We screwed up royally. Buy our shares
Along with the US Federal Reserve cutting interest rates yet again, the mortgage giant Freddie Mac has announced that it now expects to lose between $10 and $12 billion in the sub-prime mess.
Last month, the firm set aside $1.2bn (£580m) to cover bad debts between July and September and reported a $2bn loss.
Freddie Mac then announced that it would sell $6bn of shares to cover more bad debt losses.
"Our fourth quarter results are not going to be effectively better than they were in the third quarter," Mr Syron told investors at a conference in New York.
Quite the sales pitch. "Listen, we're losing money and expect to lose a fair bit more, and we'd really appreciate it if you all wouldn't mind buying a bunch of our shares to cover the losses."
I'll get right on that.
