Fannie Mae-No Politics (FNMA)

[FOFreddie]

Hi Glenn,

I think you have a great precedent to justify your position that the "commons have no value". It is no different than the UST and NEC position in March of 2008. There was an Admin action being discussed with Senator Shelby and the Senate Banking Committee and Daniel Mudd was in HK trying to raise capital.

Check out the email trail to see how disingenuous the UnderSecretary of the UST was - I especially like the "no problemo" quote from the UnderSecretary. You can see how the whole thing was manipulated to be set up to fail by the For Your Eyes Only Memo. Lockhart and Shelby were set up and they tried to put Mudd in jail. Does this Admin have the same ethics as the GWB Admin? Does Bernstein have an ethical standard? It would seem you expect the same from the JB Admin as was from the GWB Admin where shareholders are "wiped"

Hope you are wrong - but based on precedent you are probably right - commons have no value.

https://fcic-static.law.stanford.edu/cdn_media/fcic-testimony/2007-2008_Fannie_Mae_Timeline_and_Supporting_Documents.pdf

Our only hope seems to be a new Admin or a series of judicial wins that are not overturned by SCOTUS