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Tags: added to Standard & Poor's

15th Sep 2008
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It's an ill wind as they say. Standard & Poor's is removing troubled US mortgage giant Freddie Mac from its S&P 500 index and replacing it with none other than

Earlier this month, the US government effectively nationalised Freddie Mac (Federal Home Loan Mortgage) and Fannie Mae (Federal National Mortgage Association) amid fears that they were on the point of collapse - taking the US (and much of the world) economy down with them.

It's a sign of the troubled times that the US economy faces when an historic name like Freddie Mac is ousted. But equally it's indicative of the growing clout of software as a service that a nine year old firm like takes its place on the index.



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