$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
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Glen Bradford
Investor · Builder · Writer
MBA from Purdue. Former hedge fund manager. Holds 26 series of Fannie Mae and Freddie Mac junior preferred stock. Built Cloud Nimbus for Salesforce consulting. Author of Act As If. Writes about investing, building things, and the longest financial fraud in American history.
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