George Burdell

Freddie Mac's Latest Earnings Report Made Suckers of Us All

Terrible news... But an excellent post pointing out the truth. I couldn't agree with the author more that something is amiss in the quick move of assets to level 3. My question is "what next?" The external auditors, OFHEO, et al have allowed / are allowing accounting manipulations to go on... at what point does it hit the fan, and can no longer be supported? What event is the tipping point? How far are we from it?