Forex - Asia and Europe higher as Buffet?s Berkshire Hathaway invests $5.0Bn in Goldman Sachs.
The dollar rose in late European trading yesterday as Fed Chairman Bernanke and U.S Treasury secretary Paulson testified in front of a senate panel. They came under harsh criticism as the Fed?s decision to buy $700Bn worth of ?toxic? assets from ailing U.S and foreign banks was explained, defended and scrutinized.
The specifics of the testimony were already on the newswires but one important revelation to come out of yesterday?s session was that Mr. Bernanke demanded the FED buy these illiquid assets at ?hold to maturity? values. This was a stark contrast to?fire-sale? prices that most would xpect.