Treasury Secretary Hank Paulson has now spoken up about the story in the New York Times regarding "contingency planning" for Fannie Mae and Freddie Mac. The official statement makes no mention of a possible bailout or taking them into conservatorship. He emphasized that the Treasury is supporting both companies "in their current form."
"Today our primary focus is supporting Fannie Mae and Freddie Mac in their current form as they carry out their important mission," Paulson said in the short statement just released. "We appreciate Congress' important efforts to complete legislation that will help promote confidence in these companies. We are maintaining a dialogue with regulators and with the companies. OFHEO will continue to work with the companies as they take the steps necessary to allow them to continue to perform their important public mission."
Hank Paulson: Supporting Fannie and Freddie In Their Current Form
Posted by John Carney, Jul 11, 2008, 10:28am
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Posted by guest , Jul 11, 2008 10:37AM
if a bailout announcement was coming, wouldn't the stocks have to be halted first?
Posted by guest , Jul 11, 2008 10:43AM
Details will be worked out over the weekend. No one will want to hold this junk til Monday. Short away.
Posted by guest , Jul 11, 2008 10:47AM
"Stocks Plunge Deeper After Paulson Remarks"
haha, GS doosh
Posted by guest , Jul 11, 2008 11:02AM
"Today our primary focus is supporting Fannie Mae and Freddie Mac in their current form ..." Interesting that he started with "Today". Wonder what their focus will be over the weekend.
Posted by Anal_yst , Jul 11, 2008 11:23AM
How pissed must paulson be that all his otherwise lovely hampton weekends are ruined by these douches and their 48-hour collapses, the nerve!
Posted by golden girl , Jul 11, 2008 11:30AM
Anyone have a link to the statement text? Is it online anywhere? Is that the full statement?
Posted by guest , Jul 11, 2008 11:37AM
``Today our primary focus is supporting Fannie Mae and
Freddie Mac in their current form as they carry out their
important mission.
``We appreciate Congress' important efforts to complete
legislation that will help promote confidence in these companies.
We are maintaining a dialogue with regulators and with the
companies. OFHEO will continue to work with the companies as they
take the steps necessary to allow them to continue to perform
their important public mission.''
...My favorite: "appreciate Congress' important efforts"
Congress: "you boys point us in the right direction, while we work ourselves up to a climax and we'll shoot the medicine when you say go"
Posted by guest , Jul 11, 2008 11:52AM
Let them and LEH all f'ing fail. What a goddamn joke the US gov and financial system have become...