Metzenbaum Scissors

Fannie, Freddie Headed for Conservatorship

Sheeple, the common on Phonie and Fraudie is now worth zero. Only the senior debt will be made square... all the less-than-senior debt is will rely on the credit default insurance (whoever holds it, how do you know it isn't ... me ?!? You don't.), the preferred and common are subordinated to that.

Pfffffttttttt....