They started talking about “steady Freddie,” and Fannie Mae said, `We’re going to increase the earnings at 15 percent a year.’ Any large financial institution that tells you that sort of thing is giving you a line of baloney. I mean, they may do it for a while, but when they can’t do it with operations, they do it with accounting and they cheat. And that’s what happened at both those places on a huge, huge scale.No word yet from Rahm Emanuel on this one.
Monday, October 06, 2008
Warren Buffett on Fannie and Freddie: "They do it with accounting and they Cheat"
Heritage has this quote from Warren Buffett:
