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Barrario, thanks for repost on that!
Someone find me a gif of a minion saying "banana, banana, banana Republic" to send to MC, SM & DT
It's like I said previously, the government could not get away with giving the GSE's to the banks, so they put the foxes in charge of releasing the hen houses. Despicable comes to mind.
Just two advisors and 2 banks costing gse's 10's or 100's of millions.
Fnma +6%
Fnmas +3.6%
No Bueno, no liquid, no cumulative, no liquidation, no conversion, no direct claims, not used to pay or entice CEO's and BOD's....all facts
That last statement could not be more truer! We are paying the advisors, not the government, so they dam well better be looking out for the companies and not government and their pockets.
Boy,,oh boy....The JPS crowd on here are really shooting the moon with numerous useless posts today. Are you guys worried or something?
Fantastic ano, you are awesome informant and analyzer!
The fridge they use to stick their pref certificates too. Or maybe by now they use as wallpaper?.. who knows?
Yes! This is why they are giving options for common stock for brains to run the company. When's the last time you heard of a CEO, CFO, etc being enticed with non cumulative preferred's?
So, I guess it makes sense they'll dilute the crap out of the BOD's pay incentive to make JPS happy. Lmao....noooooo and noooooooo
Yes, exactly. Or doing something that is very contradictory of the other responsibility.
I can agree with what you say. 13yrs here holding, I've seen much that does not make sense or is far from fair. If this does not resolve fairly, I personally would start weighing whether I should tie up money in anything the government (banana Republic if this is not done fairly) has the slightest involvement with, and I would tell all my friends and family this also. Once our 3 branches of government become bold enough to show joe public that they are in league with each other, then investing in this country becomes 100X or more riskier.
Just keep in mind...Calabria stated a year ago or maybe a little more than that, that it may well take fhfa 5 years to get the gse's out of conservatorship. I think the way he is acting, he means to make that a self fulfilling prophecy. As most here have stipulated, courts are going to be our only catalyst and equalizer. Until those cases get resolved, we are in a continuous groundhog day situation.
Let the slyest foxes watch the hen houses. Lol
Washington could not justify giving the GSE'S to the banks, so doing the next best thing....hiring the brain trust babies who were running the big shops.
Do you think one guy serving as regulator and conservator is tantamount to the corporate stupidity of having the CEO as chairman of the board also? It would seem to me there is a conflict of interest (largely) by having the same person trying to provide two job descriptions.
Sure thing, I got a memory like an elephant.
+1 if this is fact!
Well I hope the government allow a special class of pref's to insure they sweep all and pref's get zero in case of bankruptcy.....Ooohhh wait a minute, they did that!
Great post! Keep'email coming.
I agree monk. My skepticism has just grown through many years of watching this fiasco go on and on and on. As Guido and yourself have posted numerous times, and as most all know, this conservatorship was never needed! We were used as a patsy for government and the banks screwing up. Any idiot can see this, yet courts play on words, key in on things like fired for cause, allow government endless appeals and challenges that go off on other tangents. The real reasons of why this was so wrong to begin with gets lost in other, many times confusing litigation and rhetoric. BTW, thank you and Guido for keeping it real and bring old facts to the forefront that the government tries to bury and make go away..
Curious....how many here believe SCOTUS will find entire FHFA Unconstitutional? Knowing how spineless most of the lower courts have been, we will probably get that "President is allowed to fire for cause" decision, which will bump us a whole penny the day that decision is given, then lose .25-.50 the following day.
I'm not very optimistic on courts since it has seemed more and more that they are in bed with government and not providing "their checks and balances" to protect the little guy.
Still no proof on your part that what you claim you have contract wise in conservatorship is indeed true. Yes there is an UNDECIDED case.
Where is your judges order saying your contract rights matter in conservatorship?. Lmao more
FNMAS down 0.33 3.75%
Pref's capital structure argument WHILE IN CONSERVATORSHIP is moot, useless. What so called power or preference do JPS possess right now? The same that commons do, absolutely nothing. Commons have no voting rights currently or dividends and pref's have no place in the capital structure or dividends. The government has made sure that they and only them have upper hand ON ALL SHAREHOLDERS. So JPS rant until the moon turns blue about their place in things - it does not matter UNTIL RELEASED.
I see in my magic 8 ball ....15-20 JPS Shares for 1 common Guido.
Then reissue new pref's at lower interest, but still non cumulative :(
Seems like every time we drop below $2, large blocks being bought???
If the government offers a buyout on commons, we'll know why. Could very well be them buying up commons and manipulating price in their favor. If they ever do offer a buyout of commons, I'm gonna sue for the government to be transparent on shares they own not tied to warrants.
Kind of more like JPS:
no volume, no liquidity, no dividend, no direct claims in court, no growth potential, no conversion, no bankruptcy, non cumulative, no future, so yeah, irrelevant for sure.
I wish that guy would do a follow up article today. Spend both to Trump.
You know what the real shareholder tragedy is? The government managed a coup by villianizing the twins and it's shareholders, by turning the publics ire and anger at the banks during the 2008 crisis towards us! Then constantly harping about taxpayers are not going to suffer losses due to the GSE'S. The irony is it was millions of taxpayers who were blinded by the banks and government into over leveraging themselves, teaser loans, and walk aways due to bad government policy and corrupt banks. Government pulled a very coordinated campaign to villianize the twins/shareholders.... And here we are. They still harp about taxpayers not subsidizing shareholder gains but it is EXACTLY what the government did with every company it's bailed out. It is not the governments money, it IS taxpayer money always. GSE shareholders ARE taxpayers, so they need to stop kicking that beat up catch phrase.
FNMAS $8.70 -0.20 2,25%
Chart showing lower highs and lower lows.
Much appreciate the transcripts links Navy.
Mark Zandi obviously has a socialist bent and does not believe in free market economics. In Forbes article he advocates keeping the GSE'S in conservatorship forever. Wants them to be nothing but a mortgage holder ( taxpayer ) bailout mechanism every time the going gets tough. God forbid they should have stringent requirements to keep people from abusing the system. Capital rule is too high but credit scores and down payments were structured for a reason, to keep people from abusing their credit/loans.
July 4th is coming.....I am guessing around then we will have another positive event. Hopefully big! Relist and settlement announcement would be good. Most the good news we have been getting seems to be just before or after a holiday, so I am hoping July 4th really brings the GSE's their Independence.
Siela verdict, settlement and up list announcement sounds like the next batch of correct events to take place to me!
Keep the faith longs.
How does government settle 12 years of us being held like prisoners? I hope the courts do not jusy leave it up to the gov hacks to d9 the right thing, Im hoping that one of the court judges grows a pair and holds the governments balls to the fire. At very least, release those incriminating docs and allow them to see the daylight of truth.
I will give JPS holders this much....they sure put alot of faith in hedge funds whose main concern is themselves and their investors. When the hedge funds bail, it will be way to late for these smaller JPS holders.
Remember that Chinese proverb....If you lay down with dogs you will get fleas.
If pref shareholders say they are concerned about the capital structure and helping the GSE's, why are they not buying commons? Kthomp says pref's are concerned about the companies yet advocates a 1 to 10 or 20 pref conversion. Laughable.
Quote from an article, makes too much sense!
Fifth, the government should not play favorites among private shareholders. There have been rumors about allowing preferred shareholders to convert into common stock, or allowing a limited rights offering to certain shareholders. This will lead to disputes and delay.
The contractual and legal rights of all shareholders should be left in place and respected equally. Anything else will be seen as playing favorites to Wall Street hedge funds that have invested disproportionately in the junior preferred stock. The contractual rights of those shares should be respected, but not favored over those of common shareholders.