Another website, which seems to have found some validity in Zero's fundamental valuation argument (with which we have no affiliation at all, mind you), has been recently spotted.
The first thing that came to my attention is that someone has a lot more free time to dedicate to unmasking the various layers of National Rural Utilities.
The financial analysis section of the exposing website has some very shocking sections, among which are the following:
- CFC is technically bankrupt
- CFC's response: derivatives
- Electric loan portfolio has not contributed to profits since May 31, 2003
- CFC misappropriation of funds belonging to rural telephone members of RFTC
- The government is involved in a bailout of CFC that exceeds the Chrysler bailout
The website has also compiled the financial documentation in a easy to read pdf, which I present below.
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