Another Liberal Failure… Fannie & Freddie Ordered to Delist From NY Stock Exchange
Posted by Jim Hoft on Wednesday, June 16, 2010, 5:13 AM
Fannie Mae and Freddie Mac Ordered to De-List From New York Stock Exchange
Lib flashback: Barney Frank claims Fannie Mae and Freddie Mac are not in crisis. Frank told a House committee that people were exaggerating the safety and soundness of Fannie Mae and Freddie Mac:
Yesterday, Fannie Mae and Freddie Mac were asked to delist from the NY Stock Exchange.
Market Watch reported:
Fannie Mae /quotes/comstock/13*!fnm/quotes/nls/fnm (FNM 0.92, +0.01, +1.14%) today reported in a filing with the U.S. Securities and Exchange Commission (SEC) that the company had notified the New York Stock Exchange (NYSE) and the Chicago Stock Exchange (CSE) of its intent to delist its common and preferred stock. 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.
According to a press release by FHFA, the Acting Director of FHFA directed both Fannie Mae and Freddie Mac to take such actions.
In accordance with SEC rules and regulations, Fannie Mae intends to file a Form 25 (Notification of Removal from Listing under Section 12(b) of the Securities Exchange Act of 1934) on or about June 28, 2010. Fannie Mae anticipates that the delisting of its common and preferred stock from the NYSE and CSE will be effective 10 days after Fannie Mae files the Form 25 with the SEC.
After the delisting of its stock, Fannie Mae expects that its common stock and all series of preferred stock that were previously listed on the NYSE will be traded in the over-the-counter market and quoted on the OTC Bulletin Board (OTCBB), a centralized electronic quotation service for over-the-counter securities, under a ticker symbol that has yet to be assigned.
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Published May 24, 2012 at 8:46 pm - 87 Comments
bill-tb commented:
Two more government cash gushers that have never been capped. What is it about, you can’t afford that, that Democrats never seem to figure out.
The Triguy commented:
The democrats can afford anything they want. Just ask them. It’s we, the taxpayers who foot the bill, who can’t afford it!
Kenny Solomon commented:
On Beck’s shows the past few weeks, he’s talked about Franklin Raines of Fannie/Freddie fame and how the damnable bastards own the patent on the ‘smart grid’ technology and related items.
It’s kind of like an ‘On-Star’ for your house. Full tracking of energy use, internal temp, lighting, etc…….. and the ability to control it from outside the home……. control NOT by the homeowner.
Yeah, I’m serious. I looked into it too (spurred on by my not really believing it, but not doubting it either).
As usual, no links for you….. Check it out yourself and maybe it’ll get legs and spur on a peaceful revolution at the ballot box in November……. if we make it that far.
KLS
Just_Saying commented:
So, if it’s off the exchange, does that mean one of Obummer’s buddies will buy the stock, cheap, after the taxpayers give Fannie and Freddie a lot more bailout money? (Just suspicious…)
.
Betsy Ross commented:
When a man spends his own money to buy something for himself, he is
very careful how much he spends and how he spends it.
When a man spends his own money to buy something for someone else, he is
still very careful about how much he spends, but somewhat less what he spends it on.
When a man spends someone else’s money to buy something for himself, he is
very careful about what he buys, but doesn’t care at all how much he spends.
And when a man spends someone else’s money on someone else, he doesn’t care how much he spends or what he spends it on.
And that’s government for you
Milton Friedman
Nobel Laureate
kato commented:
And after Fan and Fred were loaded up with subprime debt, the government revived the FHA to back even more bad loans.
This was the work of liberals in both parties, and it occurred during the eight years of the Compassionate Dope.
Callipygian1 commented:
Schumer and Frank are just two more traitors to their country and fellow citizens.
nano commented:
It has already been noted that the bailouts of these two can hit the trillion dollar mark depending on future price of what they offer.
Joylily514 commented:
Now is the time to wind down Fannie and Freddie, along with all the other “progressive” failures, Social Security, welfare, etc.
seven commented:
So Bawney said they were in great shape.
They have avoided coming under sarbanes Oxley and have reporting compliance issues.
SeniorD commented:
Just means Ms. Barni’s boyfriend gets to stay longer.
Georg Felis commented:
“Fannie Mae …, under a ticker symbol that has yet to be assigned.”
Certainly we can make some suggestions
D2F (Doomed to Failure)
DDG (Democrat Dumping Grounds)
IHS (Invest Here Suckers)
GAI (Gorelick Aproved Investment)
neomom commented:
Um, once they are de-listed, doesn’t that also remove some of the more strict oversight from the SEC? These people are always thinking, manipulating and stealing. I think the lights just got turned off in the candy store. Look for pockets to bulge.