India Funds Russia's War, Says Trump Aide, Labels It 'Maharaja of Tariffs'
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Economic Times
14 minutes ago
- Economic Times
Can Trump's Fannie Mae and Freddie Mac IPO plan slash mortgage rates? Bill Ackman says...
Synopsis Donald Trump is reportedly planning to IPO Fannie Mae and Freddie Mac, potentially the largest IPO in history. Billionaire Investor Bill Ackman suggests merging the two mortgage giants to reduce mortgage rates and government oversight costs. Ackman believes privatization could yield substantial gains for the government, citing their improved capitalization and government backing. AP American hedge fund manager Bill Ackman took to X, formerly known as Twitter, and one way to reduce mortgage rates would be to merge government-sponsored enterprises Fannie Mae and Freddie Mac US President Donald Trump Saturday seemed to acknowledge reporting by The Wall Street Journal on Friday that he plans to IPO Fannie Mae and Freddie Mac by the end of this year. The President and his economic advisers are planning a historic sale of stock in Fannie Mae and Freddie Mac, the government-owned mortgage giants that help provide stability and affordability to America's home loan market. Reacting to the development, American hedge fund manager Bill Ackman took to X, formerly known as Twitter, and one way to reduce mortgage rates would be to merge government-sponsored enterprises Fannie Mae and Freddie Mac. He suggested the merger move would help reduce mortgage rates and achieve huge synergies both in their operations and in the trading price. ALSO READ: 'Ban Gay sex, end women's voting': Pete Hegseth sparks controversy for re-posting pastor's radical message Bill Ackman said Fannie and Freddie merger would also reduce the costs and risks of government way to reduce mortgage rates would be to merge Fannie and Freddie. A merger would enable them to achieve huge synergies both in their operations and in the trading price and spreads of their MBS, savings which could be passed along to consumers in the form of reduced mortgage rates, Ackman wrote in his post. "A merger would also reduce the cost and risks of government oversight as there would be only one institution that would require FHFA oversight. I suspect that this is @realDonaldTrump 's idea as implied by his post below. It's a really good one," his post read. US-government owned twin giants, Fannie Mae and Freddie Mac are tasked with expanding credit availability in the American market by securitising mortgages. Their shares surged over 20 per cent on Friday after the Wall Street Journal reported that the Trump administration may privatise the two institutions this year. ALSO READ: Powerball jackpot rises to $479 million: Who won lottery jackpot last night? Lotto results, drawing time US President Donald Trump has previously met the top leadership of US investment banks such as Citigroup, the Bank of America, Goldman Sachs and JPMorgan Chase to explore potential public offerings of the twin mortgage giants, Reuters reported, citing an the plans have not been finalised yet, and Trump continues to weigh various options, according to a senior administration official. But the White House believes an initial public offering of up to 15% of the two companies' shares could raise $30 billion, which could make it the largest IPO in has been weighing an IPO for years now. During his first term, Trump attempted — but ultimately failed — to privatize Fannie Mae and Freddie Mac, removing them from government conservatorship. Now, in his second term, he has revived the push. In May, he wrote on Truth Social that he was 'giving very serious consideration to bringing Fannie Mae and Freddie Mac public,' adding that he would consult with his Cabinet before making a decision 'in the near future.'Trump has argued for the monetisation of these two institutions, which were brought under US government control in the aftermath of the 2008 financial crisis. In May this year, Trump floated the idea while emphasising that the government will maintain its implicit guarantees for the securities issued by the two institutions. ALSO READ: Last planet parade of 2025 happening today? How to watch the rare planetary alignment in the US Trump backer Bill Ackman, a long-time shareholder in the twin behemoths, has repeatedly called for their privatisation. Ackman, founder, Pershing Capital Management, told Forbes magazine last month that the US government is the preferred stockholder of the twins, and in a position to realise gains worth $300 billion. He argued that the two institutions were 'vastly better capitalised' today than for the past 60 two institutions are not banks, but tap creditworthy mortgage buyers and pack the mortgages in securities to be sold on the market, Ackman explained. Fannie Mae and Freddie Mac have guarantees worth $7 trillion coupled with enormous cash flows, apart from a government backing, underlining their ability to weather any future crisis, Ackman added.
Economic Times
14 minutes ago
- Economic Times
'Sab ke boss to hum hain…': Rajnath Singh's veiled dig at Trump over tariffs, saying "some" are jealous of India's rapid growth
Synopsis Defence Minister Rajnath Singh took a subtle dig at US President Donald Trump over recent tariffs on Indian goods, accusing global powers of jealousy and trying to disrupt India's rapid economic growth. Speaking at a bhoomi pujan ceremony for a new rail coach factory in Madhya Pradesh, Singh praised India's dynamic economy and highlighted its rise to a top-four global economy since 2014. He also emphasised India's growing defence exports and condemned terrorism, affirming India's strong stance against those who threaten the nation. Defence Minister Rajnath Singh took a subtle dig at US President Donald Trump on Sunday over the recent tariff increases on Indian goods. Without naming Trump, Singh said, "Some 'boss' is jealous, unable to accept India's growth; trying to disrupt the country's economy."He added, "There are some people who are not happy with the speed at which India is developing. They are not liking it. 'Sabke boss toh hum hain' (We are everyone's boss), how is India growing so fast?"These remarks came after the US imposed a 25% tariff on Indian goods and an additional 25% penalty due to India's continued purchase of Russian oil. President Trump also threatened more tariff hikes, called India's economy 'dead,' and New Delhi criticised the US after some aides accused India of supporting Russia's war in Singh described India's economy as the world's most 'dashing and dynamic.' He said that some people with the attitude of 'we are everyone's boss' are unhappy with India's rapid growth. Speaking after a bhoomi pujan (groundbreaking ceremony) of a rail coach manufacturing unit of Bharat Earth Movers Limited (BEML) in Raisen district, Madhya Pradesh, Singh said, 'Today, if any country has a dashing and dynamic economy, it is India's economy.' He said no global power can stop India from becoming a big power due to the speed at which the country is moving pointed out that some people want to make Indian products more expensive when they reach other countries. This would stop people worldwide from buying Indian goods. He said, 'They think that we are everyone's boss and how is India moving forward so fast?'He mentioned that in 2014, India was ranked 11th in terms of economy size, but today it is counted among the top four.'If any country has a rapidly growing economy, it is our India,' he said. 'It means that the country is moving forward and its people are also moving ahead, because if the countrymen do not move forward, India cannot move forward.'Singh also spoke about defence production. Earlier, India bought defence equipment from other countries. But now, many things are made in India by Indian hands. India not only fulfils its own needs but also exports defence products to other said, 'When Narendra Modi became Prime Minister in 2014, only Rs 600 crore worth of defence products were exported. Now, we are exporting defence products worth more than Rs 24,000 crore. This is the power of India. This is the new defence sector of the new India.'Singh also referred to the terrorist attack in Pahalgam, Jammu and Kashmir, in April, where 26 people were killed. He said India responded strongly with Operation Sindoor. He said terrorists killed people after asking their religion, but India does not believe in such killings.'We do not even kill ants,' he said. 'We have resolved that we will kill people (terrorists) not by their religion but by their deeds.'He added, 'India will not spare anyone who instigates us.'On the rail coach unit, Singh said it would be a big gift for Raisen and Vidisha regions in Madhya Pradesh and provide jobs for 5,000 said Madhya Pradesh is rapidly developing in industries, having recently received investment proposals of more than Rs 30 lakh crore.'If the leadership is excellent, development happens rapidly. I think that after a few years, people will start calling Madhya Pradesh a modern state,' he said the area around the rail coach unit would also develop quickly once it is he performed the bhoomi pujan for the BEML rail coach unit at Umaria village in Raisen district. The project is called BRAHMA (BEML Rail Hub for Manufacturing) and will cost Rs 1,800 crore. Its initial capacity will be 125 to 200 coaches a year, which is planned to increase to 1,100 coaches a year in five Pradesh Chief Minister Mohan Yadav, Union Agriculture Minister Shivraj Singh Chouhan, and other officials attended the ceremony. A video message from Railway Minister Ashwini Vaishnaw was also shown. Inputs from agencies
Time of India
38 minutes ago
- Time of India
Trump demands $1 billion from UCLA over antisemitism claims: Here's why California says it's political
The administration of US President Donald Trump is seeking a $1 billion settlement from the University of California, Los Angeles (UCLA), following accusations from the Department of Justice (DOJ) that the university violated federal civil rights laws by failing to address antisemitic incidents on campus. Tired of too many ads? go ad free now A White House official, speaking on condition of anonymity, confirmed the demand, as reported by the Associated Press. UCLA is the first public university to face such a large-scale financial penalty amid the Trump administration's broader push to reform higher education institutions it claims are failing to uphold civil rights protections. Federal funding for UCLA was suspended earlier, totalling $584 million, according to university officials. DOJ cites violation of civil rights law and the Fourteenth Amendment According to a DOJ finding issued on July 29, UCLA violated Title VI of the Civil Rights Act of 1964 and the equal protection clause of the Fourteenth Amendment by 'acting with deliberate indifference in creating a hostile educational environment for Jewish and Israeli students,' as reported by the Associated Press. The allegations stem largely from the university's handling of protests related to the 2024 Israel-Hamas war. During one night of unrest, counterprotesters attacked a pro-Palestinian encampment on UCLA's campus, resulting in several injuries before police intervened hours later. Over 200 individuals were arrested the following day after refusing orders to disband. Jewish students reported being blocked from campus areas and classrooms by demonstrators. California officials respond to $1 billion demand California Governor Gavin Newsom accused the Trump administration of using financial threats for political purposes. Tired of too many ads? go ad free now Speaking to reporters, he said, 'He has threatened us through extortion with a billion-dollar fine unless we do his bidding,' as quoted by the Associated Press. He contrasted California's response with settlements reached by private institutions, stating, 'We will not be like some of those other institutions that have followed a different path. ' James B. Milliken, president of the University of California, said the university had 'just received' the DOJ document and would review it. He noted that such a settlement 'would completely devastate our country's greatest public university system,' as reported by the Associated Press. Milliken, who recently assumed office, stated the university had offered to engage in a 'good faith dialogue' with the DOJ. Settlements with other universities set precedent The Trump administration has already reached civil rights settlements with other institutions, including $50 million from Brown University and $221 million from Columbia University. Columbia also regained access to over $400 million in research grants. Negotiations with Harvard University are ongoing, with the administration reportedly pressing for a larger settlement. UCLA previously settled separate civil rights lawsuit Last week, UCLA reached a $6 million settlement in a civil rights lawsuit filed by three Jewish students and a Jewish professor. The university also committed $2.3 million to organisations addressing antisemitism and supporting its Jewish community. As part of broader reforms, UCLA established an Office of Campus and Community Safety and introduced new systemwide protest guidelines. As reported by the Associated Press, Chancellor Julio Frenk, whose family history includes Holocaust survivors, also launched an initiative aimed at combating antisemitism and anti-Israeli bias on campus. TOI Education is on WhatsApp now. Follow us .
