Freddie Mac, Four Former Executives Settle SEC Action Relating To Multi-Billion Dollar Accounting Fraud - Freddie Mac Agrees To Pay $50 Million Penalty
The Securities and Exchange Commission today charged the Federal Home Loan Mortgage Corporation (Freddie Mac) with securities fraud in connection with improper earnings management beginning as early as 1998 and lasting into 2002. To settle the SEC’s charges, Freddie Mac agreed to pay a $50 million penalty, which is expected to be distributed to injured investors through a Fair Fund.
The SEC’s complaint alleges that Freddie Mac engaged in a fraudulent scheme that deceived investors about its true performance, profitability, and growth trends. According to the complaint, Freddie Mac misreported its net income in 2000, 2001 and 2002 by 30.5 percent, 23.9 percent and 42.9 percent, respectively. Furthermore, Freddie Mac’s senior management exerted consistent pressure to have the company report smooth and dependable earnings growth in order to present investors with the image of a company that would continue to generate predictable and growing earnings.
“As has been seen in so many cases, Freddie Mac’s departure from proper accounting practices was the result of a corporate culture that sought stable earnings growth at any cost,” said Linda Chatman Thomsen, the SEC’s Director of Enforcement. “Investors do not benefit when good corporate governance takes a back seat to a single-minded drive to achieve earnings targets.”
Additional materials: http://www.sec.gov/litigation/litreleases/2007/lr20304.htm
Saturday, September 29, 2007
How Derivatives Give Shelter in commercial property
Uncertainty over global financial markets and a predicted downturn in commercial property could be the catalyst for a significant increase in property-derivatives trading in the U.S. and the United Kingdom.
In the U.K., derivatives trading has been growing, with £3.9 billion, or about $7.9 billion, in trades in the first six months of this year matching the total for all of 2006. In contrast, the U.S. market has struggled to take off. While there are no formal data, experts suggest that trades total in the hundreds of millions of dollars rather than billions.
Property-derivative contracts are a means of betting on property performance without the risks of buying property directly. It is more cost-effective than direct property investment, particularly in the U.K., where property purchases incur a 4% stamp duty tax. Derivatives can be used by those looking to diversify their general portfolio as well as by property companies to hedge their exposure to certain sectors of the market.
Uncertainty over global financial markets and a predicted downturn in commercial property could be the catalyst for a significant increase in property-derivatives trading in the U.S. and the United Kingdom.
In the U.K., derivatives trading has been growing, with £3.9 billion, or about $7.9 billion, in trades in the first six months of this year matching the total for all of 2006. In contrast, the U.S. market has struggled to take off. While there are no formal data, experts suggest that trades total in the hundreds of millions of dollars rather than billions.
Property-derivative contracts are a means of betting on property performance without the risks of buying property directly. It is more cost-effective than direct property investment, particularly in the U.K., where property purchases incur a 4% stamp duty tax. Derivatives can be used by those looking to diversify their general portfolio as well as by property companies to hedge their exposure to certain sectors of the market.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxJcgAE5lkCHf2qFw64woo__2ZHf7TPSydtzVYo552iAEOMedR9sGlMsbe4NbSy9tDuV4CtpHG3WD7E7Qn6QSYZk2CYLlP_s6aABDl5rrLbRY40zZlmWndmV48VqkF745DqWTwWGPCjXg/s320/san-francisco-real-estate-appraiser.jpg)
Wednesday, September 26, 2007
black and white
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![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihUR_8_KicSA2v_-8IqhpM9AA8oOGvzPl3wu4l8O6m15U0KB-zFgaN-h2npUcB1RFsWk-GuekyeytmygktLz_r5MKNLoYrfnceUl8x9YFnv0f3aEwC4oBSaOIqob3hWxKGiENNqQgkdlE/s320/XM3PCA337ZBMCAETNMOCCAVHKOWJCAKRCMSTCAM6DYC2CA0GOPJ1CAO6XES4CAFL211OCA7EUUF3CA186TMJCA2AX60WCAWYB9ILCAP9SC45CACF6605CADPH321CALRUGBOCAVMG9DRCAR6DMFOCAXETVB0.jpg)
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Love has nothing to be afraid of, if one could get rid of all skins.
A known voice would not make one so upset, if it was never heard.
-Can Yücel-
Living is no laughing matter:
you must live with great seriousness
like a squirrel, for example-
I mean without looking for something beyond and above living,
I mean living must be your whole occupation.
The moment you're born they plant around youmills that grind lieslies to last you a lifetime।You keep thinking in your great freedom a finger on your temple free to have a free conscience
Your head bent as if half-cut from the nape,your arms long, hanging,your saunter about in your great freedom: you're free with the freedom of being unemployed.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDdntyFRAGd8OHijLbtUcwAFjSU0cW6KgXCnpV-yumjnjLghbvW2i4uoj56zp06OPcFHv_zYEA449hInPUAIXwcu3GiTRo_TVgWNC65h-lTifLv0WEz_xSpnp13d-JLE3ZCNvN-fyCRW8/s320/D4X9CA0F138NCAMK13YMCAHQVESDCA9W01N4CABMTLSACAUILTJ1CA5Y3P7RCATW3PYOCA0Q7M7ACATN6YCLCASMWBJICAVA4Z6SCAZX7IGBCAA95GJACAH6R0G3CAG618R7CAALUX9XCA5IVX28CA3S3QSI.jpg)
There's neither an iron, wooden nor a tulle curtain in your life;there's no need to choose freedom:you are free.But this kind of freedom is a sad affair under the stars.
...
What is the reason, why do I remember you like a wound on my heart what is the reason that I hear your voice when you are so far and I can't help getting up with excitement?
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghfrdbB3g3s9j-TB7F3mZeb5AGcWTYklgv1Mn4lkLkZnlj544ovlTs5rSEy4aTjt8qR4qORTrt3mwEN88_ltXTgfNPoyn8tcTaDedzriKYPheaa_0Ugu2i-uAZc4uZd8Koe9Pt7F8YcIo/s320/2Q48CADEMHRXCA51S8D8CAJSXIGHCAA1VAMNCALQ0FAGCA5GLBBWCA23J8UHCAJ4ZNFICAMURV4FCA2X7YH7CAB81YJDCAKBK1VCCAS6DJVTCA0AQFGOCA161IR6CAPHVHMSCA0UI69RCAXOAUIPCARC03WG.jpg)
I kneel down and look at your hands I want to touch your hands but I can't you are behind a glass. Sweetheart, I am a bewildered spectator of the drama that I am playing in my twilight.
You are on the carousel of the festival inside me you hover around, your skirt and your hair flying Mere seconds between finding your beautiful face and losing it.
-Can Yücel-
Living is no laughing matter:
you must live with great seriousness
like a squirrel, for example-
I mean without looking for something beyond and above living,
I mean living must be your whole occupation.
The moment you're born they plant around youmills that grind lieslies to last you a lifetime।You keep thinking in your great freedom a finger on your temple free to have a free conscience
Your head bent as if half-cut from the nape,your arms long, hanging,your saunter about in your great freedom: you're free with the freedom of being unemployed.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDdntyFRAGd8OHijLbtUcwAFjSU0cW6KgXCnpV-yumjnjLghbvW2i4uoj56zp06OPcFHv_zYEA449hInPUAIXwcu3GiTRo_TVgWNC65h-lTifLv0WEz_xSpnp13d-JLE3ZCNvN-fyCRW8/s320/D4X9CA0F138NCAMK13YMCAHQVESDCA9W01N4CABMTLSACAUILTJ1CA5Y3P7RCATW3PYOCA0Q7M7ACATN6YCLCASMWBJICAVA4Z6SCAZX7IGBCAA95GJACAH6R0G3CAG618R7CAALUX9XCA5IVX28CA3S3QSI.jpg)
There's neither an iron, wooden nor a tulle curtain in your life;there's no need to choose freedom:you are free.But this kind of freedom is a sad affair under the stars.
...
What is the reason, why do I remember you like a wound on my heart what is the reason that I hear your voice when you are so far and I can't help getting up with excitement?
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghfrdbB3g3s9j-TB7F3mZeb5AGcWTYklgv1Mn4lkLkZnlj544ovlTs5rSEy4aTjt8qR4qORTrt3mwEN88_ltXTgfNPoyn8tcTaDedzriKYPheaa_0Ugu2i-uAZc4uZd8Koe9Pt7F8YcIo/s320/2Q48CADEMHRXCA51S8D8CAJSXIGHCAA1VAMNCALQ0FAGCA5GLBBWCA23J8UHCAJ4ZNFICAMURV4FCA2X7YH7CAB81YJDCAKBK1VCCAS6DJVTCA0AQFGOCA161IR6CAPHVHMSCA0UI69RCAXOAUIPCARC03WG.jpg)
I kneel down and look at your hands I want to touch your hands but I can't you are behind a glass. Sweetheart, I am a bewildered spectator of the drama that I am playing in my twilight.
You are on the carousel of the festival inside me you hover around, your skirt and your hair flying Mere seconds between finding your beautiful face and losing it.
Istanbul
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEguPGae70GMdOEJu7PCdb9nlyjdhCUxsKTjqcOFnU6Yti7DawQZojyUPSIWtptRCuAYzBJbLI7eD_jkRTmgaJ35fuLAQhYz3X-cRqjBhuO1ezHTjEjBnqxJRE4KPpmzW4_KxtbCtnK8wqo/s320/ist2.jpg)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4jjZUVLp9rOxhdLYkOpUSU3_SsUm989ir3yJfIzsPV1T2UL1OhwN2WCaDUKn3z2U92b8jvR4yfcrvvqX08u6Shyphenhyphenai9XEI48N8UA55JL1HMhOwkg9MinCCl-xJQIGb0vpdDwyJw7Rr_DI/s320/istanbul1.jpg)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJUUlbbzXh-f46Wq_-PqXEjPriMowai0jqrkpIoZrJrXUHcnZEAzMgjAC4d-C-wXGOFgdiVIBkC4LtY3T3ZLF7LRn78kaTZdDmYyfV_JAO4ValeU2kM1r00TxlSCfZujGUz3t0lYeDAlc/s320/istanbul_0000001.jpg)
I AM LISTENING TO ISTANBUL
I am listening to Istanbul, intent, my eyes closed;
At first there blows a gentle breeze
And the leaves on the trees
Softly flutter or sway;
Out there, far away,
The bells of water carriers incessantly ring;
I am listening to Istanbul, intent, my eyes closed.
I am listening to Istanbul, intent, my eyes closed;
Then suddenly birds fly by,
Flocks of birds, high up, in a hue and cry
While nets are drawn in the fishing grounds
And a woman's feet begin to dabble in the water.
I am listening to Istanbul, intent, my eyes closed.
I am listening to Istanbul, intent, my eyes closed.
The Grand Bazaar is serene and cool,
A hubbub at the hub of the market,
Mosque yards are brimful of pigeons,
At the docks while hammers bang and clang
Spring winds bear the smell of sweat;
I am listening to Istanbul, intent, my eyes closed.
...
-Orhan Veli-
Tuesday, September 25, 2007
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