FNMA News 08/15/2014 07:24:26 $FNMA
I certainly agree. Now we know why the wierdness about the MFI. Totally manipulated to accumulate for somebody in the know. Maybe Icahn, maybe Ackman grabbing more. Who knows? Patience has paid off here my friend. GL.
Have a wonderful 55th birthday! Look forward to meeting in person at the Wynn some day soon!!
Thanks...55 be a great year for me and fannie...Wynn is the place for the toast...fnf be fine.
Great Detearing! I'm 100% there with you FnF is here to stay and Ackman has the US in checkmate...
Happy 55th as the end of this year will be a great one!!!
Fnma Fmcc
I posted Ackman story to CNBC Squawk on the Street Facebook page
https://www.facebook.com/SquawkStreet
Ackman complaint: Is this what America has become ?
15 Friday Aug 2014
Posted by timhoward717 in Uncategorized ˜ 7 Comments
The Ackman complaint is a literal treasure trove of information. I highly suggest everyone study this document.
The detailed case laid out regarding treasuries role in this is chilling.
As i read this document I feel as if I am reading a Tom Clancy novel about some corrupt third world governmental scheme.
Its almost unfathomable that this can be taking place in America.
The degree in which our government has trampled the rule of law is staggering.
I will be offering a detailed analysis of this complaint over the coming days but right now I want to vent.
This complaint speaks volumes as to the current state of our nation.
The lawlessness described in this complaint reads like a Bernie Madoff type indictment.
I honestly can’t even study anymore of this tonight as it’s making me feel physically sick.
This is a sad day for our nation. This complaint though a huge victory for our side is no cause for celebration,on the contrary I think we should all take a moment of pause. I know this is what we all wanted but I really need to take a break here. Lets take a moment to digest the sad truths that have been revealed. This is not what was ever intended for our great nation.Would our parents ever allowed their great nation to even think about conducting such a lawless heist? Is this the nation that the generations that came before us left us to inherit?
So many people have become so self absorbed they no longer care about anything but themselves and their own selfish little plans.
Much of our media has become so detached from reality I honestly don’t think they can even differentiate truth from false anymore. They view their organizations as a vehicle to push their own selfish agenda, the truth is irrelevant to them. Their readers are but pawns that serve one purpose, to fill their banks with gold.
What we saw recently was a concerted effort to undermine our cause for their own selfish motives. I have been told that this was a concerted effort to try and once again derail our movement.
Their are some very powerful people that are desperate to see us go away,many of whom stand to make huge financial gains if they can only tear us down to pennies.
For Gods sake folks we are but a small band of patriots fighting what history will view as one of the greatest David and Goliat stories ever told.
This detailed complaint vindicates us and condemns our opponents. History will be the final judge and we will all know that we did all we could to prevent our nation from continuing down a path that would have surely led to our ruin. I know we will be victorious I only pray that our nation can somehow get back to a place where even the thought of a scheme like this can not even take root never mind grow as it has now.
Keep the faith!
August 15 Premarket Briefing: 10 Things You Should Know
our Billy boy Ackman made the list ... # 10 !!!
10. -- Bill Ackman of Pershing Square Capital Management was on the J.C. Penney board till August 2013; now Ackman's hedge fund has sued the U.S. government over the terms of the $187.5 billion federally funded bailout of Fannie Mae and Freddie Mac in 2008. The Pershing Square suit claims that in its bailout the government schemed to "strip all profits" from Fannie and Freddie shareholders. The Treasury Department has used language in the initial bailout to justify keeping all profits from Fannie and Freddie.
Pershing Square said it wanted damages and restitution. The hedge fund owns about 10% of both Fannie and Freddie's shares.
Common Shareholders of Fannie and Freddie, Including Pershing Square and Three Individuals, File Suit against United States Government
Complaint Challenges the Government’s Ongoing Confiscation of All Fannie and Freddie Profits
NEW YORK--(BUSINESS WIRE)--
(related stories- pretty good coverage !!!)
Pershing Square sues U.S. over Fannie Mae, Freddie Mac Reuters
[$$] Pershing Square Sues U.S. Over Fannie, Freddie The Wall Street Journal
Bill Ackman to Sue U.S. Over Fannie, Freddie Mortgage Profits TheStreet.com
Bill Ackman Sues America Forbes
Fannie, Freddie to pay $5.6B dividends to U.S. USA TODAY
Today, common shareholders of the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) filed suit in the U.S. Court of Federal Claims seeking to remedy the federal government’s unlawful taking of shareholders’ rights and property in Fannie and Freddie and other violations of law. The shareholder plaintiffs are three individuals and Pershing Square Capital Management, L.P. (“Pershing Square”). The defendant is the United States government, including the U.S. Department of the Treasury and the Federal Housing Finance Agency (“FHFA”).
The complaint challenges the government’s ongoing confiscation of all profits of Fannie Mae and Freddie Mac (the “Companies”). According to the filing, the government is expropriating the Companies’ profits through a 2012 arrangement (the “Net Worth Sweep Agreements”) by which FHFA, purportedly acting as the conservator of the Companies, and Treasury agreed to strip all earnings from both Companies and sweep them to Treasury in cash, every quarter, in perpetuity. These Net Worth Sweeps implement what internal Treasury documents had earlier described as the Administration’s “commitment” to “ensure existing common equity holders will not have access to any positive earnings from the [Companies] in the future.”
The three individual common shareholders who have brought this suit are a retired nurse who holds common shares of Fannie Mae first purchased over 25 years ago and a retired scientist and retired psychiatric social worker who have held Fannie Mae common shares for approximately 15 years. They are joined by Pershing Square, which is the Companies’ largest common shareholder, with an approximate 10% stake in the outstanding common stock of each Company. Today’s complaint follows other lawsuits, brought primarily by institutional shareholders of the Companies’ preferred stock, which also challenge the Net Worth Sweep Agreements. The common shareholders bringing today’s suit seek to challenge the government’s illegal actions and vindicate and protect their rights as common shareholders of the privately owned, for-profit Companies as chartered by Congress.
Applicable law requires FHFA as conservator to “preserve and conserve” the Companies’ “assets and property” and to “put [them] in a sound and solvent condition.” Instead, through the Net Worth Sweeps the government has taken the Companies’ profits for itself without any compensation to the Companies’ shareholders. The Net Worth Sweeps treat the Plaintiffs—and all of the other common shareholders—as “shareholders” in name only, rather than as the owners of the Company with relevant property rights as conferred by law. Today’s complaint charges that the government’s action violates the Takings Clause of the Fifth Amendment to the United States Constitution as well as FHFA’s implied contractual duties.
The government’s confiscation of the entire earnings of the Companies also violates federal statutes and the government’s fiduciary duties to the Companies’ shareholders, and the plaintiffs in this case intend to pursue their legal rights on those claims separately in an appropriate forum.
The case is entitled Louise Rafter, Josephine Rattien, Stephen Rattien and Pershing Square Capital Management L.P., plaintiffs, v. The United States of America, defendant, Federal National Mortgage Association and Federal Home Loan Mortgage Corporation, nominal defendants. To view the complaint, click here.
ABOUT PERSHING SQUARE
Pershing Square, based in New York City, is an SEC-registered investment advisor to private investment funds. Funds managed by Pershing Square own securities of Fannie Mae and Freddie Mac. Pershing Square may increase, decrease, dispose of, or change the form of its investment in Fannie Mae and Freddie Mac for any or no reason, at any time. Pershing Square disclaims any obligation to notify the market of any such changes.
Where are the congress men who was elected to protect the law?
They are useless because they belongs to the same cash machine and no one of them ready to lose a fat piece of pie.
the CNBC TV streaming ticker on bottom includes the ACKMAN story
suing the U.S. Gov over Bailout terms for Fannie & Freddie but I haven't
heard the Anchors bring it up in their dialogue -yet !!! stay tuned !!
Distressed stocks seem to always behave this way...they shake out retail...my gut is Ackman wins against government steeling our money...Wynn will happen and I will update the list in the next week or so...
OK - will check that out Friday...
August 22...Wynn is something to look forward too...the new Popeye statue will be one of the first things I look at...
Today will be great day trading day. Up to 4.05 and down to 3.90 and up again. I like uncertainty makes for great day trading profits.
Could you imagine? We get paid a fat dividend of back pay and our shares jump to $60 in a day?
Which day?
Need one at the moment, just 18 milion.
Ackman seeking COMPENSATION + DAMAGES!
Quote:
17. Accordingly, through this action, Plaintiffs seek the just compensation to which they are entitled under the Fifth Amendment. Plaintiffs also seek to recover for the Companies the damages to which they are entitled from the Government's breach of its contractual obligations.
Quote:
Link to Lawsuit filed today by ACKMAN against the U.S.
http://www.scribd.com/doc/236850558/Verified-...ing-Square
damage control after dance party press release
*Note: Since writing this piece, Obama has made his first public statement on Ferguson (see here). Apparently he is doing damage control after his dance party press release last night. What I find so interesting is how he first calls for calm on behalf of the protesters and then afterward addresses the police. Compare that to his statements on Egypt at the top.
At this point I want to make a comparison that relatively few people have zeroed in on. The similarities between the Bundy Ranch confrontation earlier this year and the unrest in Ferguson. While the superficial differences are stark (one group being white, rural and likely relatively well off, with the other being black, urban and poor), I believe the root cause of the unrest is more similar than you might think. There is seething anger at what is correctly perceived to be oppression and authoritarianism on behalf of the “status quo.” The key distinction here is that poor, black, urban communities have been dealing with this for generations, while it has only more recently targeted its sights on formerly middle-class white communities. This makes for an absolutely explosive situation going forward as the looting and pillaging of the power structure continues without repercussions for the offenders.
So why am I bringing up the comparison to the Bundy Ranch in the first place? Because I don’t want Americans to be divided and conquered further based on false superficial differences. All of us as citizens are involved in a monumental struggle not against each other, but against the status quo. The quicker we recognize this, the quicker we can deal with the real problem. Very early on, I attempted to focus on the similarities between the the Tea Party and Occupy Wall Street so that those two movements could join forces. I highlighted the following graphic whenever possible:
Screen Shot 2014-08-14 at 10.50.38 AM
Although we are now starting to see libertarians and progressives unite in Congress on some very important issues such as domestic surveillance, the demonization of each others’ movements by both sides as somehow less pure or enlightened than the other prevented a much wider and united action for social and economic justice. It was a huge missed opportunity and I don’t want this to happen again. The Bundy Ranch affair and the unrest in Ferguson, Missouri should be seen as two sides of the same coin. The American public finally getting fed up with the authoritarianism of the corrupt status quo.
I certainly agree. Now we know why the wierdness about the MFI. Totally manipulated to accumulate for somebody in the know. Maybe Icahn, maybe Ackman grabbing more. Who knows? Patience has paid off here my friend. GL.
Have a wonderful 55th birthday! Look forward to meeting in person at the Wynn some day soon!!
Thanks...55 be a great year for me and fannie...Wynn is the place for the toast...fnf be fine.
Great Detearing! I'm 100% there with you FnF is here to stay and Ackman has the US in checkmate...
Happy 55th as the end of this year will be a great one!!!
Fnma Fmcc
I posted Ackman story to CNBC Squawk on the Street Facebook page
https://www.facebook.com/SquawkStreet
Ackman complaint: Is this what America has become ?
15 Friday Aug 2014
Posted by timhoward717 in Uncategorized ˜ 7 Comments
The Ackman complaint is a literal treasure trove of information. I highly suggest everyone study this document.
The detailed case laid out regarding treasuries role in this is chilling.
As i read this document I feel as if I am reading a Tom Clancy novel about some corrupt third world governmental scheme.
Its almost unfathomable that this can be taking place in America.
The degree in which our government has trampled the rule of law is staggering.
I will be offering a detailed analysis of this complaint over the coming days but right now I want to vent.
This complaint speaks volumes as to the current state of our nation.
The lawlessness described in this complaint reads like a Bernie Madoff type indictment.
I honestly can’t even study anymore of this tonight as it’s making me feel physically sick.
This is a sad day for our nation. This complaint though a huge victory for our side is no cause for celebration,on the contrary I think we should all take a moment of pause. I know this is what we all wanted but I really need to take a break here. Lets take a moment to digest the sad truths that have been revealed. This is not what was ever intended for our great nation.Would our parents ever allowed their great nation to even think about conducting such a lawless heist? Is this the nation that the generations that came before us left us to inherit?
So many people have become so self absorbed they no longer care about anything but themselves and their own selfish little plans.
Much of our media has become so detached from reality I honestly don’t think they can even differentiate truth from false anymore. They view their organizations as a vehicle to push their own selfish agenda, the truth is irrelevant to them. Their readers are but pawns that serve one purpose, to fill their banks with gold.
What we saw recently was a concerted effort to undermine our cause for their own selfish motives. I have been told that this was a concerted effort to try and once again derail our movement.
Their are some very powerful people that are desperate to see us go away,many of whom stand to make huge financial gains if they can only tear us down to pennies.
For Gods sake folks we are but a small band of patriots fighting what history will view as one of the greatest David and Goliat stories ever told.
This detailed complaint vindicates us and condemns our opponents. History will be the final judge and we will all know that we did all we could to prevent our nation from continuing down a path that would have surely led to our ruin. I know we will be victorious I only pray that our nation can somehow get back to a place where even the thought of a scheme like this can not even take root never mind grow as it has now.
Keep the faith!
August 15 Premarket Briefing: 10 Things You Should Know
our Billy boy Ackman made the list ... # 10 !!!
10. -- Bill Ackman of Pershing Square Capital Management was on the J.C. Penney board till August 2013; now Ackman's hedge fund has sued the U.S. government over the terms of the $187.5 billion federally funded bailout of Fannie Mae and Freddie Mac in 2008. The Pershing Square suit claims that in its bailout the government schemed to "strip all profits" from Fannie and Freddie shareholders. The Treasury Department has used language in the initial bailout to justify keeping all profits from Fannie and Freddie.
Pershing Square said it wanted damages and restitution. The hedge fund owns about 10% of both Fannie and Freddie's shares.
Common Shareholders of Fannie and Freddie, Including Pershing Square and Three Individuals, File Suit against United States Government
Complaint Challenges the Government’s Ongoing Confiscation of All Fannie and Freddie Profits
NEW YORK--(BUSINESS WIRE)--
(related stories- pretty good coverage !!!)
Pershing Square sues U.S. over Fannie Mae, Freddie Mac Reuters
[$$] Pershing Square Sues U.S. Over Fannie, Freddie The Wall Street Journal
Bill Ackman to Sue U.S. Over Fannie, Freddie Mortgage Profits TheStreet.com
Bill Ackman Sues America Forbes
Fannie, Freddie to pay $5.6B dividends to U.S. USA TODAY
Today, common shareholders of the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) filed suit in the U.S. Court of Federal Claims seeking to remedy the federal government’s unlawful taking of shareholders’ rights and property in Fannie and Freddie and other violations of law. The shareholder plaintiffs are three individuals and Pershing Square Capital Management, L.P. (“Pershing Square”). The defendant is the United States government, including the U.S. Department of the Treasury and the Federal Housing Finance Agency (“FHFA”).
The complaint challenges the government’s ongoing confiscation of all profits of Fannie Mae and Freddie Mac (the “Companies”). According to the filing, the government is expropriating the Companies’ profits through a 2012 arrangement (the “Net Worth Sweep Agreements”) by which FHFA, purportedly acting as the conservator of the Companies, and Treasury agreed to strip all earnings from both Companies and sweep them to Treasury in cash, every quarter, in perpetuity. These Net Worth Sweeps implement what internal Treasury documents had earlier described as the Administration’s “commitment” to “ensure existing common equity holders will not have access to any positive earnings from the [Companies] in the future.”
The three individual common shareholders who have brought this suit are a retired nurse who holds common shares of Fannie Mae first purchased over 25 years ago and a retired scientist and retired psychiatric social worker who have held Fannie Mae common shares for approximately 15 years. They are joined by Pershing Square, which is the Companies’ largest common shareholder, with an approximate 10% stake in the outstanding common stock of each Company. Today’s complaint follows other lawsuits, brought primarily by institutional shareholders of the Companies’ preferred stock, which also challenge the Net Worth Sweep Agreements. The common shareholders bringing today’s suit seek to challenge the government’s illegal actions and vindicate and protect their rights as common shareholders of the privately owned, for-profit Companies as chartered by Congress.
Applicable law requires FHFA as conservator to “preserve and conserve” the Companies’ “assets and property” and to “put [them] in a sound and solvent condition.” Instead, through the Net Worth Sweeps the government has taken the Companies’ profits for itself without any compensation to the Companies’ shareholders. The Net Worth Sweeps treat the Plaintiffs—and all of the other common shareholders—as “shareholders” in name only, rather than as the owners of the Company with relevant property rights as conferred by law. Today’s complaint charges that the government’s action violates the Takings Clause of the Fifth Amendment to the United States Constitution as well as FHFA’s implied contractual duties.
The government’s confiscation of the entire earnings of the Companies also violates federal statutes and the government’s fiduciary duties to the Companies’ shareholders, and the plaintiffs in this case intend to pursue their legal rights on those claims separately in an appropriate forum.
The case is entitled Louise Rafter, Josephine Rattien, Stephen Rattien and Pershing Square Capital Management L.P., plaintiffs, v. The United States of America, defendant, Federal National Mortgage Association and Federal Home Loan Mortgage Corporation, nominal defendants. To view the complaint, click here.
ABOUT PERSHING SQUARE
Pershing Square, based in New York City, is an SEC-registered investment advisor to private investment funds. Funds managed by Pershing Square own securities of Fannie Mae and Freddie Mac. Pershing Square may increase, decrease, dispose of, or change the form of its investment in Fannie Mae and Freddie Mac for any or no reason, at any time. Pershing Square disclaims any obligation to notify the market of any such changes.
Where are the congress men who was elected to protect the law?
They are useless because they belongs to the same cash machine and no one of them ready to lose a fat piece of pie.
the CNBC TV streaming ticker on bottom includes the ACKMAN story
suing the U.S. Gov over Bailout terms for Fannie & Freddie but I haven't
heard the Anchors bring it up in their dialogue -yet !!! stay tuned !!
Distressed stocks seem to always behave this way...they shake out retail...my gut is Ackman wins against government steeling our money...Wynn will happen and I will update the list in the next week or so...
OK - will check that out Friday...
August 22...Wynn is something to look forward too...the new Popeye statue will be one of the first things I look at...
Today will be great day trading day. Up to 4.05 and down to 3.90 and up again. I like uncertainty makes for great day trading profits.
Could you imagine? We get paid a fat dividend of back pay and our shares jump to $60 in a day?
Which day?
Need one at the moment, just 18 milion.
Ackman seeking COMPENSATION + DAMAGES!
Quote:
17. Accordingly, through this action, Plaintiffs seek the just compensation to which they are entitled under the Fifth Amendment. Plaintiffs also seek to recover for the Companies the damages to which they are entitled from the Government's breach of its contractual obligations.
Quote:
Link to Lawsuit filed today by ACKMAN against the U.S.
http://www.scribd.com/doc/236850558/Verified-...ing-Square
damage control after dance party press release
*Note: Since writing this piece, Obama has made his first public statement on Ferguson (see here). Apparently he is doing damage control after his dance party press release last night. What I find so interesting is how he first calls for calm on behalf of the protesters and then afterward addresses the police. Compare that to his statements on Egypt at the top.
At this point I want to make a comparison that relatively few people have zeroed in on. The similarities between the Bundy Ranch confrontation earlier this year and the unrest in Ferguson. While the superficial differences are stark (one group being white, rural and likely relatively well off, with the other being black, urban and poor), I believe the root cause of the unrest is more similar than you might think. There is seething anger at what is correctly perceived to be oppression and authoritarianism on behalf of the “status quo.” The key distinction here is that poor, black, urban communities have been dealing with this for generations, while it has only more recently targeted its sights on formerly middle-class white communities. This makes for an absolutely explosive situation going forward as the looting and pillaging of the power structure continues without repercussions for the offenders.
So why am I bringing up the comparison to the Bundy Ranch in the first place? Because I don’t want Americans to be divided and conquered further based on false superficial differences. All of us as citizens are involved in a monumental struggle not against each other, but against the status quo. The quicker we recognize this, the quicker we can deal with the real problem. Very early on, I attempted to focus on the similarities between the the Tea Party and Occupy Wall Street so that those two movements could join forces. I highlighted the following graphic whenever possible:
Screen Shot 2014-08-14 at 10.50.38 AM
Although we are now starting to see libertarians and progressives unite in Congress on some very important issues such as domestic surveillance, the demonization of each others’ movements by both sides as somehow less pure or enlightened than the other prevented a much wider and united action for social and economic justice. It was a huge missed opportunity and I don’t want this to happen again. The Bundy Ranch affair and the unrest in Ferguson, Missouri should be seen as two sides of the same coin. The American public finally getting fed up with the authoritarianism of the corrupt status quo.
