Friday, 14 December 2007 05:00

New guidelines on cost reduction for all mortgage related Government Sponsored Entities with subprim

From one of my readers:

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.


Editor's note: I know sometimes you need to motivate the troops, but this does look rather awkward considering the current state of affairs. Maybe its time to start cutting back on the chocolate lollipop laser printers???

Last modified on Friday, 14 December 2007 05:00