Freddie Mac asks for additional $10,000,000,000 bailout
irish -liberty or death!
2010/05/07 15:18:33
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Freddie Mac asks for additional $10,000,000,000 bailout
By Agence France-Presse
Wednesday, May 5th, 2010 -- 7:08 pm
Troubled US government-backed mortgage firm Freddie Mac on Wednesday asked for an additional 10.6 billion dollars from the Treasury Department to cover losses.
Announcing a 6.7 billion dollar loss in the first quarter, Freddie Mac said it would need the new funding by June 30 this year.
The Washington-based company has already received more than 50 billion dollars in taxpayers cash to cover losses from toxic assets.
It also warned that further demands would be on the way.
"Freddie Mac expects to request additional draws," it said in a statement.
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"The size and timing of such draws will be determined by a variety of factors that could adversely affect the company's net worth."
http://rawstory.com/rs/2010/0505/freddie-mac-asks-additional-...
By Agence France-Presse
Wednesday, May 5th, 2010 -- 7:08 pm
Troubled US government-backed mortgage firm Freddie Mac on Wednesday asked for an additional 10.6 billion dollars from the Treasury Department to cover losses.
Announcing a 6.7 billion dollar loss in the first quarter, Freddie Mac said it would need the new funding by June 30 this year.
The Washington-based company has already received more than 50 billion dollars in taxpayers cash to cover losses from toxic assets.
It also warned that further demands would be on the way.
"Freddie Mac expects to request additional draws," it said in a statement.
-------------------------------------------------------------...
"The size and timing of such draws will be determined by a variety of factors that could adversely affect the company's net worth."
http://rawstory.com/rs/2010/0505/freddie-mac-asks-additional-...
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- lsm2244 2010/05/07 15:29:47comment
+1Please use the Nancy Regan slogan "Just say no". How many layoffs have they had? How many of their employees have had the salaries cut? Were there any bonuses, trips, parties that came out of funds? Please send me their budget, I'll provide the red pens and start cutting. I may not be an economist but I can pay my own bills and balance my checkbook.reply -
well said. it seems the printing machine has taken on a life of its own!reply
- lsm2244 irish -... 2010/05/07 15:36:39+1I would like to know when people, even those that support this administration, are going to say no more taxes! How much is going to be enough. We can't spend this much and not expect some consequences. We are pouring money down a rathole. The companies that recieved bailout money need to be run under the financial direction of a receiver and every time they even need to buy a damn pen they need to get approval. This is like giving a teenager an American Express cardreply
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+2perhaps they need to watch more news about greece!uncensored news about greece! note very little was made about iceland either!reply
- lsm2244 irish -... 2010/05/07 15:46:37+1very true and from what I have read and watched, Spain and Britan are not far behind. Greece is a mere glimpse of where we will be unless we get a grip on what is going on financially in this countryreply
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+2agreed! and yet the fools in d.c are acting as if nothing is going wrong. just printing more money.reply
