Thanks Trunkmonk. I agree. Another one is in the warrant agreements signed by Jim Lockhart and Hank Paulson. Both have a definition for "fair value". According to the agreements, it is the average closing price for the prior 20 trading days. Fannie traded in the range of $4.40 to $8.99 (adj). Freddie traded in the range of $2.81 to $5.90.