Dave Kranzler's  Instablog

Dave Kranzler
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I spent many years working in various analytic jobs and trading on Wall Street. For nine of those years, I traded junk bonds for a large bank. I have an MBA from the University of Chicago, with a concentration in accounting and finance. Currently I co-manage a precious metals and mining stock... More
My company:
Golden Returns Capital
My blog:
Investment Research Dynamics
  • Freddie Mac Lifts Its Leg on the U.S. Taxpayer - Again! 0 comments
    May 6, 2010 10:19 AM | about stocks: FMCC, FNMA, GLD

    This quarter to the tune of $10.6 billion:

    WASHINGTON/NEW YORK, May 5 (Reuters) - Freddie Mac (FRE.N), the second-largest provider of U.S. residential mortgage funds, on Wednesday asked for an additional $10.6 billion in federal aid after it lost $8 billion in the first quarter...LINK.
    "No problem," reflects Whirlybird Ben Bernanke and Tiny Brain Tim Geithner, just crank up the printing press and issue some more "I'll Never" IOU's to the dopes in China, Japan and the UK.  Don't forget that on Christmas Eve, late, Geithner released news announcing that the $400 billion cap on Govt injections into FNM and FRE had been removed.  You can see where this is going...

    Just consider this: the CEO, CFO and Sr. VP of Capital Markets each made $2.03 million, $1.14 million and $2.92 million respectively. Please note: that's money taken from your bank account and handed to these morons who are making seven figures in order to ask for billions each quarter, which is then used to pay the employees at FRE and subsidize the collapsing housing and mortgage industry.

    Fannie Mae, Freddie Mac, Ginnie Mae and the FHA are among the biggest wastes of wealth in the history of the planet...Since Fannie is quite a bit larger than Freddie, expect that FNM will soon announce demands for an even bigger hand-out from the Taxpayers...Got gold? I hope so because Banana Ben is on the verge of being forced to punch the button on his famous electronic printing press and gold will go parabolic in price....speaking of lifting one's leg and urinating, I wonder if FRE CEO Charles Edgar Haldeman can lick his own balls...

    Disclosure: none
    Stocks: FMCC, FNMA, GLD
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