Fannie Mae (FNMA)

[jeddiemack]

Rek,

On this topic, you are incorrect.

I'll try one more time.

cause here is not a defined term; its relative, and would have to be subject to scrutiny. Fact is, Watt can't be fired for his actions as conservator. His actions as conservator are not reviewable and his actions can not be second guessed. If you could just make up a "cause" then why write anything in there, because "cause" could be leaving the toilet lid up under your premise. But as actions as "conservator" his actions, are not a "cause" they are immune.


As for the sweep.

Dividends have to be declared to be payable - I'd think you'd probably agree with that.

If the board does not declare a dividend no dividends are payable.

If watt instructs the board to not declare a dividend (in his role as conservator), no dividend is payable.

Thus, Watt could, retain all capital and in his capacity as conservator, his actions would be beyond review.

This isn't hard to understand its very easy and very plain language.