AUDIO-Surprised by US intervention in credit crisis

April 1, 2008

ruben_iparraguirre.jpgRuben Iparraguirre, Chief Financial Officer at Banco Patagonia in Argentina, expressed his surprise over the U.S. government’s intervention to keep the credit crunch contained.

 During an interview for the Reuters Latin America Investment Summit in Buenos Aires, Argentina, Iparraguirre said the degree of U.S. activism was unexpected.

“We are surprised that the United States, which pushes free markets so much, has intervened so much now, that it’s done what it’s doing to save debtors who took on extremely expensive and risky mortgages, to save banks who loaned to those debtors, and to save the packagers who took those mortgages and resold them and designed them as junior, junior, junior bonds”.

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