Fannie Mae (FNMA)

[LuLeVan]

That's $109.5 billion + $193 billion = $302.5 billion.

What's wrong here is what I've highlighted in red. The government paid $193 billion for its SPS, but it will not get the full amount back. It will probably have to take a haircut on its SPS/LP. Even if the government owns 99.5% of the pre-IPO shares after an SPS to common conversion, it will still be diluted by the following capital raise.

The final market capitalization of FnF will be about $250 billion.

In case of an SPS to common conversion appr. $100 billion of the pie will go to the government. So the total amount "won" will be $108 billion + $100 billion = $208 billion.

In case of an SPS writeoff, combined with warrant exercise about $80 billion of the pie will go to the government. So the total amount "won" will be $108 billion + $80 billion = $188 billion.

Your "$301 billion swindle" is wrong in both cases.