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Pastimes : Home on the range where the buffalo roam -- Ignore unavailable to you. Want to Upgrade?

To: Sig who wrote (11813)	11/21/2003 8:52:12 AM
From: D.B. Cooper	Read Replies (1) \| Respond to of 13815

maybe we have been hitting 1881 to 1884 three times now. Might buy some BRCD for a long or a 2 month swing trade. It should get wacked right at the open Good Luck edit did you read the news on Freddie Mac. Overstating and understating. This guy has to go Freddie Mac Understates by $5 Billion November 21, 2003 08:21:00 AM ET By Mark Felsenthal WASHINGTON (Reuters) - Freddie Mac (FRE), the No. 2 U.S. mortgage finance company, on Friday said it overstated earnings by $989 million in 2001 and understated profit by more than $5 billion in 2000 and 2002 in order to smooth out results and show the steady growth favored on Wall Street. Including periods before 2000, the cumulative result of the data manipulation was an understatement of earnings by $5 billion, the company said. The disclosure closes one chapter in a scandal involving shady accounting, a doctored diary and ousted executives. The company still faces investigations by regulators and law enforcement officials, and likely tougher government supervision. ``The restatement is a significant step in Freddie Mac's progress toward achieving accurate and timely financial reporting and controls,'' Shaun O'Malley, chairman of the company's board of directors, said in a statement. Freddie Mac stunned investors in January when it admitted the accounting ruse, and again in June when it ousted its chief executive and other officers for allowing the accounting irregularities. The McLean, Virginia, company warned previously that it had understated earnings for 2000, 2001 and 2002 by upward of about $4.5 billion in total. But until now, it had not detailed the manipulation or admitted exaggerating profit in any year. Freddie Mac said it understated profit by $4.33 billion in 2002, by $1.12 billion in 2000, and by $600 million in periods before 2000, in addition to the overstatement in 2001. It said it expects to provide quarterly and full-year 2003 financial results, which are eagerly awaited on Wall Street, by next June. Despite accounting and corporate governance problems, the company is profitable and solid, Chief Financial Officer Martin Baumann said. ``The restatement did not affect the fundamental strength of Freddie Mac's balance sheet,'' he said. © 2003 Reuters