Epstein Secrets

ur cash invested. There were lots of investors with great reputations that were pounding the table and saying things like. "Fannie Mae (FNMA) or Freddie Mac (FMCC) is the best idea that I've ever seen in my entire career." It's hard to be a young fund manager and hear Rich Pzena and Bill Miller, or

lows. Our base case valuation of $35 assumes flat revenue over the ensuing five year period driven by half the allowable PAMA cuts co Medicare and Medicaid reimbursement races. We do not model pricing pressure from private health insurers despite evidence that suggests otherwise. We believe we are bein

ibility as general collateral in repo transactions3. • A downgrade by would probably trigger a matching downgrade of Agency paper (Fannie Mae and Freddie Mac), GNMA, municipal bonds backed by Treasury bonds, the Federal Home Loan Bank and the Federal Farm Credit Bank. There could be eventual down rades o

ecurity 112 Change 'Medicare el@ibility age to 67 125 Alkw14edicare doctor reimbursement cuts 249 Change Medicaid grants to states 287 Change Medicaid formulas for reimbursements 18i Eliminate extension of unemployment benefits 57 Spending cuts already assumed to takepace 6y CRO Reduce troops i

$1 trillion since 2008. Steady economic growth, higher taxes, lower government spending and increased dividends from mortgage giants Fannie Mae and Freddie Mac have helped shrink the deficit. Jnline image 14 See the attached Huffington Post article and website: Website: http://www.huffingtonposteom/2013/0

ate last year, was one thing. But as long as a Democrat occupies the White House, Ryan's budget is little more than a nonbinding wish list — cutting Medicaid, Medicare and food stamps and slashing budgets for domestic agencies funded annually through appropriations bills. Many tenured Republicans, parti

s up slightly WksilINKITON —11w average rate for a 30-year fixed mortgage was 5.42 percent, up from 5.38 percent a week earlier, mortgage company Freddie Mac said Thursday. Rates on 30-year mort- gages fell to a record low of 4.78 percent earlier this year. But then they rose as high as 5.6 percent earl

hich re- quired about 135 employ at capacity, now has about ?Cl patients. Peck said. Most of therm both adults and children, are long-term and on Medicaid, she said. SEW represents about 16,000 health-care workers in Florida and the South- eastern United States. Obc" dpotoRobcost com BANKRUPTCY •

e Interest Rates Pe ee 161 Debt Composition Pe ee er 168 Periodic Large One-Time Charges +++ +s ttt ttt ttt tt ts 177 TARP = ft tt 188 Fannie Mae/ Freddie Mac =: * : tt tt tt tt ee ee 193 ARRA 2 ot ttt 200 Balance Sheet Drilldown += - st tt ttt 209 CB www.kpcb.com USA Inc. Vv HOUSE_OVERSIGHT_020828 What

ic corporation, USA Inc.’s financials are discouraging. True, USA Inc. has many fundamental strengths. On an operating basis (excluding Medicare and Medicaid spending and one-time charges), the federal government’s profit & loss statement is solid, with a 4% median net margin over the last 15 years. But ca

One-Time Charges to USA Inc. ($B) F2008 F2009 F2010 YTD* 4 Years Government-Sponsored Enterprises (GSEs) $14 $97 $41 _ $152 Fannie Mae -- 60 23 -- 83 Freddie Mac $14 37 18 — 69 Troubled Asset Relief Program (TARP)* - $261 -$26 -$23 $213 Banks -- 134 -85 -28 21 Automakers -- 78 -6 -14 58 AIG -- 49 -- 20 69 Indi

ffice (CBO) Long-Term Budget Outlook (6/10). Note that entitlement spending includes federal government expenditures on Social Security, Medicare and Medicaid. Data in our chart is based on CBO’s ‘alternative fiscal scenario’ forecast, which assumes a continuation of today’s underlying fiscal policy. Note t

s including the Social Security Trust Fund and federal employee / veterans’ pension fund) + net liability of GSEs (related to likes of Fannie Mae and Freddie Mac). - Represents a claim on both current and future resources. e We Focus on Public Debt Levels - Public debt is the base for calculating net interes

T TT TT TTT TT (1 1960 1964 1968 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 Note: Total government spending on healthcare includes Medicare, Medicaid and other programs and total government spending on education includes spending on pre-primary through tertiary education programs. Source: Dept. of

ities for the lame-duck session. H.R. 2646, a bill sponsored by Rep. Tim Murphy (R-PA) that passed the House almost unanimously in July, would expand Medicaid coverage of mental health services, fund more psychiatric hospital beds and change privacy rules to allow caregivers to receive more information abou

es for Goldman Sachs and Morgan Stanley, as the Fed recommended. Finally, a post-crisis system for housing finance—i.e., the future of Fannie Mae and Freddie Mac —still loomsas the biggest area left unaddressed by the 2010 financial reforms, but a bipartisan effort to establish a new system drafted by Crapo an