Private equity chief calls for code on profits (Fund News)
Europe??s private equity groups should draw up a voluntary code of conduct on how profits made from deals should be split among investors, managers and staff, the head of Axa Private Equity has told the Financial Times.
Hank Paulson, Treasury secretary, said: ??Our primary focus is supporting Fannie Mae and Freddie Mac in their current form as they carry out their important mission,? signalling that the Bush administration was not contemplating a rescue takeover of the two groups and wanted public shareholders to continue owning them.
IndyMac Bank on Friday night became the biggest savings bank to fail in decades and the latest victim of the credit crisis as regulators closed down the troubled mortgage lender.