The US Government staged the world's largest financial bail-out last night, nationalising stricken mortgage companies Fannie Mae and Freddie Mac.
The announcement has given a huge boost to global markets with the FTSE100 currently up 189.80 at 5430.30 helped by big gains for banks and house builders. Asian markets also rallied following this unprecedented move to boost confidence amid the US and global economic downturn. Yesterday, the US Government said it will inject an unknown amount of taxpayer money into the lenders to “protect the stability of the financial markets”. The move, labelled ‘conservatorship’, will see the removal of both the Fannie Mae and Freddie Mac CEO’s, with a business model no longer focused on maximising c...
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