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srican69

(1,426 posts)
Tue Jun 11, 2013, 10:45 AM Jun 2013

The definition of Chutzpah

http://www.thestreet.com/story/11946774/1/fannie-freddie-shareholders-roll-dice-sue-uncle-sam.html?cm_ven=GOOGLEN


Fannie, Freddie Shareholders Roll Dice, Sue Uncle Sam

NEW YORK (TheStreet) -- The first of what is likely to be a series of lawsuits by private shareholders of Fannie Mae (FNMA_) and Freddie Mac (FMCC_) was filed on Monday, according to a Bloomberg report.

According to the complaint filed in the U.S. Court of Federal Claims in Washington, the government's placement of Fannie and Freddie into conservatorship in September 2008 was "beneficial to the economic welfare of the nation," however, the takeover also "destroyed the value of Fannie Mae's and Freddie Mac's common and preferred stock."

According to the complaint, which seeks $41 billion in damages, the federal government "trampled the private ownership rights" of investors. The complaint, filed by Hagens Berman Sobol Shapiro LLP of Seattle, also claims "the government bullied and coerced the companies' boards of directors" of Fannie and Freddie to agree to the conservatorship.

Fannie and Freddie, together known as the government-sponsored enterprises, or GSEs, were taken under government conservatorship in September 2008. The U.S. Treasury holds $189.4 billion in senior preferred share of the GSEs, for bailout assistance, and dividends on all other share classes have been suspended since September 2008.



Somebody .. kill me .. I can't fucking believe the balls these fuckers have ..they would have been dead for 4 years now, had it not been for the taxpayers largess.
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