Skip to comments.Fannie Mae, Freddie Mac to delist shares from NYSE (Breaking)
Posted on 06/16/2010 6:06:52 AM PDT by SonOfDarkSkiesEdited on 06/16/2010 6:08:26 AM PDT by Admin Moderator. [history]
Government-sponsored mortgage purchasers Fannie Mae and Freddie Mac plan to delist their shares from the New York Stock Exchange.
(Excerpt) Read more at washingtonpost.com ...
Fannie Mae shares closed Tuesday at 92 cents, while Freddie Mac shares closed at $1.22.
Shocking Video [from 2008] Unearths Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis
Where’s Barney Frank on this move?
We have idiots destroying our country!!!
Assembling the Team
During 2000 and 2001, the Joyce Foundation, a progressive trust with assets near $1 billion, known for funding groups like Center for American Progress and Tides Foundation, provided grants to CCX totaling $1.1 million. State Senator Obama served on the foundations board of directors during that time and was instrumental in awarding the grants.
Shortly after the first grant was approved, the president of The Joyce Foundation, Paula DiPerna, left to join the executive team of CCX. Other notables with familiar names soon followed.
Former Vice-President Al Gore became part-owner of CCX when his company, Generation Investment Management, made a sizeable investment. Gore brought with him his senior partner at GIM, David Blood, former CEO of Goldman Sachs Asset Management, along with a company chalk full of former Goldman Sachs executives
Goldman Sachs itself soon joined the team buying a ten percent interest in CCX
Maurice Strong, once linked to Tongsun Park, the central figure in the United Nations oil-for-food scandal in 2005 and one of the architects of the Kyoto Protocol, joined the CCX board of directors
Carlton Bartels was one of the first, and perhaps most important, additions to the CCX roster. As CEO of a company called CO2e, Bartels developed and delivered the actual guts of the exchange a system for facilitating and managing the actual carbon trades
Just three weeks after filing for a patent for his carbon trade system, Bartels was killed during the attacks of 9/11. Bartels death opened the door for a new partner to join CCX, easily the oddest fit of them all: Fannie Mae. In a move still unexplained, the quasi-governmental mortgage agency, led by CEO Franklin Raines, purchased the rights to the system from Bartels widow. A patent on the invention was granted to Raines and Fannie Mae on November 7, 2006, ironically, the day after the Democrats regained control of Congress. According to Barbara Hollingsworth of the Washington Examiner, the patent covers both the cap and trade parts of Obamas top domestic energy initiative and gives Fannie Mae proprietary control over the automated trading system used by Sandors CCX.
When asked about the patent recently Fannie Mae communications director Amy Bonitatibus told the Washington Examiner, Fannie Mae earns no money on this patent. We cant conjecture as to the cap-and-trade legislation. A source close to Fannie Mae, however, says a plan is in place to funnel future earnings from the patent to a non-profit housing organization called Enterprise Community Partners. Ironically, Raines, who left Fannie Mae in 2004 amidst allegations that he inflated earnings reports in order to collect higher bonuses ($52 million in bonuses over 5-years; $90 million in total compensation), serves on the board of trustees at Enterprise. In a continuation of theme, Goldman Sachs also has a representative on the board in the person of Alicia Glen.
Just three weeks after filing for a patent for his carbon trade system, Bartels was killed during the attacks of 9/11.
Guess whos been involved intimately with Fannie Mae? Does the name Jamie Gorelick ring a bell?
This woman is everywhere, and
Jamie Gorelick got a 26 million payout when she left the place.
Jamie Gorelicks Cloudy Memory (mega clintonista wall gag alert)
American Thinker ^ | 7-29-08 | Ed Lasky
Fitting the Pieces TogetherAble Danger, Jamie Gorelick & 9/11
The Strata-Sphere ^ | August 9, 2005 | Bronc1
NEW YORK (MarketWatch) — Fannie Mae /quotes/comstock/13*!fnm/quotes/nls/fnm (FNM 0.92, +0.01, +1.14%) said Wednesday that it is delisting its common and preferred shares from the New York Stock Exchange and the Chicago Stock Exchange after being told to take the move by its regulator. Fannies move follows a similar action by Freddie Mac /quotes/comstock/13*!fre/quotes/nls/fre (FRE 1.22, +0.02, +1.67%) . Both mortgage finance giants are currently operating in government conservatorship. “This notice was made in response to notification by the NYSE on June 15, 2010 that the company no longer met NYSE continued listing standards relating to the minimum price of Fannie Mae’s common stock and to the issuance of a directive dated June 16, 2010 by the Federal Housing Finance Agency (FHFA), Fannie Mae’s conservator, for Fannie Mae to delist its common and preferred stock from the NYSE and any other U.S. stock exchange where its common and preferred stock are listed,” the company said.
That’s all right...My GM stock will save me....
Consider how many shares are outstanding and what has happened to their value over the last two years. 1.2 Billion shares of which 15% are held by institutions have been turned to trash by OUR government! Their should be a moster class action shareholders’ lawsuit.
Media Mum on Barney Frank's Fannie Mae Love Connection:
Democratic House Financial Services Committee Chair promoted GSEs while former 'spouse' was Fannie Mae executive
By Jeff Poor
Business & Media Institute, 9/24/2008
"Frank, who is openly gay, had a relationship with Herb Moses, an executive for the now-government controlled Fannie Mae. The column revealed the two had split up at the time but also said Frank was referring to Moses as his "spouse." Another Washington Post report said Frank called Moses his "lover" and that the two were "still friends" after the breakup.
Frank was and remains a stalwart defender of Fannie Mae, which is now under FBI investigation along with its sister organization Freddie Mac, American International Group Inc. (NYSE:AIG) and Lehman Brothers (NYSE:LEH) all recently participants in government bailouts. But Frank has derailed efforts to regulate the institution, as well as denying it posed any financial risk."
Lawmaker Accused of Fannie Mae Conflict of Interest
By Bill Sammon, October 03, 2008
WASHINGTON -- Unqualified home buyers were not the only ones who benefitted from Massachusetts Rep. Barney Franks efforts to deregulate Fannie Mae throughout the 1990s.
So did Franks partner, a Fannie Mae executive at the forefront of the agencys push to relax lending restrictions.
Now that Fannie Mae is at the epicenter of a financial meltdown that threatens the U.S. economy, some are raising new questions about Frank's relationship with Herb Moses, who was Fannies assistant director for product initiatives. Moses worked at the government-sponsored enterprise from 1991 to 1998, while Frank was on the House Banking Committee, which had jurisdiction over Fannie.
Both Frank and Moses assured the Wall Street Journal in 1992 that they took pains to avoid any conflicts of interest. Critics, however, remain skeptical.
"Its absolutely a conflict," said Dan Gainor, vice president of the Business & Media Institute. "He was voting on Fannie Mae at a time when he was involved with a Fannie Mae executive. How is that not germane?
"If this had been his ex-wife and he was Republican, I would bet every penny I have - or at least whats not in the stock market - that this would be considered germane," added Gainor, a T. Boone Pickens Fellow. "But everybody wants to avoid it because hes gay. Its the quintessential double standard."
A top GOP House aide agreed.
"Cmon, he writes housing and banking laws and his boyfriend is a top exec at a firm that stands to gain from those laws?" the aide told FOX News. "No media ever takes note? Imagine what would happen if Franks political affiliation was R instead of D? Imagine what the media would say if [GOP former] Chairman [Mike] Oxleys wife or [GOP presidential nominee John] McCains wife was a top exec at Fannie for a decade while they wrote the nations housing and banking laws."
Franks office did not immediately respond to requests for comment.
Frank met Moses in 1987, the same year he became the first openly gay member of Congress.
"I am the only member of the congressional gay spouse caucus," Moses wrote in the Washington Post in 1991. "On Capitol Hill, Barney always introduces me as his lover."
The two lived together in a Washington home until they broke up in 1998, a few months after Moses ended his seven-year tenure at Fannie Mae, where he was the assistant director of product initiatives. According to National Mortgage News, Moses "helped develop many of Fannie Maes affordable housing and home improvement lending programs."
Critics say such programs led to the mortgage meltdown that prompted last months government takeover of Fannie Mae and its financial cousin, Freddie Mac. The giant firms are blamed for spreading bad mortgages throughout the private financial sector.
Although Frank now blames Republicans for the failure of Fannie and Freddie, he spent years blocking GOP lawmakers from imposing tougher regulations on the mortgage giants. In 1991, the year Moses was hired by Fannie, the Boston Globe reported that Frank pushed the agency to loosen regulations on mortgages for two- and three-family homes, even though they were defaulting at twice and five times the rate of single homes, respectively.
Three years later, President Clintons Department of Housing and Urban Development tried to impose a new regulation on Fannie, but was thwarted by Frank. Clinton now blames such Democrats for planting the seeds of todays economic crisis.
"I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was president, to put some standards and tighten up a little on Fannie Mae and Freddie Mac," Clinton said recently.
Bill Sammon is FOX News' Washington Deputy Managing Editor.
lol...and thank God Grampa left me a ton of BP stock!
If Barney and Dodd were arrested that might solve some of the problem.
Thank you for this post !
It’s important to not forget (I know I did..) this very important relationship. I had stumbled across it when I was thoroughly impressed by the Wind Farm park in Somerset PA (I stopped in to see it.. One of the most surreal, best and worst mornings of my life) and I learned about some of the principals of the project, who were involved in the 9/11 plane crashes.
My research lead me down this road. This is a scary “conspiracy”. Vital importance.
Again, thank you for posting !
I wish I could dump them too.
Is that the windmills you see driving on the PA Turnpike?
Why are Barney Frank and Chris Dodd still free?
The act as if they have immunity from all accountability.
Another thought, how many 401k accounts have freddie or fannie stocks?
No problem, the American Taxpayers (the 50% that actually pay income tax) will foot the bill. I read one article a couple of days ago that said the taxpayers were going to have to pump hundreds of billions into Fannie and Freddie (the hundreds of billions was a minimum figure, it could reach a trillion dollars or more).
Excuse my ignorance, but what does this article mean?
Could someone translate this for the financially impaired?
(I’m assuming that the NYSE won’t trade their stock because its value is too low. Is that what this means?)
You’re assumption is correct!
All your mortgage are belong to the Obamulans
Correct......this BS that it was “planned” is just that: BS. They were probably going to be kicked out, so to save the regime some embarrassment, they got out in front of it and said it was “a plan.”..............
It’s the financial equivalent (well, sort of) of a farmer being dropped as a supplier of tomatoes to the A & P and being forced to sell his produce at the local farmer’s market.
Never studied finance at school and wanted to be sure I understood this situation.
[former US Treasury secretary Hank] Paulson claims Russia tried to foment Fannie-Freddie crisis
Financial Times ^ | Published: January 29 2010 21:06 | By Krishna Guha in Washington
Russia proposed to China that the two nations should sell Fannie Mae and Freddie Mac bonds in 2008 to force the US government to bail out the giant mortgage-finance companies, former US Treasury secretary Hank Paulson has claimed.
The allegation is in his memoir On the Brink in which he also suggests that Alistair Darling, the UK chancellor, blocked a rescue takeover of Lehman Brothers by Barclays Bank when he refused to support special treatment by UK regulators.
Russian officials had made a top-level approach to the Chinese, suggesting that together they might sell big chunks of their GSE holdings to force the US to use its emergency authorities to prop up these companies, he said.
Fannie and Freddie are known as GSEs or government sponsored enterprises.
The Chinese had declined to go along with the disruptive scheme, but the report was deeply troubling, he said. A senior Russian official told the Financial Times that he could not comment on the allegation.
Separately, Mr Paulson makes it clear that he believes that Mr Darling prevented a takeover of Lehman by Barclays out of fear that it would endanger the UK bank.
Mr Paulson said that Mr Darling telephoned him on Friday September 12 as the US authorities were scrambling to find a buyer for Lehman to express concern about a possible Barclays deal. Mr Paulson said that he did not realise at the time that this was a clear warning.
(Excerpt) Read more at ft.com ...
Her law firm buddy, his job, and her being on the board with a firm working on Carbon Sequestering is such a co-wink-a-dink...
Fannie Mae, Social Security, the National Firearms Act, the seizure of people's gold by the fiat of executive order, threats of packing the Supreme Court: FDR's contempt for the Constitution was manifest, and he was all too successful at breaking the foundations of this country.
Reading through some of his executive orders, one can see that the outright contempt for our system was overwhelming.
good post, thanks for those links.
So far, THE DEMOCRAT CONGRESS HAS WASTED YOUR HARD EARNED MONEY TO THE TUNE OF $145 billion into Fannie and Freddie to keep them afloat and to buoy the overall housing market.
thanks ... bookmark
Yes. If you get a chance, stop in. It is one of the most beautiful and depressing sites I’ve ever seen.
It’s very quiet. It’s on a farm, and the owners will be happy to see you. At the base of the highest mill is a small garden and plaque. My story :
The Pennapike can have some of the densest fog you’ve ever seen. I was travelling to my uncle’s place at about 5:30 am, and the sun was coming up. The fog was now illuminated against the bronze sun. Coming down the hillside to the Somerset exit, the sun was high enough to make the fog a dreary silver. From there I saw my first windmill.
It scared the sh*t out of me. It’s a medium sized one, apparently, but it was the largest animated object I had ever seen in my life. I swerved. This thing is like a Ray Bradbury vision . When I got off the exit, I followed the horizon. I HAD to see it up close.
When I got to the site, It was still under fog. I couldn’t see the top of the mill, nor the blades. I got out of my car and walked up through the eery silence to the gardens. I could only hear the blade swooping down as I walked (Woop....Woop... Wooop..) but I could see nothing. As I walked through the garden I stepped over beer bottles, trash, wood and other detritus that suggested a nightly teenage hang-out. The plaque there was graffiti vandalized, but it read of it’s brief history, and the history of those involved.
Apparently the site was to be opened on September 12th, 2001. It was to be the toast of the town, with local government and celebs on hand to christen the new turbine. The events of 9/11 unfolded, and the people mentioned above were on those flights. The party was cancelled, and the power switch was just turned on. No regalia.
The park was developed, but the entire site was basically scrapped and abandoned. The fog cleared slowly, and I got to see the enormous blades spinning away above my head.
It was stunning. I still remember the whole morning as if it just happened. I went to Meyersdale to check out the other windfarm, which is also a fantastic journey of driving and walking. The landbridge that connects the site to the road (The old Rails to Trails trail that crosses the highway) the windmills slowly peak out over the horizon. Again, a fulfilling afternoon.
This is hilarious! Anthony Sanders at George Mason University and Mercatus Center was on Bloomberg TV commenting on Fannie and Freddie losses. He then took a swat at Obama likening Fannie and Freddie and the BP oil leak with Obama’s reaction to both leaks - nothing.
Hope he wears a Kevlar vest!
The point is, if they go under, America doesn't have the money to back them, in fact, there isn't that much money in the whole world to back them. America is still on the precipice of failure, no matter what anyone tells you. Just because the stock market opens every day and people trade, doesn't mean there is any money. We are broke. Pick your poison, Fanny and Freddie are just one aspect of the trouble the US is in. We are kicking the can down the road hoping that things will get better before the music stops and we have no chair. The president and the congress have NO CLUE how to grow a capitalist economy, so we are in deep pooh pooh until a real American capitalist gets in. Personally, I don't think we'll make it, but one can hope. The whole world is balancing on a knife blade, and failure of Fanny or Freddy would just about be our "Greece" moment. What everyone is doing is waiting for housing to "catch up" to the heady days of 2005-6. If that $300k McMansion could get back to $300k, instead of the $225k price they are now, maybe we could pull this hat trick out, but with 10% unemployment and little inflation,....probably not. Then of course, if inflation and jobs rear their ugly head, we will have an economy like Jimmy Carters,... 23% interest rates, and 12% inflation, due to all the money we are printing and spending as I type this.
It's just a symptom of the bigger problem that we are watching a 97 cent stock get delisted as it become worthless as an investment, yet we go to work every day, pay our bills, and purchase things, just as if things will go on as they always have before. The 97 cent price is set by the market place to represent what people think America is worth because Fanny and Freddie are basically representative of America's worth. When a stock gets under $5, many institutions aren't"t allowed to own such stocks, so, what happens now is anybody's guess.
Thank you very much for that response. It is quite informative.
Obamulans sound amazingly like the Romulans of Star Trek (TNG)! That is a good word for the whole gang of Obama! Thanks, I am going to use that word for them from now on.
If they would hold these people accountable it would a start. I know they are being bribed and stealing us blind.
This makes ENRON look like tiddly winks, but everyone seems to just keep their mouth shut so they won't be racist for pursuing a black man that swindled America. Congressman Meeks even called it a lynching. I guess we can't have that, so Raines gets to keep his $90million,( remember the "clawbacks") and of course he's not in jail, aka Madoff.
Thanks for the ping.
As an original series Trek fan, that’s why I’ve been using it. Their cloaking device is beginning to fail...
Guess who's running for NYS gov...?
can we throw their mgmnt.in jail along with barny frank?? is he still “in charge” of banking??
Bawney Frank, Chris “Countrywide” Dodd, Franklin Raines and Jamie Gorelick should all be crucified for this.
Great Post! Thanks
Begs the question, everytime Bawny speaks in public, someone should follow him around like Macaca did to George Allen. They should have a sign that reads “ Who is Herb Moses?”
Culture of Corruption?