Fannie Mae-No Politics (FNMA)

[investor G]

Kthomp, the citi conversion if you study closely is apples / oranges. Financially the govt was not diluted by a generous pref/common exchange ratio like they would here with the warrants in a potential exchange. As you said in a prior post, there's very little chance the warrants wouldn't be exercised in advance or in conjunction with an jr pref exchange offer rather than after.