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philipmax

philipmax
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  • Ackman Bets On $100+ For Fannie And Freddie - New All-Time Highs [View article]
    Who says the Government can't take 100% of your income as a "dividend" and never allow you to grow, or pay out earnings to stockholders?

    There is ample precedent for this behavior.

    This kind of action is being performed every day by our local street hoodlums.

    Our Treasury is just adapting to an existing economic model.

    Uncle Sam is pretty much close to adopting this wonderful system to every W-2 income earner in this nation.
    Oct 20 05:49 PM | Likes Like |Link to Comment
  • Fannie And Freddie: It Was Never An Issue Of Solvency [View article]
    Nice job. I've noted the same on previous Comments , but never as clearly as you. Thumbs up.
    Oct 7 09:59 PM | 1 Like Like |Link to Comment
  • Fannie Mae Legal Ruling Expedites Endgame [View article]
    Good article because we are both in agreement. But... are detractors convinced?
    A few additional points to consider.

    1- Did Treasury ever deposit money in either of F&F entities?
    These was never a cash drain on either. So, in essence, Treasury took a 79.9% interest without ever shelling out $1 for this confiscation of private property.

    2- Treasury kicked Fanny out of its nest in 1970 in order to reduce the outstanding National Debt at the time. It sold its interest to the public and pocketed the proceeds. Yes, it was a mistake, as Fannie indeed had special powers to "create money", but, that should have been dealt with in 1970. It now belongs to shareholders.

    3- Conservertorship is a rarely used modality in financial distress. Although, in many cases, a choice of Conservertorship would have actually saved the FDIC, depositors, and investors Billions of Dollars over the years, the FDIC -which is the perfect forum for such a device - shuns this format, opting instead, for a more draconian choice of Liquidation.

    4- In previous takeovers of profitable businesses, the Government returned these businesses to the stockholders at very generous terms.

    I will give the example of WWI, when military material to Europe was severely hampered by the haphazard non-conformity of carriages of the US Railroad industry. The Government took over about 150 private railroads. During the course of the war, millions of Dollars were spent on new rail equipment and enhancements, in order to unify the rail system of this Nation. At the end of the war, the railroads were returned to the original stockholders in a much improved condition. that was as close as a Conservertoship as any enterprise run by the government.

    I hope that this will fortify the shareholder's claims.
    Oct 6 09:32 AM | 1 Like Like |Link to Comment
  • Frannie Folly [View article]
    I'd like to pose a question that's been bothering me for 6 years.
    Why did Fanny Mae need $187B from the gov't? It was solvent throughout the period.

    Perhaps, during the initial period, 2007-2008, the public needed the assurance that the Government was there as a back-up. There was no no need for cash, and I believe that none was tendered.

    I read that Treasury "lent" F&F money to pay the "interest" during the interim years 2008-2012, but, that to was unnecessary as there was ample cash in the till.

    So, for the use of a back-up line of credit, the Treasury was able to steal this company?

    Someone please respond. I am confused.
    Oct 3 12:48 PM | Likes Like |Link to Comment
  • Fannie Mae: Round One To The Government [View article]
    I like your presentation. Consider this an invitation to write more. Thanks.
    Oct 3 08:39 AM | 5 Likes Like |Link to Comment
  • Carney: Don't buy the dip in Frannie [View news story]
    As I read several of Carney's pronouncement , it becomes clear that he is a paid patsy for Treasury and other vested interests who are out to destroy F&F.

    The comments that are generated here, in response, are where the nuggets of truth lies. Thank you all for your contribution to sanity and justice (if , and when, it will strike).

    Let us all remember that that this is a CONSERVATORSHIP and not RECEIVERSHIP. There is a fiduciary obligation on the part of FHFA to protect the interest of F&F, namely the owners (shareholders) and not anyone else. Treasury cannot self deal. These are private institutions, owned by shareholders. There is sufficient case law to guarantee the shareholders rights.

    U.S. District Judge Royce Lamberth has effectively decreed that "Congress giveth and Congress can taketh away" so that whatever Treasury did was legal and binding based on Congressional authority.

    I thought that the Judiciary was the arbiter of what was legal for Congress to enact. The judge has jeopardized the entire investment community, and specifically, the banking industry, by subjecting it to the whims of political expediency. Lamberth's decision is an insult to the entire Judiciary.

    In any case the contested "Third Amendment" can be easily superseded by another, less draconian Amendment that takes into account the interest of the shareholders.

    Lest I sound too Polly-Anni ish, I've seen dumb Judges dumb decisions allowed to stand.

    Disclosure:Long and going longer on F&F.
    Oct 2 05:23 PM | 2 Likes Like |Link to Comment
  • Federal judge rejects U.S. bid to dismiss AIG lawsuit [View news story]
    Great for Hanc Greenberg!
    Great for justice!
    Great implication for Fannie Mae shareholders vis-a-vis Treasury action!
    All in all, a good day for America
    Aug 27 08:59 AM | Likes Like |Link to Comment
  • Carney: Fannie and Freddie investors should surrender [View news story]
    Here's another irritant to shareholders. Litigators, take notice!
    I blogged this info at the time Freddie issue earnings report.

    Treasury confiscates net income of the company(OTCQB:FMCC) as a "dividend", thereby, depriving the company of deducting this "tax" from its reported income and thus forcing Freddie to pay INCOME TAX on the Gross Net Income to the tune of an additional $700,000 Million. Total payoff to this blackmail $2.6 Billion, this quarter alone.

    This doesn't make sense, as banks and other institutions who had to pay "restitution" were able to effectively reduce the sting of such payment by deducting the fines from their reported income.

    If 10% of $2.6 Billion is Chump change, $260Mil, than call me Mr. Chump!

    There is a major crime being perpetrated here by the Treasury. This is a national tragedy unfolding before our very eyes.
    Aug 11 06:43 PM | 3 Likes Like |Link to Comment
  • Freddie Mac earns $1.9B; sends it to Treasury [View news story]
    In The Tube, Thanks.
    Correction on "total payout this quarter $2.6 Billion", not Trillion (yet).
    Aug 7 02:31 PM | Likes Like |Link to Comment
  • Freddie Mac earns $1.9B; sends it to Treasury [View news story]
    Here's another irritant to shareholders. Litigators, take notice!

    Treasury confiscates net income of the company as a "dividend", thereby, depriving the company of deducting this "tax" from its reported income and forcing Freddie to pay INCOME TAX on the Gross Net Income of an additional $700,000 Million. Total payoff to this blackmail $2.6 Trillion this quarter alone.

    This doesn't make sense, as banks and other institutions who had to pay "restitution" were able to effectively reduce the sting of such payment by deducting the fines from their reported income.

    There is a major crime being perpetrated here by the Treasury. This is a national tragedy unfolding before our very eyes.

    The very foundation of our capital system is being undermined!!!
    Aug 7 12:07 PM | Likes Like |Link to Comment
  • Fannie Mae Has Adequate Capital To Be Released From Conservatorship [View article]
    POORDUDE you are right on!!!!!
    Jun 15 12:37 AM | Likes Like |Link to Comment
  • Watt comfortable with profit sweep from GSEs [View news story]
    Funny man that Watt. He loses no sleep, while shareholders can't sleep.
    This ripoff is a disgrace to all that America stands for. Are we a capitalist based economy or socialist/fascist one? I don't remember voting for the latter.
    In any case, there are very few serious obstacles before congress can implement nationalizing F&F.
    The first of course is - what institution wants to insure mortgages going 30 years forward with an uncontrolled Treasury printing fiat money by the trillions?
    More importantly, while F&F have some $11 Trillion in mtge assets, they also carry a similar liability on their respective balance sheets. Does congress want to add this liability to our national debt? Can a hedge fund handle this load of debt? Who are they kidding? F&F are doing an outstanding job greasing the financial wheels that operate our capitalistic society. Tamper with this model and risk sinking our economy into the abyss of the Greatest Depression of all time.
    May 17 09:24 PM | 1 Like Like |Link to Comment
  • U-turn on GSE mortgage policy [View news story]
    Here we go again!
    May 14 09:23 AM | 3 Likes Like |Link to Comment
  • Buffett: No role for Berkshire in Frannie [View news story]
    I am disappointed by W. Buffett's remarks, as I am quite aware that he is an unofficial spokesman for Uncle Sam. He is intimately connected to every aspect of government activity. It sounds and feels like there is no room for the shareholders in the New World Order. Whether through the executive, legislature, or the courts, the deck is stacked.
    Apr 24 08:30 AM | 2 Likes Like |Link to Comment
  • Brown-Forman: Intoxicating Business, Bloated Valuation [View article]
    Good article over-all. I have noticed that BF.b has a '"low" dividend payout whenever I search the Yahoo finance board. This is baffling to me. BF.b has been paying extra bonus dividends that don't get recorded in the "yield" columns. In 2012 BF.b paid an enormous year-end payment that brought the yield to nearly 6%. Several years ago it paid a bonus from the sale of Hartman Luggage, same from the disposition of Lenox China.
    This company is the epitome of what a responsible, shareholder friendly, conservatively managed company should be. I give all the credit to the Brown family for its outstanding good management. KUDOS!!!
    If you don't own shares in BF.b, buy some at any price. You will not regret your purchase.
    Apr 23 09:36 PM | Likes Like |Link to Comment
COMMENTS STATS
257 Comments
304 Likes