Fannie Mae-No Politics (FNMA)

[Barrario]

If it is such a great idea to do a pref conversion to commons, then why has the government not done it already? None of the pref holders seem to provide a reason. No court case addresses conversion. Pref's bet all their money on a "maybe there might be a conversion" stated a long while ago, at a different time, during way different circumstances.
When government said no windfall for shareholders, they meant ALL shareholders. Why pref's quote this statement and take it as a given that it only applies to commons is part of their problematic reading comprehension and tactics of splitting hairs.