- Freddie Mac reported a $23.9 billion Q4 loss and said that it will need $30.8 billion from the US Treasury. For all of 2008, the company lost $50.1 billion. In 2007, they lost $3.1 billion. Their two year loss exceeds the $42 billion that they earned from1971 – 2006. Fannie lost $25.2 billion in Q4.
- Blackstone CEO Stephen Schwarzman said that up to 45% of the world’s wealth has been destroyed by the global crisis. He said it’s harder to find people to screw.
Source: Market Update – March 15, 2009.
Author: Sandy Leeds