I agree. Practically everything they've done is illegal. The people who should speak up for the corporations (e.g. Tim Howard) are for personal reasons (possibly bought and paid for by hedge funds) suppressing any mention that the warrants are illegal. If Treasury agrees that FnF have paid down the SPS, Treasury still owes them over $30 billion in overpayment of the 10% dividend. At current prices FnF could buy back the warrants for less than $10 billion. That gives them an additional $20 billion towards their capital. Politicians can claim the profits they made from their "investment" is $301B-$187B-$30B+$10B = $94 Billion.
The reason Ackman, John Paulson and possibly Berkovitz legitimize the warrants is because they probably want to buy the warrants from the government. Ackman and Heroic it's previously made offers to buy them. And Moelis Plan was a thinly disguised plan by John Paulson to buy them cheap.
"“The exercise price was set at the average of the stock price during the 20 day period preceding the day that Treasury granted preliminary approval to participate in the CPP program”
Why not just make the exercise price ZERO since the 100,000 shares/dollar was so terminally, laughably ridiculous. I would have bought Fannie Mae myself if the government would have sold at their so-called "exercise price".
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