SteveC
2010-01-08 11:30:51
Why keep up the pretense. Fannie and Freddie are US governmental agencies masquerading as quasi-public companies. And, like every other US governmental agency, their ability to explain their financial condition via GAAP-compliant financial statements is an impossibility.
So don’t bother. Seize both of them, wipe out their shareholders and acknowledge their true status. At least his way they won’t have to create “capital.”
Any other strategy is doomed to headline after headline about bailout after bailout.
