Fannie Mae-No Politics (FNMA)

[wdereb79]

They fear that without forced dilution, conservatorship lingers indefinitely, so they push restructuring to guarantee their exit, even if it means crushing commons to make it happen. He is willing to burn down common value to force their guaranteed exit, even though a clean release could pay them full par and let commons win big too. He is playing defense with other people’s upside.