06 May 2010

At Least We Now Know The Price Of Failure: $61.3 Billion

BBC: Freddie Mac seeks further $10.6bn in US aid

This is not the first request for aid that Freddie Mac has made

US mortgage giant Freddie Mac saw a loss of $8bn (£5.3bn) in the first three months of 2010 and said it would ask for a further $10.6bn in state aid.

The firm has made a number of federal cash requests since it was taken over by regulators in September 2008.

And it said it would continue to need government funds with the US housing market not yet fully recovered.

The new request brings the total cost for rescuing Freddie Mac to $61.3bn.

To those who whould argue the necessity, just think what else we could have done with $61 Billion. I'll just leave it at that.

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