The shareholders are left with virtually nothing...

http://www.nytimes.com/2008/09/06/business/06fannie.html?_r=1&th&emc=th&oref=slo
gin

look at today's action. Why did the market reverse? It couldnt be that bankers
knew these talks were goin on. No way.

I posted afterhours that all the banks were ramping. I believe this had to be
done. I not sure of the exact amount of mortgages they hold , so I won't guess.
I know it huge. Jim C. has been talking about this all week. He was telling
everyone not to get sucked in to buying FRE or FNM just because their cheap. If
this does happen over the weekend , I think we should have a 300 up day Mon. I
bought BAC today AM , last I looked it was $2 somthin' up. I think the news got
leaked , there is no other way to explain the spikes in all the financials.
Fanny/Freddie spiked big in afterhours. and then during Fast Money , they were
saying investors in common stock would probably lose their asses and it started
selling off roughly at the same time. I hope it happens , It might kick start
the whole economy. Ed

Boy, Cramer called that one like Babe Ruth...

Thank you divine one for the link...boy, wonder if Doug Kass still has his
shorts on the two.

No word yet on the foreign news...
will probably take a few hours...

you know what i thought they might do?...nudge ACAS into buying that debt (since
they've been tossing around so much money, and then split ACAS into 2 companies.
a good one and a bad one....too late now, i guess.

beats wasting more money on an old city with sewer problems located below sea
level....if they are gonna spend my tax dollars i'd rather they used it to make
the stock market head back up not waste it away year after year on a once a year
party town!

Is that why the bank stocks were up big after hours? Damn my cold feet.

I wonder what the rest of the world will say about this...