Two days after our master stock manipulator, oops I mean Secretary of the (empty) Treasury, Mr. Paulson, talked about emergency regulatory actions that triggered a two-day rebound in its stock and most of the market, the Wall Street Journal reports, (citing unnamed people familiar with the matter), that Freddie Mac is considering raising capital by selling as much as $10 billion in new shares to investors to avoid a full-blown government rescue for Freddie.
Richard Syron, Freddie's chief executive, told the Journal: "We're considering the full array of options before us ... We're not at the stage of talking about the exact when."
Want to guess which plan he prefers, becoming a civil servant with a GS-something pay check, or a private plan so he can collect another $15 million or so in compensation like he did last year?
OK, Prince Alaweed of Saudi Arabia and Citibank, here's you chance to hedge your bets by owning the buyer of the debt and be the seller of the debt. What a sweet deal.
What's next from the titans of the mortgage industry?
Here's an idea, let's get Hugo Chavez, the president of Venezuela to barter a bazillion barrels of oil for good old Fannie Mae. Heck, it will come with some nice downtown Washington D.C. real estate that he can convert to vacation home.
Thank God that it's almost Friday in yet another wacked out week in financial America.
The Best Moeny Guy
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