Monday, March 18, 2024 4:28:02 AM
He complains about the Warrant but only if it's exercised, knowing that it's when the damage can't be reversed, ignoring that the damage on stock valuation is the moment it was issued in 2008 (EPS on a diluted basis).
In the meantime, this allows more time for his boss, Pagliara, to use it to negotiate with the government the same way the former Venezuelan president Hugo Chavez would say: "Appropriate it!" (79.9% stake in FnF).
Pagliara:
This is different from the appropriations clause, when lawmakers appropriate funds, not private corporations.
This is the 1968 Act for the privatization of Fannie Mae, when Ginnie Mae was spun off, taking the special assistance functions with it.
It makes clear that they are (government-sponsored) private corporations.
The name has deviated to government-sponsored enterprises and the scammers have seen an opportunity to claim that the GSEs aren't private corporations at all, like this person in a tweet retwitted by the controversial WSJ's Ackerman, clearly not understanding what a congressionally-chartered private corporation and privately-held company mean.
The FHLBs are a government-sponsored enterprise. The government determines who can buy shares, when those shares must be sold, the price at which the shares are bought and sold, and the bulk of the rights that come from holding the shares. 3/
— Kate Judge (@ProfKateJudge) March 13, 2024
Or Mnuchin who always referred to FnF as government-sponsored enterprises, instead of congressionally-chartered private corporations. Both are the same, but it shows what he is up to.
Then, Guido and the plaintiff Bryndon Fisher outline the plan B in a cattle market style negotiation in layman's terms: they ask for SPS debenture forgiveness, so they can retroactively sneak a 10% dividend rate, as if the prior 15 years and a half, hadn't existed, no laws apply to FnF, the FHFA has superpowers and eliminating the reality that FnF have sent $426 billion to Treasury in the form of capital distributions that are restricted:
- $191B cash, corresponding to the draws from the Treasury (1:1 SPS). It depletes cash and Common Equity (10% and NWS dividends).
- $110B cash, SPS overpayment. It depletes cash and Common Equity (10% and NWS dividends).
- $125B sent to UST in the form of SPS LP increased for free. It only depletes Common Equity (NWS 2.0). The NW increases with this gifted SPS LP. But this SPS LP and its corresponding offset (reduction of Retained Earnings) that necessarily holds the CE in escrow in order to uphold the FHFA-C's Rehab power, are absent from the balance sheet in order to don't see this effect. Financial Statement fraud.)
When the same officials tried to replicate the 1989 FHLBanks bailout with their statutory provision entitled "SEPARATE ACCOUNT", they ignore that they aren't the same assessments sent to Treasury ("reinvested in zero coupon Treasury notes"), because the FHLBanks sent cash to pay interests and reduce their obligation RefCorp, and FnF have been sending cash and Common Equity, with dividends restricted (not interest payments), thus, the sum has been applied towards the reduction of the SPS in its enterity, as per the exception to the restriction on capital distributions.
This is why with FnF, the separate account is unwound with a posting in their Retained Earnings account (Common Equity) besides a cash refund.
That is, $426B of Common Equity is held in escrow, which is the amount required in the case of a Taking by the Treasury today (that is, a common stock valuaton of Price to Book Value ratio = 1), pending unwinding the Separate Account plan, in accordance with the law, thanks to the FHFA-C's Incidental Power: "Any action authorized by this section,.... in the best interests of the FHFA", also known as "Zing!" power.
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