SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

   Strategies & Market TrendsFreddie Mac (FRE) pops the housing bubble


Previous 10 Next 10 
To: KeepItSimple who wrote (13)9/2/2003 3:57:12 PM
From: John Carragher
   of 50
 
Merrill wasn't only one putting buy on fre... a couple of shows over the weekend mentioned fre as bottomed. and they feel worst of any scandals are over....

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: John Carragher who wrote (14)9/2/2003 4:37:48 PM
From: KeepItSimple
   of 50
 
how can a stock "bottom" when it is near the top of its all time high range? LOL.

it's a pump and dump, folks. brokerages upgrade stocks if they need to unload shares of their customers. it is the same as it has always been.

the only reason the game keeps working is because the vast majority of the population can't conceive that brokerages would intentionally try to rip them off. they still think that these huge financial corporations issue "buy" recommendations in order to help out the little guy who doesn't pay them anything in commissions.

you'd think after the nasdaq collapsed 85% that most people would get a clue, but apparently not.

fading brokerage "buy" or "sell" recommendations is one of the easiest ways in this market to make huge amounts of profits..

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: KeepItSimple who wrote (15)9/2/2003 6:19:30 PM
From: John Carragher
   of 50
 
This stock was over $70 now not near all time high? I will be selling at $60 and taking a nice profit.. see ya John

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: John Carragher who wrote (16)9/3/2003 12:43:48 AM
From: KeepItSimple
   of 50
 
Good luck with that. You'll find out soon enough that owning FRE right now is a huge mistake.

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: KeepItSimple who wrote (17)9/3/2003 6:59:50 AM
From: John Carragher
   of 50
 
thanks for the heads up..

Share RecommendKeepReplyMark as Last Read


To: KeepItSimple who started this subject9/13/2003 6:20:44 PM
From: hdl
   of 50
 
barrons says freddie is sweet- fannie ain't

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: hdl who wrote (19)9/13/2003 6:27:49 PM
From: John Carragher
   of 50
 
good to hear... One of the shows last night .. cramer or lou. was saying fre was still a disaster.

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: John Carragher who wrote (20)9/30/2003 5:32:53 PM
From: KeepItSimple
   of 50
 
SEC accounces new Freddie Mac fraud investigation!!:

(the funny part is that some people will be surprised by this)

biz.yahoo.com

Reuters
SEC Investigating Freddie Mac for Fraud
Tuesday September 30, 3:28 pm ET
By Susan Cornwell

WASHINGTON (Reuters) - Securities and Exchange Commission (News - Websites) Chairman William Donaldson said on Tuesday that the commission is examining possible evidence of fraud at Freddie Mac (NYSE:FRE - News), the mortgage finance company already reeling from a recent accounting scandal.

The SEC had announced back in June that it was looking into whether Freddie Mac has violated securities laws. Donaldson spoke briefly about the ongoing investigation after he was asked about it by Republican Sen. Chuck Hagel of Nebraska during a Senate Banking Committee hearing.

He noted that Freddie Mac's regulator, the Office of Federal Housing Enterprise Oversight (OFHEO), was conducting its own investigation of accounting irregularities at Freddie Mac, and said the SEC did not have anything to do with OFHEO's investigation.

But the SEC's job was to look for fraud in the marketplace, Donaldson continued.

"What we do control, even though they (Freddie Mac) are not registered with us now, is evidences of fraud, and if there is evidence of fraud, even though they're not registered, the impact on the marketplace, we would have a role there."

"We are looking at that right now," he added. "We're in touch with them and we're in touch with any evidences of fraud that might be, or might not be."

Donaldson gave no more details on the matter.

Freddie Mac rattled markets when it replaced its top three executives in June over an accounting scandal. Six months earlier, it had announced it would restate up to three years of results to reflect higher earnings.

A Freddie Mac spokeswoman said it was not surprising that an SEC probe should include an examination of possible fraud.

"We have been meeting with them (the SEC), since actually the beginning of our restatement process, and sharing any information that they requested," said the Freddie Mac spokeswoman, Sharon McHale.

"It is no surprise that in any corporation, in the case of any major restatement, that the SEC would look into the issue of fraud, and like any other company we are subject to all the anti-fraud provisions of securities laws," she said. "We will continue to cooperate fully with the SEC as they continue their investigation."

Donaldson also said Freddie Mac has agreed to voluntary registration with the SEC. The SEC is helping the company conform with SEC registration rules, Donaldson said.

Freddie Mac has acknowledged underreporting earnings by as much as or more than $4.5 billion over three years because of accounting irregularities. An independent report commissioned by the company said executives ignored accounting rules to push earnings into the future and maintain the image of steady earnings growth.

Share RecommendKeepReplyMark as Last ReadRead Replies (2)


To: KeepItSimple who wrote (21)9/30/2003 7:09:36 PM
From: John Carragher
   of 50
 
you buying?

Share RecommendKeepReplyMark as Last Read


To: KeepItSimple who wrote (21)10/13/2003 1:04:15 PM
From: John Carragher
   of 50
 
out at 58. nice run... will take profit here.

Share RecommendKeepReplyMark as Last Read
Previous 10 Next 10