Tuesday, November 11, 2008
Fannnie Mae Bleeds Billions
In its first quarterly report since being taken over by the government, Fannie Mae reports a record third-quarter loss.
The Washington, D.C.-based mortgage giant lost $29 billion, or $13 per share, compared to a net loss of $1.4 billion, or $1.56 per share a year ago. Fannie Mae (NYSE: FNM) also said it may have to seek government funding, although it has not yet tapped any federal aid.
Fannie Mae stock fell 4 cents to 70 cents per share Monday. Its stock has lost 98 percent of its value this year.
I can't wait to see how the Dems spin this as the fault of the Republicans, and I can't wait to see how the Republicans sit there, like the putzes many of them are, not fighting back and doing nothing to defend themselves and blaming the real culprits, the Democrats.
Related Fannie news is that Rahm Emanuel, soon to be Chief of Staff for Barack Hussein Pbama, Junior, was a member of the Fannie board earning...depending on various sources, approximately $340,000 while others speculate he may have walked away with as much as $90 Million.
Man, when the Dems get their hands on something they just don't f8ck it up good, they impale it, bleed it dry, grind it up, burn it, explode it and burn it again just for good measure.
Links to this post:
accordance and compliance with Fair Use Section 107 U.S. Copyright Code.
All other images and content © 2005-2009 David Drake.
Not responsible for content contained at linked sites.
Policy on commenting:
- Anonymous comments have little chance of being published.
- Comments made on posts 60 days old or older have little chance of being published.
- Published comments do not necessarily reflect the views of this blog author.
- Discretion of publishing or rejecting submitted comments rests solely with the owner and creator of this blog.
- Comments that egregiously "plug" (i.e. advertise or promote) another site or blog will be rejected. This doesn't mean you cannot include a link to your story, blog or to another site, but don't go overboard.
- Profanity is not a disqualifying factor, but profane rants solely for purposes of profanity are unlikely to be published.
- The owner and creator of this blog is not liable or responsible for the opinions of those who comment.