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Roundup: Fannie & Freddie Bailout
Last evening, we asked what are the costs and consequences, as well as the market reaction to, the imminent bailout of Fannie Mae (FNM) and Freddie Mac (FRE). Your responses were inspired and informative. (For a brief history of the GSEs, see this earlier commentary). This morning, its page one news. Here's what the major papers are suggesting is the likely outcome: . Conservatorship: Fannie Mae and Freddie Mac will be brought under government control; The assumption is this is a temporary measure (12-24 months); . Management: will be kicked out, starting with Fannie Mae CEO Daniel Mudd as well as Freddie Mac CEO Richard Syron. (No word if Charlie Gasparino is defending the two on CNBC). The current Board of Directors would also be fired;no word on other senior management; . Shareholders: Speculation is that most (but not all) of the common stock would be diluted but not wiped out; Company debt and preferred shares are likely to be protected according to the Washington Post. A variatio
Big Picture Saturday, September 06, 2008
Big Picture Saturday, September 06, 2008
Jim McTague, a dyed in the wool Republican, is surprisingly negative on the McCain/Palin team. Recall that McTague forecast the GOP would retain both houses in 2006, based on a calculation relying on campaign fund raising. McTague sounds more like a Democrat than a Republican: THE 2008 REPUBLICAN PLATFORM RELEASED at the party convention in St. Paul last week is a grandiloquent document, replete with Reaganesque calls for lower taxes, smaller government, and greater self-reliance. An honest librarian would file it in the fiction section. I'm not a naïf. I appreciate that searching for candor among politicians is about as productive as shopping for a Rolex at the corner drugstore. All politicians make promises that they never intend to keep. You generally can wrest a straighter answer from 16-year-old teenager intent on deceiving you than you can from a campaigning politician. Even so, this GOP document is so divorced from reality that it approaches parody. The authors should have penne
Big Picture Saturday, September 06, 2008
Big Picture Saturday, September 06, 2008
Barney Frank: Treasury GSE Intervention is a ''Done Deal''
Congressman Barney Frank, Chairman of the Financial Services Committee, says this is really happening: "Rep. Barney Frank (D., Mass.) confirmed that Treasury Secretary Henry Paulson is planning government intervention to back troubled mortgage giants Fannie Mae and Freddie Mac. The chairman of the House Financial Services Committee, said in a statement Saturday that Mr. Paulson "intends to use the powers that Congress provided it" in a law passed in July to keep Fannie Mae and Freddie Mac stable and functioning. But Mr. Frank said he didn't "know the details of the proposed interventions," and a Treasury spokeswoman declined to comment... It is also expected to involve the government injecting capital into Fannie and Freddie. That could happen gradually on a quarter-by-quarter basis, rather than in a single move, one person familiar with the matter said... Among the issues with which Treasury has been wrestling is whether to make an investment at such a low price that shareholders are
Big Picture Saturday, September 06, 2008
Archived "business - Investment" opinions:
Big Picture Saturday, September 06, 2008
Available opinions archives.
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