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Even if you don't think you do, you already know plenty about commodities. Want us to prove it? No problem.
What makes oil produced in Saudi Arabia different from oil exported from Nigeria? It's the same thing that makes the corn you ate at last summer¿s barbecue different from the corn used to produce ethanol. Stumped? Well, don't feel bad, it's a trick question. The answer? Absolutely nothing. Corn is corn no matter where it comes from -- just as wheat is wheat and natural gas is -- right! -- natural gas. (Though the quality may differ, the make-up is uniform.)
So, in less elaborate terms, corn and oil (and all other commodities) are homogenous goods that can be processed, resold and more often than not, used as an input to the production of other goods or services. These goods are traded on a commodity exchange, thus setting the price-per-barrel (or other metric unit) used to value them.
Now pay attention, here's a question that indeed does have an answer: What is the difference between a commodity and a stock? While a stock can tank and become worthless, a commodity cannot have its value be wiped to zero. One other difference: Most commodities are traded in futures, meaning traders buy and sell where they think the price of a product will be at a certain point in the future. Stocks trade based on the value of the underlying company at that point in time.
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Friday, July 18, 2008
Freddie Mac Becomes an SEC Registrant
Comtex
MCLEAN, Va., July 18, 2008 /PRNewswire-FirstCall via COMTEX/ ----Freddie Mac (NYSE: FRE) announced today that it has become a registrant with the United States Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934. In connection with the registration process, Freddie Mac filed a Form 10 registration statement with the SEC that includes unaudited financial statements for the quarter ended March 31, 2008, and audited financial statements for the full years 2007, 2006 and 2005.
"Becoming an SEC registrant marks an important milestone for the company and demonstrates our commitment to enhanced transparency and financial reporting," said Chairman and Chief Executive Officer Richard F. Syron. "It demonstrates the continued progress we've made to strengthen Freddie Mac's foundation and ensure that we can continue to serve our vital housing mission. It is important to note that this registration statement does not relate to an offering of securities."
"With this accomplishment, we conclude what was a difficult chapter in Freddie Mac's history and join the ranks of other large, public financial institutions as an SEC registrant," said Buddy Piszel, executive vice president and chief financial officer. "Along the path to SEC registration, we've upgraded our internal controls and financial reporting to strengthen our business, resulting in a return to timely quarterly financial reporting."
Separately, the company reiterated that it has committed to its regulator, the Office of Federal Housing Enterprise Oversight (OFHEO), to raise $5.5 billion of new core capital through one or more offerings, which will include both common and preferred securities. The timing, amount and mix of securities to be offered will depend on a variety of factors, including prevailing market conditions, and is subject to approval by Freddie Mac's board of directors. Preliminary indications of Freddie Mac's expected financial performance for the second quarter, while reflecting the challenges that face the industry, will leave the company expecting to be capitalized at a level greater than the 20% mandatory target surplus established by OFHEO. As indicated in its Form 10 registration statement, Freddie Mac continues to review and consider this and other alternatives for managing its capital and maintaining regulatory compliance.
As an SEC registrant, Freddie Mac will file periodic financial disclosures with the SEC under the Securities Exchange Act of 1934, and the company's annual, quarterly and current financial reports will be available on the SEC's EDGAR public access system. Similarly, Freddie Mac's executive officers and directors will file reports on their purchase, sale and ownership of company stock, and the company's proxy statements will be filed with the SEC.
The Form 10 Registration Statement, and other company disclosures filed with the SEC, will be accessible through Freddie Mac's website at http://www.FreddieMac.com/investors or the SEC's website at http://www.sec.gov.
Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac raises capital on Wall Street and throughout the world's capital markets to finance mortgages for families across America. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters. http://www.FreddieMac.com
SOURCE Freddie Mac
http://www.FreddieMac.com/
Copyright (C) 2008 PR Newswire. All rights reserved ********************************************************************** As of Monday, 07-14-2008 23:59, the latest Comtex SmarTrend� Alert, an automated pattern recognition system, indicated a DOWNTREND on 06-10-2008 for FRE @ $21.67. For more information on SmarTrend, contact your market data provider or go to www.mysmartrend.com SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright � 2004-2008 Comtex News Network, Inc. All rights reserved.
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