Fannie Mae (FNMA)

[YanksGhost]

I sense unfamiliarity with the investment banking process by which new shares are offered. Each of the banks I listed are among the largest on a global basis. In the case of Goldman Sachs or Morgan Stanley, preferred shares serve no core capital exigency. For commercial banks that serve both investment and mortgage banking clients, the P shares are crucial to thier capital which is regulated under FDIC rules.

I agree that a full subscription on common-derived capital would likely require a dividend emolument. But it all hinges on the share pool and dilution impact.