Monday, March 16, 2009

Pace of Wealth Destruction = (Order of Mag.) x Pace of wealth creation

  1. 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.
  2. 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


Posted via web from Staysmall's posterous

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