Toad

@JimCosta_ Get ready for year 6 of absolutely dogchit Dan Campbell defense!

Cade Mays and a bunch of band-aids How many starters did they add on defense? McCreary in nickel? If Wonnum replaces Davenport that's a backup Now they backed themselves into a corner for the draft. Must draft for need and even then rookies probably aren't closing the SB gap

@Ryanmatta @p4purrip0p

@p4purrip0p Kick them out! Do not let them in. Look what they did to Palestine!

El pueblo “elegido” está escapando por barco, ya que les destruyeron los aeropuertos 😝😝😝

@PeoplesReserve So you lose the bitcoin to pay off the house?

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@thenakedtuna @BillAckman @RestoreTheGSEs Sounds like he's cooked

@BillAckman @RestoreTheGSEs @Toad1212

A number of press reports have characterized our and other shareholders’ efforts on behalf of Fannie and Freddie (F2) as seeking a ‘gift’ or ‘handout’ from the government. We, the shareholders of F2, seek no such thing. Hundreds of financial institutions were bailed out during the GFC by the U.S. Treasury. Nearly all of the financial institution bailouts during the GFC involved an injection of capital in the form of senior preferred stock by Treasury at an interest rate of 5%, plus warrants to acquire common stock in an amount equal to 15% of the face amount of the preferred with an exercise price at the then-current stock price of the rescued institution. For example, Treasury’s preferred stock investment in Goldman Sachs was in an amount of $10 billion and, in addition, Treasury received warrants on $1.5 billion of GS' common stock at its then market price. The bailout terms for F2 were materially more burdensome and expensive, with a higher interest rate and substantially more warrant coverage, than that of every other financial institution (other than those of AIG whose terms were similar). Despite the F2 bailouts’ massively more burdensome terms, shareholders are not complaining about the original terms. Treasury invested $193 billion in F2 in the form of senior preferred stock (SPS), including funding for $2 billion of commitment fees, with a 10% coupon (twice that of the banks). Treasury also received warrants on 79.9% of both companies’ outstanding shares. Fannie and Freddie have since repaid Treasury $301 billion, which includes interest on the SPS at a blended rate of 11.6%, an interest rate which is 160 basis points more per annum, and have returned the entire $193 billion of outstanding principal, $25 billion in excess of what was contractually owed. In summary, the F2 SPS has been fully repaid according to its original contractual terms plus an extra $25 billion. Despite the fact that the SPS has been more than repaid in full, Fannie and Freddie have not accounted for these payments on their respective balance sheets, and the $193 billion of SPS remains an outstanding liability as if no principal payments had ever been made. How can it be, you might ask, if indeed F2 have repaid $301 billion to Treasury when only $276 billion was due could there be any remaining balance of the SPS on the F2 balance sheets? The answer relates to something called the ‘Net Worth Sweep (NWS).’ During the second term of the Obama administration, on August 12, 2012, two quarters after F2 returned to profitability, Treasury announced that it was unilaterally amending the terms of the SPS stock to provide that Treasury would take 100% of the profits of F2 each quarter in lieu of the 10% annual dividend rate. This was not a negotiated resolution with F2. It was a unilateral amendment of the original terms of the SPS that was done in bad faith. The supposed rationale for the amended terms of the SPS was akin to the IRS garnishing the wages of someone who will never be able to pay the taxes that they owe. That is, the Treasury said F2 will never be able to pay the 10% coupon, let alone the SPS’ $193 billion principal balance, so it decided instead to ‘settle’ for 100% of F2’s profits forever. In discovery, shareholders learned that the stated justification for the amendment was false. In mid 2012, the Obama administration had come to learn that both companies would soon be reversing tens of billions of reserves on their balance sheets as housing values had increased and the reserves taken during the GFC had been excessive. The NWS was instituted by Obama to forestall F2 from forever being able to recapitalize and be released from conservatorship. The NWS was not a ‘settlement’ for a lesser amount of future payments. It was the outright theft of the forever profits of both companies. Never before or since has the government ‘swept’ 100% of the profits of any company, let alone a financial institution in conservatorship, a form of government intervention where the goal is rehabilitation of the institution, and where the hierarchy of corporate claims has always been respected. The accounting for the NWS payments while it was in effect (until Secretary Mnuchin terminated the NWS in Trump’s first term) was also unusual. The NWS was treated by F2 as a quarterly adjustment to the dividend rate on the SPS such that the dividend amount owed was made equal to the after-tax profits of F2 for that quarter with no limitation. In other words, regardless of the amount of profit F2 generated for the quarter – whether or not it was in excess of the original 10% annual dividend – the dividend payable under the NWS was made equal to the quarterly profit. The absurd terms of the NWS sweep therefore made it impossible for any partial or full repayment of the SPS to take place as every dollar paid to the Treasury on the amended terms of the SPS was considered a dividend payment, even if the amount was massively in excess of the original contractual SPS terms. The absurdity of the NWS was made clear just two quarters after the NWS went into effect. Fannie Mae generated a profit of $59 billion in the first quarter of 2013, and the SPS dividend rate for that quarter was set at $59 billion so the entire amount was swept to the government, more than 10 times the contractual dividend rate. I had the opportunity to discuss F2 and the NWS with Warren Buffett about a decade ago and he said that he “couldn’t believe what the government had done.” In short, the shareholders of F2 are simply asking the government to respect the original and highly burdensome terms of the SPS. There is no dispute that Treasury has received more than the original 10% coupon and full repayment of principal of the SPS, that is, an extra $25 billion. We and the millions of other shareholders of F2 are simply asking the administration to honor the original SPS terms and properly account for the $301 billion of payments, thereby eliminating the SPS liability from both companies’ balance sheets. Shareholders have not asked for the extra $25 billion to be returned to the two companies. Treasury can decide whether to keep those funds or return them to the companies. Accounting for the repayment of the SPS has other important implications. Namely, it is critically important that conservatorships respect the rule of law, in particular, the contractual terms of corporate instruments and the hierarchy of claims. Otherwise, no financial institution that gets into trouble will be able to raise rescue capital in the private markets. Notably, the treatment of F2 in conservatorship explains why Silicon Valley Bank and other recent large bank failures since the GFC were unable to raise private capital and avoid government intervention or a forced sale to J.P. Morgan. If the government with the stroke of a pen during conservatorship can at a whim wipe out common and preferred shareholders, no one is going to step in to try to save a financial institution that gets into trouble, and only the top few banks will be possible rescuers of big banks that fail. Furthermore, because of F2’s history, their reputation in the capital markets has been greatly damaged. F2 raised $22 billion of preferred stock in the year or so prior to conservatorship as the government pressed both companies to raise capital. Institutions were willing to invest billions of dollars of capital into both institutions before they failed because, based on all precedent conservatorships, the contractual terms of all financial instruments and the hierarchy of claims had been preserved. Unfortunately, in light of the precedent of the net worth sweep, no investor can be confident that they won’t be wiped out in a future conservatorship so none has been willing to take the risk. Some have proposed that Treasury simply convert the SPS into junior preferred and common stock and massively dilute shareholders. Putting aside the potential legal challenges to this approach, the result will be that Treasury will at best own something approaching 95% of both companies rather than 79.9%. While the government’s percentage ownership stake would be larger in the SPS conversion approach, the value of the government’s larger stake would be considerably lower as the companies would become un-investable. Who would invest in F2 alongside the government when they just wiped out the previous owners? In the SPS conversion scenario, the government’s stake, at best, if it could be sold, would trade at a massively discounted valuation, well below the value of the government's stake if Treasury retained only its contracted for 79.9% stake and respected the original terms of the SPS. In other words, a slightly smaller ownership stake of much more highly valued companies would equate to considerably more value for Treasury and taxpayers. In a public letter to Rand Paul after his first term in November of 2021, President Trump recognized that the net worth sweep was theft from the shareholders of Fannie and Freddie. He wrote: “Another Obama/Biden scam in legal trouble was when they allowed the Federal Housing Finance Agency (FHFA) to steal the retirement savings of hardworking Americans who had invested in Fannie Mae and Freddie Mac…The idea that the government can steal money from its citizens is socialism and is a travesty brought to you by the Obama/Biden administration. My Administration was denied the time it needed to fix this problem because of the unconstitutional restriction on firing Mel Watt. It has to come to an end and courts must protect our citizens.” I couldn’t have said it better than President Trump. Now that you have the time, Mr. President, let’s Stop the Steal!

@CNBlockIntel The fact that every retard on X is calling for this tells me its definitely not gonna happen @thenakedtuna

@That1LionsFan This trade is like Wayne Fontes...our winningest coach ever, but still with a losing record

The Rams won a SB and are still SB contenders 5 years later. I think we know who won this trade.

@InvestingAddict "He (@donotlose ) thought he was the smartest guy in the room and held pink sheets securities for over a dozen years children" 😂 💀 @thenakedtuna

"Mom, how did we get so poor?" "Your father attempted to outperform the S&P 500."

@DoNotLose Ackman cooked the whole thing...imagine going in and telling the Trump admin to forgive the seniors to enrich this retard class of shareholders @thenakedtuna

People listened. Thats great. Still happening

@timpagliara @standing5033 @DoNotLose The cope is strong in this one @thenakedtuna

@standing5033 @DoNotLose And remember - part of the FHFA strategy is to manage the Cship for the American Taxpayer. The American taxpayer owns over 80%. We are destroying taxpayer wealth!

Bill Pulte was confirmed as the Head of FHFA March 14, 2025. The companies he says are so valuable are down over 20% since his confirmation. I’m waiting for him to be kicked off the Apprentice $fnma #fanniegate

@revgalerivs @thenakedtuna "We're releasing the GSE's"

@thenakedtuna @BillAckman @Toad1212 you have better?

. @BillAckman if you want price of fnma fmcc to go up. Posting will help a little bit. But what needs to be done is to make algorithm that trade sillilar as short sellers when they drop the price. But to be on a long side. I made it. Dm me and i will explain you

@thenakedtuna @DoNotLose 😆

@Toad1212 @DoNotLose You sure did. I’m glad I started my inverse @DoNotLose fund. I’m crushing it!

Would not recommend listening to this guy, he hasn't been in the room with anyone important and is talking from inexperience

@thenakedtuna @DoNotLose FNMAS should be under $10 soon...remember when I said how over valued these turds were last year...

@thenakedtuna @DoNotLose Glen is a F'ing retard

@Section344Lions This is pure cope...and just because you're a retard that slurps up whatever a franchise that hasn't won in 70 years does, doesnt mean the rest of us have to

It sucks the barometer for a successful offseason in this town has basically turned into fart noises & people not being able to be bothered unless it’s a trade for Myles Garrett or Jesus Christ himself. Totally get the first 4 or 5 days were boring, but actually think the Lions have done a real solid job adding a bunch of guys that are either clear upgrades, Opening Day starters, or depth that’s a lock for the 53-man. Also haven’t pigeonhole’d themselves even a bit, still clearly are in position to add more, and have 9 draft picks. We are way too caught up in the flash & sizzle. Anything short of free chocolate cake & everyone whines like a toddler.

@Section344Lions What's strange about it? Its fairly simple...Decker is a F'ing moron

Taylor Decker wanted 21 Million & decided to leave the team over not getting it. Rasheed Walker (best T available) signs for … 4 million? Really not trying to beat a dead horse, but what a super strange situation.

@DoNotLose @QuasiVentures @World_21m cc: @thenakedtuna

@QuasiVentures @World_21m False

🚨 The FANNIE MAE and FREDDIE MAC selling pressure has made its way over to JR Pref. $FNMAS rocked -9% on the day. A telling move. I watch these shares for signal more than common. Interesting…… @DoNotLose any comment ?

@thenakedtuna @XfractiousX @DoNotLose @carney @timpagliara

@XfractiousX @DoNotLose Wow this is getting crushed! @carney for the win! @Toad1212

I built a website with 3,000+ pages. Some of them have no business existing. → Leaked celebrity therapist notes (Keanu: discharged for being too healthy) glenbradford.com/celebrity-ther… → The Billionaire Group Chat (Elon bought it) glenbradford.com/billionaire-gr… → Thanos applied for "Population Control Consultant" glenbradford.com/villain-job-ap… → John Wick's resume lists "client relations" glenbradford.com/character-resu… → Darth Vader resigned from the Empire glenbradford.com/resignation-le… → Celebrity WiFi passwords (Buffett's router is from Circuit City) glenbradford.com/celebrity-wifi… → A 3D kitesurfing game in your browser glenbradford.com/kite 3,000+ pages. One person. What should I write next? #ElonMusk #KeanuReeves #Thanos #JohnWick #DarthVader #StarWars #Marvel #MCU #TheOffice #BreakingBad #WednesdayAddams #BillionaireLifestyle #CelebrityNews #FunnyMemes #Comedy #Humor #WebDev #IndieHacker #NextJS #BuildInPublic #SideProject #CreativeWriting #Satire #ParodyAccount #InternetCulture #ViralContent

@thenakedtuna @XfractiousX @DoNotLose @carney How long until Davos next year?

@thenakedtuna @revgalerivs @BillAckman Omg 😂

@revgalerivs @BillAckman @Toad1212 is this a good strategy 🤣

@AceBoogie2025 @Barchart This is what @DoNotLose signed up for 😆 @thenakedtuna

JUST IN 🚨: 30-Year Mortgage Rate jumps to 6.86%, the highest level since November 🏡📈