$FNMA #FANNIEGATE REversE Engineered Bove for $26B Earnings to FnF 2016

reverse engineering his notes

http://www.streetinsider.com/Analyst+Comments/Dick+Bove+Calls+Out+WSJ+for+Bad+Math+on+Fannie+%28FNMA%29%2C+Freddie+%28FMCC%29/10445553.html

so just assume that $6/share is his number implying that after jr and sr dividends

that implies 60 cents per share for the commons fully diluted

that is with 18.75B of sr preferred expense

if you assume 2B of jr preferred expense

then if you assume 9 B shares

.6*9+18.75+2=26.15B profit in 2016