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Freddie: Insolvent vs Profoundly Insolvent

Nice and somewhat amusing distinction made about Freddie Mac in a report today on Bloomberg. One analyst called Freddie Mac "profound insolvent".

Question: What is the difference between being "insolvent" and being "profoundly insolvent"? Isn't insolvent one of those words, like dead or unique, that kind of stands alone? Admittedly, it is a nice adverb, as my friend Barry pointed out on the phone to me this morning.

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