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 4/10 Good --- www.russiablog.org http://www.russiablog.org/atom.xml
| Russia Blog presents up-to-date news, facts and commentary on the state of events in Russia and the former Soviet Union. The blog is managed by Yuri Mamchur, Director of Discovery Institute's Real Russia Project and a composer in his spare time. The blog is edited by Charles Ganske. ... |
Monday, July 21, 2008 --- 30 days ago http://www.russiablog.org/2008/07/nyt_russians_hold_75_billion_i.php
 Russia's Central Bank does not hold Fannie Mae and Freddie Mac debt - but what about the rest of its U.S.-mortgage backed debt holdings? Over a year ago I wrote about Deputy Secretary of the Treasury Robert Kimmitt's trip to Moscow (" Is the U.S. Seeking Capital from Russia's Stabilization Fund? "). In June 2008 RosBusinessConsulting reported that Mr. Kimmitt was in Moscow to ask the Kremlin and Russia's Central Bank to invest more petrodollars in the U.S. Mr. Kimmitt gave RBC an interview, but RBC provided few details about Kimmitt's discussion with Russian Central Bank officials, so the report was largely ignored by the Western media. At that time, American media outlets were more focused on the prospect of Arab, Chinese, and Russian companies and sovereign wealth funds acquiring equity stakes in U.S. companies, and the potential political backlash to such moves. However, Russian companies such as Evraz and Severstal have proven to be saavy about their American acquisitions, (so far) flying under the radar screen of an increasingly unpopular and protectionist U.S. Congress, which now clearly has much bigger fish to fry than worrying about what the Russians are buying. As we now know, most of the Russian money that was invested in America went into "safe" U.S. government-backed agency debt securities. After the collapse of IndyMac Bank in California on July 12, 2008, Russia's Central Bank denied that it held any Fannie Mae or Freddie ... |
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