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You mean?
100 Share message = "I need shares", i.e., a market signal that if I don't have them, I will raise the price to get them.
Jon Paulson and Trump have to be talking about the timing of the end of the sweep.
Right on chessmaster315!!
Bove sells his impressive expertise in banking and related macro matters so he can buy victims with his terrible investment advice. Personally, I have never ever seen him give useful buy or sell advice.
If guys like Bove were to every truth-talk on speculative stocks like FNMA, how would the guys on WS make any money? The so-called smart money is mostly a bunch desperate investing zeros that have to rely on lying and cheating the gullible to earn their money.
I'm totally with you on the common vs preferred and thanks for the relative stats!
It's tough medicine, but the morning dips are needed to shake out the non-believers!
Once the NWS is settled, the warrants portion this lawsuit should take center stage in Sweeney’s US Court of Federal Claims unless Mnuchin & Calabria settle on question of the warrants. This should be interesting.
Lol, you guys are good!!
The Washington Federal lawsuit is not just a bunch of allegations of some plaintiffs. It is the best and most comprehensive of all the lawsuits.
The lead attorney is Steve Berman.
https://www.hbsslaw.com/attorneys/managing-partner/steve-w-berman-managing-partner
"Served as co-lead counsel against Big Tobacco, resulting in the largest settlement in world history, and at the time the largest automotive, antitrust, ERISA and securities settlements in U.S. history."
Haha, thank you!
Brydon is correct that the warrants are "invalid" because they were a "taking."
In
"UNITED STATES COURT OF FEDERAL CLAIMS
WASHINGTON FEDERAL, MICHAEL McCREDY BAKER, and CITY OF AUSTIN POLICE RETIREMENT SYSTEM, on behalf of themselves and all others similarly situated,
Plaintiffs,
v.
THE UNITED STATES OF AMERICA,
Defendant.
No.
COMPLAINT
...
I. NATURE OF THE ACTION
...
9. As the FHFA Office of Inspector General (“OIG”) has since acknowledged, the Government’s imposition and subsequent administration of the conservatorships, including its receipt of “a warrant to purchase 80% of the Enterprises’ stock for a nominal amount” and its execution of the Stock Agreements “rendered the common [and preferred] shares of the Enterprises virtually worthless,” thereby destroying the property rights of the Companies’ shareholders, who “effectively lost their investments.” Likewise, the Financial Crisis Inquiry Commission (“FCIC”) bluntly concluded that “[e]xisting common and preferred shareholders were effectively wiped out” by the Government’s actions.
10. Even in the middle of an unprecedented financial crisis, the Government cannot convert property rights for its own ends without providing just compensation, even if the Government’s “ends” are designed to provide a public benefit. The Fifth Amendment of the United States Constitution (“Constitution”) provides that the Government shall not deprive any person of “property without due process of law” and prohibits the Government from appropriating private property for public use “without just compensation.” Exigent circumstances do not curtail these fundamental rights. Despite the existence of such fundamental rights, beginning on September 5, 2008, the Government misappropriated billions of dollars of shareholder value in violation of the Takings and Due Process Clauses of the Constitution.
Great question.
My question is: Since the NWS was ruled unconstitutional, how can Treasury and it's bitch, the FHFA, be talking about only increasing the threshold of earnings that FnF are allowed to retain, i.e., above the current level of $3B? Aren't they required to stop the NWS, not at the end of the month but rather now, as in just it cold?
Thank You, kthomp19!!
Does anyone know whether the request to reduce the Treasury's liquidation preference to zero mean that the warrants would be effectively cancelled?
Thanks!
30 days to appeal to the Supreme Court.*
Personally, I believe Mnuchin pretending to be interested in appealing to the Supreme Ct. is just a negotiating tactic for both political and legal purposes.
Right now, the actual focus is probably on getting NWS stuff done in a hurry and, as Glen Bradford thinks, figuring out the recap/release through negotiation, because 15 months is just not enough time to raise $100B in the markets for each company.
* (1) Time for Filing a Notice of Appeal. (A) In a civil case, except as provided in Rules 4(a)(1)(B), 4(a)(4), and 4(c), the notice of appeal required by Rule 3 must be filed with the district clerk within 30 days after the judgment or order appealed from is entered.
5 - Fifth Circuit Court of Appeals - United States Courts
www.ca5.uscourts.gov › clerk › frap › frap_body
Wonder how Washington Federal will negotiate because it is the only lawsuit to challenge the warrants, i.e., in addition to the NWS.
Thanks, guys!
It’s always key to make sure one hear’s it for oneself.
Thank you!
I found it at 36:16
https://www.c-span.org/video/?464018-1/secretaries-carson-mnuchin-testify-housing-finance-reform
Please provide a link for this statement, i.e., where Mnuchin said today that he would invest in the GSE's
Now, you're talking mike_usa!!!
The question is: Can Mnuchin just move to an administrative solution with someone like Mick Mulvaney as FHFA Director.
Remember this?
I always knew Mel Watt was cowardly sneak!
So, now Trump can chuck him in a hurry and get someone in there that could end this nightmare C-Ship with the stroke of a pen!
This w\b a definite game changer! But can you please provide a link for this news report?
What, are you friends with the judge in the DE case?
Lol!! Exactly, jog49, even a retarded person could decide these cases!!
Where is the link to this? I think Mel Watt would be talking this one up if it were true.
Nice point Vancmike!
Unfortunately, Watt might also decide that the obligations to Gov't Coffers are more important than helping Harvey disaster victims.
Streetinsider
Lumber Liquidators (LL) PT Raised to $43 at Oppenheimer
www.streetinsider.com/Analyst+PT+Change/Lumber+Liqui...
22 hours ago ... Oppenheimer raised its price target on Lumber Liquidators (NYSE: LL) to $43.00 (from $34.00) while maintaining a Outperform rating.
-------------------------------------------------------------
https://thefly.com/landingPageNews.php?id=2598220&headline=LL-Lumber-Liquidators-price-target-raised-to--from--at-Oppenheimer
8/18/2017
The Fly
LL 05:27 Lumber Liquidators price target raised to $43 from $34 at Oppenheimer Oppenheimer analyst Brian Nagel raised his price target for Lumber Liquidators to $43 and reiterates an Outperform rating on the name. After studying recent trends at the company and the overall dynamics within the flooring sector, the analyst believes that a turnaround at Lumber Liquidators is "taking hold and gaining steam even quicker than we had previously envisioned." Nagel views the stock's valuation as compelling at current levels. LL Lumber Liquidators $34.50 -0.42 (-1.20%)
05/19/17
UPGRADE
Target $34
OPCO
Outperform
Lumber Liquidators upgraded to Outperform from Perform at Oppenheimer
Oppenheimer analyst Brian Nagel upgraded Lumber Liquidators to Outperform saying a "potentially prolonged recovery" is starting to take shape under new management. Successful, small-cap turnaround plays have tended to make for some of the best retail stocks, Nagel tells investors in a research note. He has a $34 price target for the shares.
Read more at:
https://thefly.com/landingPageNews.php?id=2598220
If the removal of Bannon increases the chances of tax reform getting done, the new drop dead date for Watt to end the sweep is September 29 and not December 30.
Why?
Because a big corporate tax cut will force Fannie & Freddie's deferred tax assets into a negative position. If memory serves, a 15% corporate tax rate would cause F&F into a negative $50B position, which, according to Dick Bove, would bring on a massive financial crisis.
While some pundits might argue that a tax cut will never happen, Watt likes to give the impression that he is way too cautious to risk ignoring such a possibility under his watch.
Many shareholders w\b wealthy enough to bury these guys in shame and lawsuits for the rest of their pathetically worthless lives.
GWB ($20M), GEITHNER, LOCKHART, OBAMA, SPERLING, LEW, STEGMAN, etc. s\b sued down to the bone (to include having their wages garnished).
HANK PAULSON w\b worth suing b\c his net worth is around $700 million.
Haha, since he broke more laws than you can shake a stick at, m\b be needs to be sharing some of that with us in a class action lawsuit.
Some may even elect to conduct their own lawsuits. (:
Ok, I got a double in LL.
The fact that it went from losing to making money establishes proof of concept new MGMT has a working business model.
The analysts are just paid whores that can only say what their numbnuts-investing masters tell them.
GS has lost its mojo. Sour grapes losers that want in.
Well said bcde!
Totally agree, chessmaster!
I agree. IL Padrino!
By that measure (and evidenced by Watt's recent crowings in Corker's face), Watt's loyalty to Obama will have to a bitter end just before 1/1/18 or hopefully before the end of next month, as F,F's retention on sweep money finally drops to ZERO.
If he doesn't stop the sweep in September or December, Trump could fire him for cause, i.e., b/c FnF has to make another draw on Treasury's largesse.
Lol.
Glad to hear that!
Looks like Watt could end the Sweep this September, and if Fairholme is correct, Mnuchin and/or the DOJ could throw in the towel due to the damning nature of the documents. Trump could order Mnuchin to do this, trumping the Corker sponsored bill that prevents TSY for acting until 1/1/18.
The whole point of taking a position BEFORE definitive information is available is to beat the crowd. If you're afraid of that, you shouldn't even be here.
Strange how FNMA CEO claimed the same thing.
Both are pretending Watt doesn't micromanage dividend paragraph every quarter.
Bingo bcde!
Also:
Throw in the DOJ's lawsuit winnings extracted from the Wall Street banks for swindling FnF! Probably north of $60-70B and growing. Those are OUR monies, not the Treasury's nor the taxpayers' [and, yes, we are taxpayers, too].
Cancel the fraudulently issued warrants.
Exactly, ATTYS are officers of the court. If they are caught lying, sanctions can be imposed and/or the case in question c\b brought to summary judgement.