let me ask... if not mistaken, the treasury received "warrant" to purchase preferred shares up to 79.9%, is that not the case?
if they were issued warrants and have not exercised them, then everything is moot, as far as ownership and how much jurisdiction the Treasury has over FNMA.
As long as the warrants are not exercised, the commons still rule.
Obviously, preferred have more rights and power than commons but not until, if it ever happens, the warrants are put into effect.
The logic of activating the warrants is if FNMA repeatedly did something stupid in its management and the Treasury could in effect shut them down by taking away power from management. Though it is possible, it is highly unlikely at this point since dividends have been increasing and more than expected.
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