Or not... The company reported a record loss today of $23.9 billion, said it will need to draw another $30.8 billion on its federal loan, and has announced its liabilities exceed its assets, as the fair value of its net assets declined by $120 billion. Among other things, FRE announces its disclosure/procedures are not effective, had 4 material weaknesses in internal control, and sees a high provision for credit losses in 2009... While I have no idea what this means, it doesn't sound too good. And of course the deferred tax asset (the cause of so much stand up comedy on trading desks) is estimated at $15.4 billion (Citi listening close on this one).
Our choice for soundbite comes from Paul Miller at FBR Capital Markets:
"These numbers are so mind-boggling, you can’t even begin to analyze it."
FRE trading halted as investors digest the wonderful news (yes it is still a "public" company)
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