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According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

Sunday, August 9, 2009

Freddie Mac Using the Goldman Sachs Business (Casino) Model

You gotta love the recent report on Freddie Mac's performance. The headline was a profit BUT only if they didn't include the dividend on its senior preferred stock. So they lost money, again. But that's not what is being reported.

Moreover, no one is talking about the fact that Freddie Mac made more than $4B on their derivative portfolio. I just don't get it. First, we loan Goldman Sachs and the Banksters money that they are supposed to put to work in the economy . . . but instead they just trade stocks and bonds - casino style. Now we have Freddie Mac admitting in the fine print that they would have actually lost almost $5 billion if they did not throw the dice on the derivatives markets.

I guess my question is this. Who is going to cover their losses when they lose? Same thing for the big banks. Who is going to cover their losses when they lose? And eventually they will lose. By the way, all those billions in bonuses being paid out can't be clawed back, so just like Freddie Mac, the Banksters are being encouraged to take huge risks with our money . . . because it is a win-win for them. If they lose, they still get paid. If they win, they get paid AND they get huge bonuses.

And now we're allowing Freddie Mac to play the game. Wake Up America!

Oh, one more thing. If things are looking so good, and there are so many green shoots, why in the world did Freddie Mac have to set aside another $5.2 billion to cover future credit losses?


Cheap Viagra said...

Freddie Mac seems to be a successful guy, even tough, there are many obstacle on the way, he has smartly dodge many of them.
I think it is time to Wake Up America!

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