Word: mae
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...from the financial institutions it proposes to bail out; the idea has not been publicly discussed by either the Congress of the Bush Administration. But it ought not be considered ideologically beyond the pale, since the U.S. government did get equity stakes when it bailed out mortgage giants Fannie Mae and Freddie Mac, as it did last week for AIG, the world's largest insurance company...
...billion of difficult-to-sell securities in an effort to cleanse the country’s ailing financial system. The unprecedented government intervention in the market follows a series of financial shocks in recent weeks, including the largest bankruptcy in history, the government takeover of mortgage giants Fannie Mae and Freddie Mac, and the largest government bailout to date—an $85 billion loan to the American Insurance Group, Inc., a global insurance company whose near-collapse some feared would send the financial system into a tailspin. The headline-grabbing failures follow a year-long financial decline, caused...
...deal as a populist rallying cry. This is compounded by the fact that Paulson just happened to lead one of the biggest market players, Goldman Sachs, before coming to Treasury. In that role, he acknowledges, he placed a lot of the bad debt that the now defunct Fannie Mae and Freddie Mac were peddling. "Yeah, I and everyone else placed Fannie and Freddie debt," he says, but "We didn't create this system and this was a mess that had to be cleaned up." He also acknowledges that he put the former Fannie Mae head, Jim Johnson, on the board...
...direct question? As head of Goldman Sachs you played a very central role in building up and operating within this shadow banking system, including placing a fair amount of housing debt from Fannie Mae...
...would just say, Fannie Mae and Freddie Mac, so you'll get it from me - I look at that totally different than any of the rest of this. Those charters were set up a long time ago by Congress with the ambiguities and the obligations around that. This was living up to our responsibilities as the United States of America. There was $5.4 trillion of debt, mortgage-backed securities and debt here and around the world, $3.7 trillion...