Return  (WSJ)
Led Zeppelin Finds Its Old Power (NYT)   
Led Zeppelin Reunion Wows London (Bloomberg)
Led Zeppelin rocks again in London (LAT)          

MothershipYou get the idea.

While a tour seems to be on hold (at least for now), Zep’s album sales have skyrocketed in the UK:  Music retailer HMV also revealed that sales of Led Zeppelin’s Mothership 2CD/1DVD, Led Zeppelin’s recent compilation album, rose by 50% overnight following the gig. Mothership was the biggest selling album in HMV stores in the UK on December 11.

And, the rest of the band’s album sales were up 500%, as fans snapped up the back catalogue after O2 Arena show, according to music site NME.

When old meets new, you can expect snafus, and this "happening" was not without a curious one: Zeppelin’s reunion concert clips were inadvertently pulled from YouTube; It turns out that an Anti-Piracy firm had the Zeppelin reunion videos removed "by mistake." 

As always, videos after the jump.

- Led Zeppelin Official Site
- Every concert set list from every Zep live show. ever.
- Reunion Announcement
- Wikipedia entry

 

Zoso_2

 

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Category: Music

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