Yes, the government makes their own rules but unless you bought the stock prior to the conservatorship you have nothing to complain about. The conservatorship created this tremendous investment opportunity that the rest of us have. But the risk is that you're dealing with the government who is going to self deal. Trump, Bessent, et al don't care about shareholder rights they only care about improving the government's position. In this case, bringing as much money as possible into the treasury. The good news for shareholders is that the path they appear to be taking requires maximizing PPS.
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