Unfortunately I think GS and a number of other banks paid their loans back too and still had to repurchase the warrants back at whatever price the government said more or less. I just don’t know that we can get away with absolutely 0 dilution. If there isn’t dilution what is the governments reason to bother releasing them if they aren’t unlocking a few billion for themselves.
The major difference between AIG and Fannie Freddie, the companies have a Federal Charter where AIG does not. Federal Statute prevents a commitment fee attached the Senior Preferred Stock.
What we need is a major news outlet like the Wall Street Journal to publish the truth about Congressional Law that governs the GSE’s.