FREDDIE MAC: Spending as if they had a good year

Saturday, December 15, 2007 | 01:52 PM

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!

Saturday, December 15, 2007 | 01:52 PM | Permalink | Comments (22) | TrackBack (0)
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but they're sending the leftovers to the homeless shelter... so it's ok.

Posted by: Bob A | Dec 15, 2007 4:30:03 PM

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