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"All nations are engaged in intelligence gathering," Holder said, but the current indictment involves "a state sponsored entity, state sponsored individuals, using intelligence tools to gain commercial advantages, and that is what makes this case different".
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Nonprofit and government sponsored entities also prepare returns.
They say they were doing business with regulated entities, including other brokers, but the report raises questions about the trades these sponsored entities were conducting.These trades were heavily concentrated in big, troubled stocks such as Citigroup and Wachovia, the survival of which was seen as critical to the stability of the financial system.
Its efforts include (but aren't limited to) bouts of easy money from the Fed, the mortgage-interest deduction, the exclusion of capital gains on primary residence sales, direct and indirect subsidies from the Department of Housing and Urban Development, and artificial liquidity pumped into the mortgage market via government sponsored entities Fannie and Freddie.
Meanwhile has anything happened to the housing Government Sponsored Entities, Fannie Mae and Freddie Mac, which blew up the weekend before Lehman did?
The White House has streamlined the process -- paperwork around eligibility criteria has jammed the HAMP program from the getgo -- but thus far, we've seen a consistent lack of interest by private lenders (and by the government sponsored entities too, but that's another issue -- see here).
Some are government sponsored entities, such as the PSRS developed by the VA system and NASA in 2000 and others are privately organized, most often founded by industry, professional or consumer groups.
When markets froze, sponsoring entities, usually banks, felt morally obliged to absorb their losses.
The cost will be limited to $500m, and covered not by the taxpayer but by America's housing-finance giants, Fannie Mae and Freddie Mac (known as Government Sponsored Entities, or GSEs).
Let's start with the Government Sponsored Entities, the GSE's, namely Fannie Mae and Freddie Mac.
Like a thief in the night, that was the moment selected with precision by U.S. Treasury Secretary Timothy Geithner to stealthily announce a radical policy shift regarding the two bankrupt Government Sponsored Entities (GSEs), Fannie Mae and Freddie Mac.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com