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September 7, 2008

How the Freddie/Fannie Bailout Came Together

Expect a few more of these before it's over, but the WSJ has out a decent timeline of how the Freddie/Fannie bailout came together. There are some useful details, so check it out.

My main question: Considering the number of people directly involved (including Morgan Stanley bankers) was apparently at least a few dozen, why didn't this leak? Neither FRE, nor FNM, nor the XLFs (other than Friday) did anything unusual trading last week as the decision was reached.

Apparently the government is better at keeping secrets than anyone else in the capital markets. I'm not sure if that's reassuring, or frightening.

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