Sand Spring Advisors LLC

The Jig Is Up

June 29, 2003

by, Barclay T. Leib


Source: Wall Street Journal

Given the huge growth in assets shown above at both Fannie Mae and Freddie Mac in recent years, it somehow seems anomolous that the often-quoted claims of hidden derivatives losses at Fannie Mae could be real, while at the same time Freddie Mac apparently ended up with improperly-booked hidden derivatives gains.

What exactly is going on here?

Why is it that the diary of former Freddie President and Chief Operating Officer David Glenn had certain pages altered and other pages completely missing? Why is it that Glenn got fired and Freddie's CEO and CFO both suddenly quit?

Also what is the current technical and cyclical position of today's financial markets?

All if this, and more, is covered in this month's subscriber-only article entitled: "The Jig is Up: The Current Market & How Freddie Mac Likely Speculated."


Non-subscribers are invited to access our June 29th article, "The Jig is Up: The Current Market & How Freddie Mac Likely Speculated," together with other past articles, by signing up for a quarterly Sandspring.com subscription below.


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Sand Spring Advisors provides information and analysis from sources and using methods it believes reliable, but cannot accept responsibility for any trading losses that may be incurred as a result of our analysis. The opinions expressed are not intended as specific investment advice, and simply represent our personal views offered here under our right of free speech. Sand Spring Advisors is a NFA registered CTA/CPO, but is not a Registered Investment Advisor. We do not directly trade any client funds. Individuals should consult with their broker and personal financial advisors before engaging in any trading activities, and should always trade at a position size level well within their financial condition. Principals of Sand Spring Advisors may carry positions in securities or futures discussed, but as a matter of policy will always so disclose this if it is the case, and we will specifically not trade in any described security or futures for a period 5 business days prior to or subsequent to a commentary being released on a given security or futures.


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