Aunt Fannie and Uncle Freddie gave Russia $ 1 billion!

[LCR]

Le Figaro, 19.08.2008


Russia has invested part of its foreign exchange reserves in bonds issued dvmya American companies that buy loans from banks - Fannie Mae and Freddie Mac. Both firms are under threat of bankruptcy, but covered with a government guarantee.

Russia has invested part of its foreign exchange reserves in bonds issued by dvmya American companies that buy loans from banks - Fannie Mae and Freddie Mac, and this investment has been extremely beneficial, as these bonds are covered with a government guarantee. Alexei Kudrin, Russia's finance minister, told one of veputatov Duma, that this investment has brought Russia more than 1 billion dollars for 6 months.

Both companies are now on the verge of bankruptcy because of the real estate crisis in the United States. Stock investors have to get rid of the shares of these firms, because their refinancing problematic. Today, Fannie Mae fell by 2,44%and Freddie Mac - on 5,47%. Within 6 months shares of these firms lost sootvetstveneo 4 /5, and 6 /7 values.

Unlike stocks, bonds issued by Fannie and Freddie eagerly bought, as it is believed that they were guaranteed by the state.


Still, nice that the U.S. had the opportunity to participate in the financing of the operation in South Ossetia, right?