Just listened to the ACG interview. A lot of what she says we already knew. Overall, very little new. Here are some additional takeaways.
1) She has recommended preferreds, commons, and both preferreds and commons together in the past
2) She is saying preferreds have been beaten down in recent months, and therefore should be rising in the near term
3) She brought up the possibility of a conversion to commons in the summer as one of several different means of getting to the minimum capital level requirements for release, which she sees as about $40 billion
4)Both interviewer and interviewee agreed that there are many, many what ifs that remain, and various scenarios that can still take place....which we all know.
5)Commons will have their day
I think what they missed was the direction of these most recent court cases. She mentioned En Banc and analyzed things through that lens. But she didn't bring up implications of Lamberth and the 11,000 documents, and the most recent Sweeney hearing....in which she opined that the government should stop the NWS and was acting in a mob-like fashion... which both have their own implications.
They are planning another interview in a few months after some of the anticipated events (capital standards set, possible settlements) are completed.
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