Saturday, March 18, 2006

GM lost some losses

(now they found them again)

It seems the bigger you are the more sloppy you can be about your accounts. The world's largest vehicle manufacturer discovered this week that they lost $2bn more last year than they had thought. I suppose they think it better to submit wrong accounts than not to submit any accounts at all as seems to be the current state of affairs at Fannie Mae, the largest (non-bank) financial services company in the world. Good to know the President and CEO Daniel Mudd feels "good about the position that we occupy" though it would be more reassuring if he were able to describe that position in more detail. But since there is no annual report for Fannie Mae since 2001 apart from the ones that by their own admission should no longer be relied upon that seems unlikely.

And is it just me, or is "Fannie Mae" a very silly name for a company?

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