Post by jeffolie on Dec 14, 2007 13:41:18 GMT -6
Freddie Mac, one of the two Government Sponsored Entities (remember this part) that buy conforming residential mortgages, apparently didn’t let a $2 billion quarterly loss and 50% cut in its dividend to shareholders ruin the holiday spirit. The big GSE kept the mood high with employees and families this year with their family holiday event held at the swank Ritz-Carlton at Tyson’s Corner, VA.
Big hat tip to one of our own Blown Mortgage readers for sending in a copy of the hotel schedule which shows the 3 hour event that took place yesterday evening.
Seriously? The Ritz-Freakin’-Carlton? Who’s thinking over there? Looking at this I feel like I’m on crazy pills. Running the risk of sounding like Captain Obvious - Memo to Freddie staff: When you’re hemorrhaging cash like a stuck pig and cutting shareholder value - ixnay on the swanky holiday parties at luxury hotels!
I’m sure the shareholders that saw their dividend slashed by 50% are more than happy to foot the bill on this one; I just wonder how the taxpayers are going to swallow the much larger bill that a GSE bail out will require.
blownmortgage.com/2007/12/14/why-let-a-2-billion-quarterly-loss-ruin-the-holiday-cheer/
Freddie Mac lost $2B last quarter and plans to lose another $2B next quarter on $9B in revenue (20% losses). To celebrate, they threw a decadent holiday party at the Ritz Carlton in exclusive McLean, VA. They had a laser printer that printed pictures on chocolate lollipops for the kids, hors d'oeuvres, entertainment. You'd think it was the Goldman Sachs partners dinner. Alas, it was a Government Sponsored Enterprise pissing away money right before they're going to need a taxpayer bailout.
themessthatgreenspanmade.blogspot.com/
Big hat tip to one of our own Blown Mortgage readers for sending in a copy of the hotel schedule which shows the 3 hour event that took place yesterday evening.
Seriously? The Ritz-Freakin’-Carlton? Who’s thinking over there? Looking at this I feel like I’m on crazy pills. Running the risk of sounding like Captain Obvious - Memo to Freddie staff: When you’re hemorrhaging cash like a stuck pig and cutting shareholder value - ixnay on the swanky holiday parties at luxury hotels!
I’m sure the shareholders that saw their dividend slashed by 50% are more than happy to foot the bill on this one; I just wonder how the taxpayers are going to swallow the much larger bill that a GSE bail out will require.
blownmortgage.com/2007/12/14/why-let-a-2-billion-quarterly-loss-ruin-the-holiday-cheer/
Freddie Mac lost $2B last quarter and plans to lose another $2B next quarter on $9B in revenue (20% losses). To celebrate, they threw a decadent holiday party at the Ritz Carlton in exclusive McLean, VA. They had a laser printer that printed pictures on chocolate lollipops for the kids, hors d'oeuvres, entertainment. You'd think it was the Goldman Sachs partners dinner. Alas, it was a Government Sponsored Enterprise pissing away money right before they're going to need a taxpayer bailout.
themessthatgreenspanmade.blogspot.com/