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Krispy Kreme Doughnuts, Inc. Message Board

richdawn6973 69 posts  |  Last Activity: May 24, 2016 8:46 PM Member since: May 21, 2013
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    Court Documents
    Unsealed Documents- May 11, 2016

  • richdawn6973 richdawn6973 May 23, 2016 3:20 PM Flag

    Judge Lamberth not going to be a happy camper that he was misinformed by the government.

  • Richard X. Bove, Vice President Equity Research at Rafferty Capital Markets, highlights the revelation of documents concerning Fannie Mae & Freddie Mac, issues are now beyond making money on the stocks.

    Congressional Intent

    In 2008, the Congress passed the Housing and Economic Recovery Act. Among other requirements the Congress established a series of requirements for the Government Sponsored Enterprises (GSEs) Fannie Mae (FNMA/$1.96/Buy) and Freddie Mac (FMCC/$1.75/Buy). They include:

    The establishment of a new independent agency, the Federal Housing Finance Agency (FHFA), to oversee the activities of the GSEs.The GSEs were to be placed into a conservatorship that was to be overseen by the FHFA.The goal of the conservatorship was to bring the GSEs back to financial health and return them to private status.

    In August 2012, the government claimed that the GSEs were in a death spiral and that the terms of the conservatorship had to be restructured. The government would now forego the requirement that the GSEs pay 10% on their senior preferred stocks, which were owned by the government. From this point forward, the government would collect basically the total profits of these companies, if earned, in each quarter.

    In pursuant to this new requirement, for example, Fannie Mae stopped paying the $2.9 billion in quarterly payments to the U.S. Treasury. Instead, in the fourth quarter of 2012 it paid $7.2 billion. In the first quarter of 2013, it paid $58.4 billion and in the second quarter of that year it paid $10.2 billion. In sum, in the 14 quarters from Q4 2012 to Q1 2016, Fannie Mae paid $120.0 billion in dividends to the Treasury under the new arrangement instead of the $41.0 billion that would have been required under the old arrangement.

    A number of lawsuits were spawned as a result of this dramatic difference in payments. The U.S. Treasury responded to these lawsuits by arguing that all information related to the government’s decision making in late 2012 was privileged and that to share it with the public would create a financial crisis. The plaintiffs demanded some 11,000 documents arguing that the government was required to be transparent and that the government may not have fairly represented decision making in 2012.

    In October 2014, U.S. District Court Judge Royce Lamberth refused to hear the objections of the plaintiffs and threw out their case arguing that the profit sweep was legal. This decision was supported by another U.S. District Court in, I believe it was, Iowa.

    New Revelations

    Last week a court case in Kentucky was resolved in an out-of-court agreement. The United States Treasury agreed to provide what is believed to be 45-50 previously proscribed documents to the plaintiff demanding this information. A small amount of this data has been published in the New York Times. The material I read indicates the following:

    The key decisions concerning the future of the Fannie Mae and Freddie Mac were being made in the White House and the Treasury Department. This includes the decision to create the profit sweep rather than have the dividends paid at the rate of 10% on the GSE senior preferred debt. It now appears that the White House and the Treasury were directing the FHFA contrary to Congress’ demand. The FHFA was far from being an independent agency.The second issue that seems to conflict with the law is the management of the conservatorship is driving the GSEs into bankruptcy rather than allowing them to return to health.It is explicitly stated in the released documents that the GSEs will never be allowed to return as private companies. It was and is the clear intention of the White House and the Treasury to wipe out the positions of the shareholders in these companies even though the stocks continue to trade and no effort is being made to explicitly place these companies into bankruptcy.

    It was further revealed that the information provided to Judge Lamberth was false. Instead of the GSEs being in a death spiral as stated to the court, government insiders were indicating that these companies were entering into 8 golden years of profitability.

    The government was fully aware that these companies had turned around but had stated to the courts that they were still headed down. Since Judge Lamberth refused to hear the plaintiffs’ arguments in open court he made his decision without this knowledge.

    More Documents Revealed Concerning Fannie Mae & Freddie Mac

    What Happens Now?

    Judge Lamberth’s decision is being reviewed by a Federal Appeals Court. That court now has the information that the judge refused to consider. It is possible that the Appeals Court will return the case to Judge Lamberth for a re-hearing. It is unknown what the Judge will do but he may not be pleased about the fact that he was misinformed by the government. In a similar situation, U.S. District Judge Andrew Hanen ordered mandatory ethics classes for Justice Department Attorneys for being “intentionally deceptive.”

    This information is also being provided to Judge Sweeney in the Federal Claims Court in Washington. She may now decide that the 11,000 documents that the government has claimed are privileged should be released to the public. This will allow that case to proceed.

    There is now a new bill in Congress introduced by Congressman Mick Mulvaney (R.; SC) that would allow the Fannie Mae and Freddie Mac to return to private status. (Mel Watt, the head of the FHFA had been a Congressman from South Carolina). Mr. Mulvaney’ bill has little chance of passage but it is a dramatic change in at least this one Republican’s view of the GSEs.


    It is ironic that hedge funds in seeking their personal benefit have made this information available. It is the classic evidence of Adam Smith’s “Invisible Hand” – i.e., individuals seeking their benefit will benefit the nation. What is ironic here is that these hedge funds acting in their own self-interest have provided critical information to the nation that the media should have discovered.

    The positions of the New York Times and the Wall Street Journal are also ironic. The Times a supposed liberal Democratic news organization is covering this story closely and has also asked for the government to show the transparency that it demands of others. The Journal is on the other side vigorously and repeatedly defending the government. It has gone so far as to condemn the capitalist actors in this situation while implicitly extolling government ownership of the mortgage industry. The Times is attacking a Democratic Administration. The Journal is attacking capitalist investors.


    The game has clearly changed here. The position of the government in expropriating private property without any, let alone just, compensation is less tenable.

  • Will be discussing on radio Larry Kudlow Show tomorrow w/ money & politics A-Team. Incredible article. Government Theft. Last segment of the show. Air Time: Saturday May 21,2016 10am-1pm ET. Last segment of show. 1/2 hour. Available online at wabcradio

  • richdawn6973 richdawn6973 May 20, 2016 6:54 PM Flag

    Jim Parrott Busted.....
    Now we know why Jim Parrot claimed executive privilege refusing to answer questions in Fairholme’s deposition. His emails pretty much tells us everything.

  • Reply to

    Heres Ruane, Cunniff & Goldfarb

    by richdawn6973 May 17, 2016 6:18 PM
    richdawn6973 richdawn6973 May 17, 2016 6:44 PM Flag

    Shares Held: 1,651,820

  • Reply to

    Heres Ruane, Cunniff & Goldfarb

    by richdawn6973 May 17, 2016 6:18 PM
    richdawn6973 richdawn6973 May 17, 2016 6:21 PM Flag

    The investment firm also bought new stakes in Chipotle (CMG), Fannie Mae (FNMA) and Freddie Mac (FMCC) during the period, according to the filing.

  • Known as mutual fund known as Sequoia Fund

  • Reply to

    Heeeeeeeeere's Johnny

    by stockgremlins May 17, 2016 4:43 PM
    richdawn6973 richdawn6973 May 17, 2016 6:03 PM Flag

    This guy is just a brainless numbnuts. He needs to go away....

  • richdawn6973 richdawn6973 May 3, 2016 8:52 PM Flag

    Just being a collaborative team player.

  • richdawn6973 richdawn6973 May 3, 2016 8:32 PM Flag

    John Carney needs not to apply for position.

  • Description:


    Fannie Mae provides reliable, large-scale access to affordable mortgage credit in communities across our nation. We are the leading source of funding for housing in America, which means more people can buy or rent a home. We are focused on sustaining the housing recovery, improving our company, and leading change to make housing better.

    Join our diverse, high-performing team and make a difference as we work together to enable access to a good home.

    For more information about Fannie Mae, visit http\://


    Operate with considerable latitude in consulting, advising, and representing the company on a variety of highly complex legal matters and projects related to corporate law. Provide legal counsel to management on broad issues affecting the company. Ensure that legal documents regarding board meetings and motions, mergers or acquisitions, contracts, or other corporate actions are prepared properly. Confer with executives regarding corporate initiatives, product development, or regulatory concerns to assess legal risks to the company and plan actions to control or minimize those risks.


    Provide legal advice and service by combining skill in corporate law with sound business acumen and knowledge of business goals and objectives of the company or assigned business units.
    Engage with assigned business units to meet goals. Pursue details and achieve closure on various matters. Provide excellent client service.
    Use business and legal judgment to balance an appropriate level of risk against the business needs in a particular situation. Operate within the framework of allowable corporate behavior and governance, and legal and regulatory compliance.
    Supervise and actively direct outside counsel.
    Work closely with business clients and outside counsel to ensure adherence to important corporate and regulatory policies.
    Draft templates. Write documents. May draft comment letters. May analyze legislation that impacts the company and assist the company in responding to inquiries from Congress and government agencies.
    Prepare and manage a due diligence budget. Coordinate with internal departments to ensure proper tracking and accounting of legal due diligence expenses.
    May plan, guide, and/or oversee the performance of legal support staff.


    Juris Doctorate Degree or equivalent required


    6+ years of related experience


    3 years or more legal experience in corporate governance, securities and public company matters, including `33 Act, `34 Act, SEC rules, NYSE rules, and related matters.
    Experience with Board of Directors and senior management preferred.
    Superior organizational and interpersonal communication skills.
    Tremendous focus on customer service and building trusted relationships.
    Collaborative team player.


    As a condition of employment with Fannie Mae, any successful job applicant will be required to pass a pre-employment drug screen and to successfully complete a background investigation, which may also include a credit check for positions in some areas of our business.

  • Reply to

    I think this stock is finished

    by penhgsaeirh May 3, 2016 6:00 PM
    richdawn6973 richdawn6973 May 3, 2016 7:20 PM Flag

    Now I heard everything... NOOOTTTT..... Come on for real...

  • richdawn6973 richdawn6973 Apr 18, 2016 5:19 PM Flag

    The Government saw their opportunity a mile away.

  • Reply to

    This price drop is freaking nonsense

    by edtrainer Apr 15, 2016 2:23 PM
    richdawn6973 richdawn6973 Apr 16, 2016 10:57 AM Flag

    Apparently lots of folks thought it was like Judge Judy verdict right after the commercial break. Its not that type of court.

  • richdawn6973 richdawn6973 Apr 15, 2016 6:17 AM Flag

    Jeffrey Kilduff is a seasoned litigator who specializes in securities litigation, enforcement matters, antitrust litigation, and counseling. He is the managing partner of O'Melveny's Washington, DC office and the regional head of litigation for Washington, DC.

    Jeff has more than 25 years of securities experience and is widely regarded as a leader in securities class action defense, the defense of derivative litigation on behalf of individuals and companies, internal corporate investigations, compliance counseling, and the representation of companies and individuals in SEC, NYSE, and FINRA investigations, enforcement proceedings, and arbitrations.

    He has represented clients in civil and criminal matters before the Department of Justice ("DOJ") and the Federal Trade Commission, including successfully defending at trial a foreign paper manufacturer charged with criminal price-fixing in a precedent setting case.

  • richdawn6973 richdawn6973 Apr 14, 2016 7:35 PM Flag

    GSE LInks Page reporting possible Real-Time Streaming of Oral Arguments Link

  • richdawn6973 richdawn6973 Apr 14, 2016 7:10 PM Flag

    The oral arguments in the Perry appeal begin at 9:30 am EDT.

  • richdawn6973 richdawn6973 Apr 14, 2016 6:39 PM Flag

  • richdawn6973 richdawn6973 Apr 14, 2016 6:33 PM Flag

    If and when the oral argument recording becomes available it will be posted at this link.

21.47-0.07(-0.32%)May 25 4:02 PMEDT