How about this - The FHFA has ordered Fannie and Freddie off the New York Stock Exchange.
Not that such action should be a surprise. It is just the fact that it has happened.
Here is the press release from FHFA.
I wonder if this has any significance with respect to the proposed changes that are being considered to reorganize the GSE's?
"FHFA's determination to direct each company to delist does not constitute any reflection on either Enterprise's current performance or future direction, nor does delisting imply any other findings or determination on the part of FHFA as regulator or conservator," said FHFA Acting Director Edward J. DeMarco.
Fannie and Freddie - the mortgage giants - now, or soon to be, OTC stocks.
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Richard Smith |
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Makes sense to me.
Just being listed on the NYSE costs money.
And let's remember how many millions were paid to the kind folks who ran the GSE's into the ground.
Also the extravagant funds sent to lobby Congress so the kind folks could run the GSE's into the ground with minimum real oversight.
And so far the GSE bailout has only cost a mere $145 billion or so.
No way we can afford the cost of remaining on the NYSE. :)
And don't forget the brilliant regulators that wrote the exemption for Fannie/Freddie in Sarbanes Oxley letting Franklin Raines off the hook.
Lenn,
There is a long list of brilliance in regulating we could list. How about the regulators who oversaw BP's off shore drilling.
I posted this on another website http://www.librarything.com/topic/91738. "I should have been a regulator."
I wish there had been more activity on the topic.