You gotta love the recent report on Freddie Mac's performance. The headline was a profit BUT only if they didn't include the dividend on its senior preferred stock. So they lost money, again. But that's not what is being reported.
Moreover, no one is talking about the fact that Freddie Mac made more than $4B on their derivative portfolio. I just don't get it. First, we loan Goldman Sachs and the Banksters money that they are supposed to put to work in the economy . . . but instead they just trade stocks and bonds - casino style. Now we have Freddie Mac admitting in the fine print that they would have actually lost almost $5 billion if they did not throw the dice on the derivatives markets.
I guess my question is this. Who is going to cover their losses when they lose? Same thing for the big banks. Who is going to cover their losses when they lose? A
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