The Federal Reserve has not had any discussions with Fannie Mae and Freddie Mac about access to direct loans from the central bank, Fed spokeswoman Michelle Smith said.
``Federal Reserve officials are following the situation closely,'' Smith said in a telephone interview today. ``However, there have been no discussions'' with the companies ``about access to the discount window,'' she said....MOREOh well, there's another use for this bad boy,
Snooping on the Rich via HelicopterA couple of years ago, Forbes magazine came out with a list of top billionaire homes.
What was remarkable was the aerial photos of mansions owned by super-private billionaires such as Bill Gates, Michael Dell, George Lucas and Abigail Johnson of Fidelity. Many appear to have been shot from a helicopter or plane — making the lack of cooperation from the owners meaningless.
Vanity Fair followed up in July 2006 with an article about hedge-funder wealth in Greenwich, Conn. To illustrated Nina Munk’s highly entertaining story, the magazine ran crystal-clear photos of homes owned by Steven Cohen, Paul Tudor Jones II and others. The photo of the Cohens’ home was especially awe-inspiring, showing 32,000 square feet of house with various outbuildings, a tennis court, English gardens, ice rink and a little gabled house for the Zamboni. It also showed several cars in the driveway, with two people standing near the front entrance.
This month, Vanity Fair re-enters the air war with photos of several mansions in the Hamptons. The article, about the local real-estate market, features a shot of a home bought by hedge-fund billionaire John Paulson. The article also has a photo of Steve Schwarzman’s monster compound, still under construction. (You can even see the vans and construction workers.)...MORE from the WSJ's Wealth Report blog.