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Bud, Freddie, and Fannie

July 14th, 2008 · 1 Comment

Things are getting crazier and crazier in the U.S. financial services universe. IndyMac, the nation’s largest regulated thrift fails, sending hundreds (if not thousands) of people with their hard-earned cash in the bank to stand outside in long lines to pull their cash out.

Fannie and Freddie were rescued (or at least they were for now) by the Federal Government–a move both looked on with approval and called a sham by a few (sham is probably a nice word here for what the move was really called behind closed doors). Share prices for both Freddie Mac and Fannie Mae his lows of roughly 17-year lows. Billions have been lost, and it looks like the taxpayers–not so much the big banks and charlatans of the finance world–will pay the price, especially if the government actually moves forward with their plan to buy up stocks.

And yes, Anheuser-Busch is no longer the king of beers in the U.S.–InBev, the Belgian brewing mammoth, has bought the maker of Bud for a whopping $52 Billion. I don’t know about you, but all I have been doing recently is shaking my head at the icons we’re losing here in the U.S., and the financial freefall this country is going through. Wonder who’s to blame.

Tags: Banking & Trading

1 response so far ↓

  • 1 Fannie Mae and Freddie Mac Seized | The Finance Blog // Sep 7, 2008 at 8:13 am

    [...] (where I myself have some retirement money sitting somewhere in cyberspace), will take over at Fannie Mae, while David Moffett, formerly a CFO of U.S. Bancorp and senior advisor at private-equity firm the [...]

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