Numbers game I.
| Author | Peters, Charles |
| Position | Tilting at Windmills |
Speaking of questionable accounting practices, Alex Berenson of The New York Times has discovered that Freddie Mac paid Washington Mutual $100 million for "the right to guarantee" Washington Mutual's mortgages. Now why should you pay to insure someone else's mortgages? They should pay you. It appears that the reason for this bizarre transaction was that Freddie Mac could use the loans on its books to meet...
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