Assuming that you are right, which I can't really assess since I don't follow HLF, Icahn would rightfully still be mad as hell at Ackman for screwing up his exit strategy and attempt to salvage something out of a very costly investment. So my point remains. I believe Icahn is sitting on around 5 million common shares in FNMA. If he dumps them en masse at the gavel and unloads what has been two days of normal trading action during the August slowdown, he will drive FNMA S/P down to around a buck and cost Ackman a fortune and a new round of redemption pressures on Pershing Square going into Seeking Alpha,
Not a good idea to kick a big dog in the nuts. You might just get bitten back, Will be interesting to watch this play out.
The Herbalife contest between Ackman and Icahn moved into uncharted territory as Ackman announced on CNBC that he was tipped off Icahn was selling off his HLF position. HLF took steep declines during the Friday session, only to have Icahn emerge after the market close and reveal that he wasn't selling, and in fact bought millions of additional shares when Ackman drove the price down.
Next round belongs to Icahn. Watch him dump his Fannie shares to get even with Ackman on Monday, or soon thereafter.
Also, you don't want to miss CNBC @ 9AM on Monday when Cramer and Faber return to address the circus of their fill-in's putting the Ackman story front and center on Friday with no valid verification that the story had any merit or basis in fact. David Faber, in particular, is an absolute sticker for this and frequently declines comment pending confirmation of rumors and such. This is a huge black-eye for the network...a faux pas of enormous reporting bad judgement. It also could leave Ackman in jeopardy for furthering his short position in HLF, on top of his redemption problems that have been widely reported elsewhere.
You are truly delusional. It goes down on active trading days and it inches up 3 cents on a slow trading day and you proclaim victory and a buy, buy, buy signal?
Ryan Lochte lied to police? Show me ANY vehicular accident report given to police where both driver and victim don't blame the other guy for what happened? Somebody either lied or was wrong. Who cares? There are summary offenses where disagreement is expected. What did Lochte do that was very much different? Why does Brasil expect him to return to their jurisdiction at enormous personal expense and inconvenience (not to mention RISK) so they can pursue some childish misdemeanor-level offense against an Olympic visiting athlete that celebrated the Brazilian tradition of getting inebriated?
Brazil would be better focused on prosecuting its own elected officails for corruption instead of trying to deflect world opinion against American athletes whose primary offense was celebrating their winning on a LOT of medals in swimming events in which Brazilian swimmers simply could not compete.
Lochte was screwed up by committing a childish, immature act that reflected badly on the values which drive most Americans.
But Brazil remains screwed up by making mountains out of molehills and by trying to excuse away its anti-American hubris by blaming Lochte for its inability to provide citizens and visitors, alike, a safe environment that does not require armed guards needed to protect crucial, national assets like potential damage to convenience store restroom doorways.
I like Brazil. I like Brazilian people. But I will never go back after this ridiculous legal excess to "get even" with some "international criminal" whose primary crime was being over-served in the France Club by a Brazilian bartender that nobody bothered to investigate. Just blame the stupid American. Ignore the cultural norm in Brazil of "drink 'til you puke or pass out".
The government accepted 79.9% of the equity in both GSEs and 62% of the equity in General Motors. Interest rates fluctuate with risk. Ever see an interest rate in debtor-in-possession re-org's? The Fannie whiners bleat about the onerous interest rates, too, but maybe 10% doesn't look so high when you are at risk of guaranteeing obligations with a coupon rate as high as 8.25%?
Maybe Boies should stick to litigating gay issues in California.
In which of the 20 cases pending is this arcane reference from, and in what part of the complaint filing or updated brief can this so-called "issue" be found?
By the by, I just checked. and Melvin Watt was confirmed by the Senate on December 10, 2013.
But fear, not. Your ongoing status as Board Fool remains, unchallenged. You are still the #1 Fool, with all rights and honors pertaining thereto.
In honor of the Rio Olympics, here's a reminiscence of a Brazilian oldie you might recall. It was titled: "The Fool on the Hill." To borrow a line from Sergio Mendes and Astrid Gilberto, you "didn't seem to notice" that such a plaintiff strategy only releases claims against the government and repositions any damages as the responsibility of "the acting guy"? Then, too, there is the legal invalidation of any "self dealing claims, too. You just scored a daily double for the defense team.
"See the world... spinning 'round."
I think it goes WAY beyond just Congress and the courts. There is a reason why executive privilege was invoked. Taking on the White House and POTUS takes a real brass pair that few journalists can afford to have defended by legaldom's finest. JMHO.
Yes, this Bloomberg report was written by the same Joe Light that formerly was a frequent WSJ reporter. He is quite an expert on the bond market and has delivered a lot of GSE content on derivatives, hedging and exotic financing strategies. I thought this article seemed more middle ground than his earlier stuff, perhaps in the same way Charlie Gasperino seems to have moved to a centric balance.
Pretty thorough recap of events and the current legislative landscape in Washington. New Royce bill expected in September to level playing field between GSEs and mortgage bankers. Hello CSP!
Don't take the deletions too seriously. This is just the Yahoo computer doing a search for nasty words and deleting anything it considers crude or derogatory. It is more stupid than malicious. I had the same post deleted twice for using the nickname of Richard Nixon,,, a shortened version of Richard, you can surely guess what... because it was obscene. It was the man's name, but out it had to go. Compare this to InvestorsHub where the moderators simply delete any content that doesn't match their agenda with not even a shred of TOS violations at hand. Their administrators allow it to continue, likely because they can dump the stuff off on somebody else. YMB is a walk in the park compared to that totally partisan "club" of control freaks. I post there only very occasionally, now.
Was the young man that chose to serve and returned to Dallas to slaughter police officers in an unprovoked massacre a hero to you, too? Just because someone served doesn't entitle them to be a hero under any and all circumstances. Most military people are dedicated, patriotic, service-dedicated professionals that deserve our profound thanks, admiration and respect. But not the few bad apples that come out of the service with either a chip on their soldier or a screw loose and some score to settle with anybody they can pick a fight with.
The only person I said anything to was a nutcase that proudly admitted to attempting vehicular manslaughter to get even with some other mororist that cut him off. Get lost.
There are all kinds of strategists playing in Fannieland. Most are the lawyers reading the verdict Tarot cards. Then there are the accounting gurus looking at all the off-sheet antics and seeing huge wealth. Then there are the penny flippers who think every distressed stock is the next American Airlines. Then there are a few investors who look at opportunity differently. The latter category would include me. Here's my simple base line.
One outcome for Fannie is a sweeping court verdict punishing government and ending conservatorship and the NWS. In this most unlikely scenario, Fannie pfd gets its non-cum divvy restored at or near 8.25% in at least a few years. That's a $2.06 JPD on a stock I own @ $4. So I keep the cash until redemption is called, but probably not for a long period as recap will take precedence. This is good for FNMAS.
The second outcome for Fannie is that Jacobs, Hindes will prevail in Delaware and the court may order repayment to junior preferred shareholders for dividends they illegally were denied by lack of fiduciary oversight of their interests and violation of Delaware GCL Section 151(c). This could be a demand that JPD's be re-paid retroactive to Q3/2008 or other periods that in each case multiply the recovery of the $2.06 annual divvy, or some proportion of same vis-a-vis the SPD gifted 100% to UST since Q2;2008 (the final dividend paid). This is good for FNMAS.
A third outcome could be that reserves are fully depleted by December, 2017 and receivership and liquidation ensue. The liquidation preference for FNMAS should be close to par value of $25. This five-bagger is good for FNMAS.
And the final outcome would be the political gridlock default of affordable housing Dems locked in the continuing stalemate with Grover Norquist/balanced budget Reps, prompting some mid-ground release back to a business as usual . This would restore FNMAS back to its pre-conservatorship Par level @ $25 and no divvies any time soon, but some day.
Nice. Now just try to avoid vehicular manslaughter charges so you can enjoy the new ride. Once you exit military service you lose your right to just kill anything that moves that might suit you.
You always buy insurance.
This is why you also own FNMAS or another GSE preferred stock vs. FNMA commons.
It's just being smart. Just like you should be over on the new YMB where you can mute the spam, the irrelevant political rants that have nothing to do with Fannie, the bump and fuhkface posts and all the troll attacks and just stick to news, discussion, content links and occasional humor.
One must be in Animal Husbandry which he actively practices with you.