If your company lost nearly $20 Billion Dollars, in just one year, you’d be finished right. The news would be prime cocktail party fodder. You’d be the laughing stock. Right?
Not so much. Seems like the American public is so apathetic (or numb) these days, there seems to be no reaction, whatsoever. And putting the reaction aside, if your company is owned by the U.S. Government, you just keep on, keep’in on …
Headline: Mortgage buyer Freddie Mac has posted a loss of $1.7 billion for the October-December quarter of last year, and a $19.8 billion loss for all of 2010.
The Kicker: The government-controlled mortgage buyer is also asking for an additional $500 million in federal aid. That’s up from the $100 million that Freddie Mac sought in the July-September quarter.
The History: The government rescued Freddie Mac and sibling company Fannie Mae in September 2008 to cover their losses on soured mortgage loans. It estimates the bailouts will cost taxpayers as much as $
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259 billion.
Just seems like the news gets worse, everyday ... when will it all stop?
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