Volume 2014 - Number 5
February 6, 2014
Panel: Treasurys Seizure of Fannie, Freddie Profits Breaches Shareholder Rights, Future Investor Trust
The Treasury Departments surprise move in the summer of 2012 to rewrite the Senior Preferred Stock Purchase Agreements it had with Fannie Mae and Freddie Mac was an unlawful action that could have a far-reaching impact well beyond the shareholders of the two government-sponsored enterprises, according to an attorney representing shareholders. Speaking Wednesday at a forum sponsored by Ralph Naders Shareholder Rights advocacy group, attorney Ted Olson of Gibson Dunn & Crutcher said Treasurys Third Amendment to the PSPA was a calculated effort by the Obama administration to ensure that GSE stockholders got nothing, according to internal Treasury documents they obtained. The amendment replaced the quarterly GSE dividend payment with a net-worth sweep of all company profits. Perry Capital, represented by Olson, is...
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