The chief beneficiaries of its largesse were the sovereign wealth funds of China, Japan, South Korea and Taiwan, which between them held about $720bn (€480bn, £430bn) of such “agency debt”.
Monday, 7 December 2009
Rethink emerging markets after Dubai
In September 2008, at the height of the financial firestorm sweeping the planet, the US government stepped in to bail out Fannie Mae and Freddie Mac, two pillars of its mortgage market.
Although Fannie and Freddie were “government-sponsored entities”, Washington faced no legal obligation to absorb their losses.
The chief beneficiaries of its largesse were the sovereign wealth funds of China, Japan, South Korea and Taiwan, which between them held about $720bn (€480bn, £430bn) of such “agency debt”.
The chief beneficiaries of its largesse were the sovereign wealth funds of China, Japan, South Korea and Taiwan, which between them held about $720bn (€480bn, £430bn) of such “agency debt”.
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