Fannie Mae-No Politics (FNMA)

[navycmdr]

Oh my ! ... Say it isn't so about Fannie Mae - Dick ...on Spotify

DICK BOVE points out that Fannie:

• Is effectively 79.9% owned by the U.S. government.

• Its operations are totally controlled by the government.

• Quarterly, it provides more than 100% of its profit to the government. "I have repeatedly compared this organization to George Orwell’s well-known book 1984," says Bove.

• Its accounting policies are, in my personal view, as close to pure fraud as any I have ever seen.

• Its policy of Newspeak whereby management refuses to discuss any aspect of the business with investors or the public must make China’s Xi Jinping envious.

https://open.spotify.com/episode/5ZSrcYKmGS4DRQUXjb44Dr

Meanwhile, Fannie Mae is in the midst of a massive management crisis. According to DICK BOVE, chief financial strategist at Odeon Capital Group, it is larger than anything he has ever seen in a profitable company in more than his five decades of analyzing businesses. "The CEO and the Chairperson of the Board are bailing out," says BOVE. "This is more typical of what happens in a socialistic organization run by politically motivated leaders than a truly capitalistic company -- which this organization decidedly is not."

With lively arguments and contributions by BOVE, Odeon co-founder VAN ALSTYNE, and journalist JOHN AIDAN BYRNE, this episode will present a picture of the financial and structural choices now facing Fannie, the government sponsored housing behemoth.

DICK BOVE points out that Fannie:

• Is effectively 79.9% owned by the U.S. government.

• Its operations are totally controlled by the government.

• Quarterly, it provides more than 100% of its profit to the government. "I have repeatedly compared this organization to George Orwell’s well-known book 1984," says Bove.

• Its accounting policies are, in my personal view, as close to pure fraud as any I have ever seen.

• Its policy of Newspeak whereby management refuses to discuss any aspect of the business with investors or the public must make China’s Xi Jinping envious.