Writing in his soon-to-be-published <a href="http://www.bloomberg.com/apps/news?pid=newsarchive&sid=afbSjYv3v814/">memoirs</a> On the Brink, our man Hank in D.C. reveals a "disruptive" Russian scheme, circa the 2008 Beijing Olympics, to inveigle the Chinese into a joint dumping of Freddie and Fannie bonds "in a bid to force a bailout of the largest US mortgage-finance companies. China declined, he said."
But, thank God for Hank and his bankster pals, who undermined those dirty Russkie commies' nascent plot by proceeding forthwith to bail out Freddie and Feddie themselves (with our money, natch)!
I guess the moral is: What a former KGB agent couldn't manage, Hank Paulson can.