-->Interessanter Beitrag von Dan Denning über Freddie's Buchhaltungsprobleme
und Ideen über complimentary currencies.



"And in any event, the Government sponsored enterprises aren't exactly poster boys for full disclosure and transparency. We found out at the end of June that Freddie Mac (FRE) posted a 52% decline in profit in 2003 from 2002. I don't care what business you're in, a 52% decline is pretty severe.

Freddie told investors it wouldn't report 2004 results until March of 2005. The company says it's grappling with antiquated accounting systems. That's a comforting thought for an entity that manages trillions in risk, and apparently isn't managing it too well.

To what did the GSE attribute its losses, you ask? Rising interest rates and their affect on Freddie's derivative positions. The company said,"To the extent changes in interest rates continue to be significant, our overall net income will remain volatile.""


<ul> ~ http://www.financialsense.com/editorials/daily/2004/0807.html</ul>