Fannie Mae Preferred S (FNMAS)

[feralcomprehension]

What's your point? This is an 18 month old document by a smart guy who's not in a decision-making role. It's a proposal, one way forward, and one that incidentally doesn't say anything about existing equity (common or preferred) at all. (Search the linked-to pdf for share, shareholder, common, and preferred; you won't quite come up hitless but very near).

Your analysis is badly flawed; we've seen this before.