The most interesting and understated paragraph says Freddy Mac had made accounting decisions that pushed losses into the future and postponed a capital shortfall until the fourth quarter of this year, which would not need to be disclosed until early 2009. That suggests to me that rich white republican managers of Freddie may have been politically motivated to postpone the disaster news until after the election. I would like to see more on that question.

The subject is covered in more depth and balance than many of the other stories. The story omits much discussion of the motivation for the managers to push the limits of corporate greed, and also omits much discussion of the effects of the government failing to regulate the public business that they turned over to private greed motivation. The link to the scandals of Enron and others is mentioned, but not previous banking scandals such as Silverado. The effects upon other national treasuries is mentioned, but not the effect upon retirement portfolios of present and future retirees.