The McLean, Virginia-based company, which affirmed a commitment to raise capital, reported a second-quarter loss of $821 million, or $1.63 cents per share in the quarter, compared with a profit of $729 million, or 96 cents per share, a year earlier. It follows a $151 million loss in the first quarter of 2008, which was lessened by an accounting change.
Wow, that's a pretty big loss. No matter what side of the issue you're on, this economy is @!$%#ed up. Exxon-Mobil posts $40-billion+ profits quarter after quarter; and Freddie Mac loses almost $1-billion in a quarter.
Now don't get me wrong -- the executives for both will never worry and sail on platinum/diamond parachutes to another CEO-ship; it's only the 99% of America that takes it up the ass daily. And for reasons I cannot fathom (religion and guns, ahem), it's the backbone of America allowing this to happen, election after election.
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