I apologize for this late entry of what has become my regular Sunday commentary piece. The Wall Street Journals latest attempt to blindly support the U.S. governments Soviet Style profit grab does nothing more than expose their gross lack of knowledge of anything to do with Fannie and Freddie.In his article John Carney makes the bizarre case that even if the shareholders win in court that the 10 percent dividend and the potential for a commitment fee will effectively drain all profits to the U.S. government.Just as the government has no defense, but to lie about their actions Their mouthpieces are left to do the same. Johns argument neglects to take into account that when the 2012 profit sweep is declared illegal the amount owed by Fannie and Freddie to the U.S. treasury will have shrunk considerably. Depending on when the verdict is reached it may even be zero owed. The bizarre part is that John Carney simply repeats the same lies that were in a Barrons article that we exposed in a post on July 27th. That piece was pulled after our readers, and I confronted them on their lies. Both Barrons and the WSJ are owned by Rupert Murdoch and have been proven to be effective Soviet-style propaganda publications lending blind support to the U.S. government in their attempts to nationalize Fannie and Freddie.
I now want to share an email I received from one of our valued readers.She also shared this in the comments section of a prior post. It’s an email that she sent to Attorney Rosenberg who is representing the Ackmans/Commons suits.
On Friday, August 15, 2014 3:09 AM, Jasmine Nguyen wrote:
Hello Mr. Rosenberg,
I am aware that you are the Counsel of Record for the FNMA and FMCC lawsuit filed 8/14/2014 on behalf of Pershing Square Capital Management, L.P. My husband and I own over 200,000 shares of both Fannie Mae and Freddie Mac with 50,000 shares were purchased prior to the Net Worth Sweeps. Mr. Rosenberg, I felt powerless until I read your complaint today. Thank so much for being the voice for all the rest of shareholders!!!!!
What I really do not understand is why and how can such profit stealing is possible in this country and yet legal? I worked for 20 years at one company and always paid my taxes on time but yet I have not seen a dime the government claims the Net Worth Sweeps is for my benefits. Those shares were purchased with my hard earning money that I saved plus using my Rollover IRA after I was laid off by JPMorgan Chase Bank N.A. The same bank that the US Government settled for billions.
My goal was to hopefully one day be able to send my kids to college debt free. My family came to this country as refugees (Vietnam) without even one word of English and with just handed down clothes on our backs. I want the same thing for my children that my parents wanted for me which was freedom and opportunities. I believe America is the place. While working for Chase, I was a Mortgage Underwriter. I understand the business and did my due diligence of both companies prior to the crash and after the crash. I was well aware and had full knowledge of the risk/rewards before I purchased my shares. My only regret is that I miscalculated there was a hidden agenda behind closed doors between the Treasury and FHFA as describe by you in your complaint.
If nothing else, I want to stand up for what I believe and my struggled of 14 days stranded on the ocean did not go to waste while searching for freedom. Please let me know if you are able to help us with a similar lawsuit.
Thank you, Jasmine
Jasmine, I want to thank you again for taking such a courageous step and coming forward. These are the stories that need to be told. The government and their propaganda allies have repeatedly made the false claim that our cause is simply opportunistic hedge funds attempting to enrich themselves at taxpayer’s expense. These tactics are right out of the Soviet play book, and we need to spread the truth by sharing stories such as Jasmines.
The governments latest tactics revealed in the Fairholme lawsuit status conference are beyond desperate and only served to further humiliate our nation in the eyes of the world. I will be posting on this tomorrow, and it just may be one of the most-blistering critiques leveled at our government to date. In addition,this week I will be offering commentary on the new Ackman/Commons Injunction, the FHFA’s Strategic Plan: Fiscal Years 2015-2019 and provide additional commentary on Ackman/Commons lawsuit. Needless to say, we will have a big week ahead. I recently reviewed some of my earliest posts and am happy to report that the vision I laid out in January has proven to be very accurate. All three key concepts have progressed exactly as I predicted thus far. As the day of our freedom grows, closer expect our opposition to escalating their propaganda campaign to obscene levels. What we have seen the last month will pale in comparison to what they will unleash. We must remain ever vigilant and not allow them to distract us from our common goal. Remember our cause is just, and we have the truth on our side, they have nothing but a river of lies and deceit to try and defend. Keep the Faith!