“The problems of tomorrow are being created today as we write this letter. Furthermore, there are risks in the balance sheets that we cannot see. Companies such as Fannie Mae (FNM), Freddie Mac (FRE) and American International Group (AIG) are now showing financial strains from previous actions taken to enhance the look of their financial reports. We are also concerned that many of these companies have used financial derivatives that are totally unanalyzable by outsiders, since there is insufficient information disclosed in their financial statements for a risk assessment.”
Robert L. Rodriguez. Letter to Shareholders. April 16, 2005. Page 4.
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Fannie Mae: Bailed Out/Bankrupt 2008
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Freddie Mac: Bailed Out/Bankrupt 2008
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AIG: Bailed Out 2008