Snow Says Fannie Mae, Freddie Mac Followed `Hedge Fund' Model'

Bloomberg:
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a4ynJu8BwhmI
Former U.S. Treasury Secretary JohnSnow said that Fannie Mae and Freddie Mac have relied on leverage to fund their businesses in the same fashion as a hedgefund. Snow, now chairman of New York-based buyout fund Cerberus Capital Management LP, said in a telephone interview. He said he suggested when in office that ``the business model they were using was really the model of a hedge fund.''

When you think about it, isn't the USA operating like a giant hedge fund?