Fannie Mae-No Politics (FNMA)

[LuLeVan]

If the Biden Admin "said" something, the stock price would go up. That would be contrary to the government's interests. Because in an SPS-to-common-conversion, the lower the commons' price at the time of the swap, the larger the government's share of the pie.

So the more secretive Biden operates, the greater the dilution - and thus the greater the gain from the cramdown.

Biden's "silence" could therefore be interpreted as greed.

I probably don't need to emphasize that the government and the shareholders have opposing interests.

Fact: Nothing has happened and Biden Admin has said nothing.