Fannie Mae unable to dispel NYSE listing news via TimHoward717.com
I know I said I wanted to get our campaign back on the offensive and with the help of our reader UES we completely dominated the news world of Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC) today Lets keep it up! As the frenzy spread Fannie desperately tried to extinguish the flames. A Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) spokesman said “they had no plans to list on the NYSE, and that the job listing for someone with knowledge of the NYSE listing requirements is based on Fannie’s corporate governance guidelines. “As noted in our Corporate Governance Guidelines…the director independence requirement is set forth in FHFA corporate governance regulation 12 C.F.R. 1710.10, which requires the standard of independence adopted by the NYSE.”
” This explanation is hardly believable when we look at the critical portion of the job post again,”JOB FUNCTIONS Provide advice and counsel on corporate governance and securities law matters, including Federal Housing Finance Agency, ‘34 Act, and NYSE listing requirements, among others.” Notice they had already listed “corporate governance” as one of the job functions. To suggest they were again referring to corporate governance issues with the NYSE listing requirement is just plain bizarre. To be fair having studied quite a bit of what they had to work with I must say as poor as it was, it likely was their only alibi.
I am not alone in this skepticism, “Former NYSE chief Richard Grasso said with the job listing, Fannie Mae could be trying to stoke a bidding war for its listing between the NYSE and archrival the Nasdaq Stock Market, operated by Nasdaq OMX Group (NDAQ). “Fannie Mae had been one of the great listed companies on the exchange” prior to the financial crisis, Grasso said. “With its return to profitability, maybe the people there want to create a little competition between the [NYSE] and the Nasdaq.”.
Taken right from the SEC website, we find what anyone would assume they that Fannie Mae was referring to and obviously what the ad was trying to convey. “Listing and Delisting Requirements- Before a company can begin trading on an exchange, it must meet certain initial requirements or “listing standards.” The various exchanges set their own standards for listing and continuing to trade a stock.
The SEC does not set listing standards.To be listed initially, a company must meet minimum financial and non-financial standards. Among other things, the standards cover total market value, stock price, and the number of publicly traded shares and shareholders a firm has. After a company’s stock starts trading on an exchange, it usually is subject to other, less stringent requirements; if it fails to meet those, the stock can be delisted.”To think they were referring to corporate governance when they had already referred to corporate governance is a stretch I doubt anyone believes.
To those who have been following closely, today’s news, helped to verify a narrative that has been building for months. I know everyone does not follow my every word but I want to note that earlier in the day on Tuesday I broke my recent silence regarding the coup that has been developing within powerful factions in the democratic party to seize control of the GSE issue.
In the comments section of Mondays post I stated, “Obama will not allow this issue to be passed to a new (possibly Republican)administration. Knowing the slim chances of any reform bills passing he is setting the stage for reform and release. I do not keep publicizing this as not to encourage a new bill from passing. This issue is far more complicated than many realize, we need to publicize the fact that Fannie Mae and Freddie were victims and not the villains.” It was within this same post a short while later we received the Job posting tip. For those who have been following closely, it is obvious that the wheels are in motion. I wish I could somehow transmit all of my knowledge regarding our cause; things would probably make more sense.
I again want to thank our reader who shared this valuable information. I also want to extend our welcome mat to anyone who has information to share but chooses to do so anonymously. For those of you new here, our mission is to simply get the truth out about all aspects of Fannie Mae and Freddie. With the river of lies flowing out of DC, it is critical that the American people learn the truth.
I want to send our condolences out to Hawk_Eye, a true warrior for our cause.Andrew was kind enough to inform us of Hawks loss today.Let us keep him in our prayers.
In closing I must say I found it ironic that the news regarding the sale of Fannie Mae headquarters was released tonight, they obviously felt the need to exact a little revenge after getting the light of truth shined in their eyes. All I can say is get use to it, you never know where the searchlight will be aimed next. Keep the Faith!