Replies to post #14842 on Fannie Mae Preferred S (FNMAS)

[Double Black Diamond]

Rosen and Letgo,

I'm new on the board but have been lurking for years. I have a very significant position in FnF preferreds, also have traded in and out of commons. I have worked in the investment industry since the sixties and continue to do so. Back in the good old days, the watchwords on the Street were, "a man's word is his bond" and "the most valuable asset of an investment firm was its good name". With this whole sad business of the third amendment to the PSPA, the folks in power have violated both concepts. To read Rep. Delaney's comments today and to follow his reasoning is sickening, and it diminishes and tarnishes the reputation of the United States as a haven for investors and a beacon for free markets. If Rep. Delaney's comments could be extended to their logical conclusion, should large foreign investors' in U.S. Treasury debt, such as China or Japan, be concerned that their investments are in the hands, as Delaney sees it, of the Treasury Dept., who would be treating their funds "just like any other swashbuckling capitalist"? The treatment of FnF investors should be raising a very large cautionary amber light to foreign investors. Otherwise, when the curtain draws down on their deposits here, guys like Delaney will come out of the governments woodwork and say that they, the foreign investors, should have known better. No, the good old days of trust and honor have passed. Even a handshake is no longer sufficient to seal a deal. Ask Bill Ackman.