One of the more interesting things about the inter-tubes is that a great many things manage to find their way to the public than in the old days of public records being buried in musty court house basements .
For example, given the horrific year Freddie Mac (FRE) is having (down 53% YTD as of Friday’s close), they probably don’t want the world to know about what appears to be a rather not inexpensive soiree at shareholders’ expense at the Ritz Carlton, via W:
It’s not a news story; it’s something I witnessed personally. 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:
Those damn tubes!