FANNIEGATE
Written by Glen Bradford
FIRST DRAFT — 2026
FADE IN:
EXT. WASHINGTON D.C. — DAWN — SEPTEMBER 7, 2008
Aerial shot. The Capitol dome catches the first light. The streets are empty. A TICKER runs across the bottom of the screen: DOW JONES -504 ... LEHMAN BROTHERS SEEKING BUYER ... HOUSING CRISIS DEEPENS.
We push in on the Treasury Department building. Lights on. Every floor.
WASHINGTON, D.C. — SEPTEMBER 7, 2008
INT. TREASURY DEPARTMENT — CONFERENCE ROOM — CONTINUOUS
HENRY PAULSON, 62, Secretary of the Treasury, stands at the head of a long mahogany table. His sleeves are rolled up. He hasn't slept. Around the table: lawyers, regulators, staffers. Coffee cups everywhere. The air is thick with urgency.
On the wall behind him: framed portraits of previous Treasury Secretaries. Alexander Hamilton stares down at the scene.
Paulson
We're placing them into conservatorship. Both of them. Tomorrow morning.
Treasury Lawyer
(hesitant)
Mr. Secretary, the shareholders —
Paulson
(cutting him off)
The shareholders will be protected. This is temporary. A bridge. We stabilize the housing market, we recapitalize the companies, and we return them to private ownership.
Beat. The lawyer exchanges a look with a colleague.
Treasury Lawyer
And if it's not temporary?
Paulson stares at him. The question hangs in the air.
Paulson
It's temporary.
IT WASN'T TEMPORARY.
FANNIEGATE
TITLE SEQUENCE. Quick cuts:
— CNBC footage: “The government has placed Fannie Mae and Freddie Mac into conservatorship.”
— Stock tickers plummeting. Red everywhere.
— Families being evicted from homes. Moving boxes on front lawns.
— Wall Street traders with their heads in their hands.
— A suburban house in Mishawaka, Indiana. Quiet street. American flag on the porch.
FOUR YEARS LATER
INT. TREASURY DEPARTMENT — AUGUST 17, 2012
A different Secretary. A different room. Same building. TIMOTHY GEITHNER sits across from a small group of senior staffers.
On the table: a document. “THIRD AMENDMENT TO THE SENIOR PREFERRED STOCK PURCHASE AGREEMENT.”
Geithner
The companies are profitable again. Very profitable. We need to make sure that money comes to Treasury. All of it.
Staffer
All of it? The original agreement has a 10% dividend —
Geithner
The new agreement replaces the fixed dividend with a net worth sweep. Every quarter, every dollar of profit goes to the United States Treasury.
Staffer
(slowly)
So the shareholders get… nothing. Ever.
Geithner
The shareholders get a stable housing market.
The staffer stares at the document. He picks up a pen. Hesitates.
Staffer
Sir, they've already paid back the bailout. With interest. This is going to look like —
Geithner
This is going to look like the United States of America protecting its investment.
He signs the document. Pushes it across the table.
Geithner
(standing, adjusting his tie)
Next item.
CLOSE ON the document. The words “NET WORTH SWEEP” fill the screen.
THE NET WORTH SWEEP WOULD ULTIMATELY TRANSFER OVER $300 BILLION FROM FANNIE MAE AND FREDDIE MAC TO THE U.S. TREASURY.
THE SHAREHOLDERS WERE NEVER TOLD.
EXT. MISHAWAKA, INDIANA — DAY — 2014
A quiet residential street. Middle America. Lawns mowed. Flags flying. We find GLEN BRADFORD, late 20s, sitting on his childhood bed in his parents' house, laptop open, surrounded by printed court documents and SEC filings stacked a foot high.
TITLE CARD: GLEN BRADFORD. Purdue MBA. Former hedge fund manager. Made his first million by 24. Lost it to Chinese stock frauds. Currently: broke.
His phone buzzes. A SeekingAlpha notification. He ignores it. He's reading something intently. His eyes narrow.
Glen
(to himself, reading)
“Net worth sweep… all net worth in excess of an applicable capital reserve amount… shall be payable as a dividend…”
He stops. Reads it again. Sits up straight.
Glen
(slowly, to himself)
They're taking everything. Every quarter. Every dollar. The companies are profitable and the government is keeping all of it.
He opens a new browser tab. Types. Pulls up Fannie Mae and Freddie Mac's quarterly earnings. His eyes go wide.
Glen
They made $84 billion last year. Eighty-four billion. And the government took every penny.
He pushes back from the desk. Stares at the ceiling. We can see the wheels turning.
Glen
(quiet, with conviction)
This is it. This is the fraud.
CUT TO:
INT. GLEN'S APARTMENT — BROKERAGE SCREEN — 2014
CLOSE ON a brokerage account. Glen is buying common shares. Fannie Mae. Freddie Mac. Small positions at first. Then bigger.
Glen
(V.O.)
I started buying common shares in 2014. The thesis was simple: the government can't steal from shareholders forever. Not in America. Not with the Fifth Amendment. Not with the entire housing market depending on these two companies.
MONTAGE: Glen at his desk. SeekingAlpha articles being published. Comment sections exploding. Twitter followers climbing.
Glen
(V.O.)
I wrote about it. I wrote about it every week. Every month. I wrote a book. Then another book. Then six more. I couldn't stop writing about it because nobody else was seeing what I was seeing.
2016
Glen staring at his screen. He highlights every common share position. Selects “SELL ALL.”
Then he opens a new order ticket. Types: FNMAS. FMCCJ. FMCCS. FMCKI. Junior preferred shares. He starts buying.
Glen
(V.O.)
In 2016, I sold every common share I owned and converted my entire position into junior preferred stock. Twenty-six different series across both companies. Fannie Mae and Freddie Mac. My entire net worth.
CLOSE ON the screen. Position after position. FMCCH. FMCCI. FMCCT. FMCKO. FMCKP. FMCKL. FMCKM. The list keeps going.
Glen
(V.O.)
People think I'm a Fannie Mae guy. I'm actually more of a Freddie Mac guy. Most of my shares are Freddie Mac preferred.
CUT TO:
EXT. U.S. CAPITOL BUILDING — DAY
Glen walks up the Capitol steps in a suit that's slightly too big for him. He's carrying a briefcase full of documents. He looks up at the building.
Glen
(V.O.)
I lobbied on Capitol Hill. Me. A kid from Mishawaka, Indiana. Walking into congressional offices with a briefcase full of financial analysis, telling lawmakers that their own government was committing fraud.
INT. CONGRESSIONAL OFFICE — CONTINUOUS
Glen sits across from a CONGRESSIONAL STAFFER, 30s, who looks like he'd rather be anywhere else.
Congressional Staffer
Mr. Bradford, the conservatorship is a matter of national financial security —
Glen
The conservatorship was supposed to be temporary. Your boss said it was temporary. The Treasury Secretary said it was temporary. It's been six years.
Congressional Staffer
These things take time —
Glen
The companies have paid back $228 billion. The bailout was $187 billion. They've paid it back with interest. And the government is still taking every dollar. How is that a conservatorship? That's a nationalization. That's a taking. That's a violation of the Fifth Amendment.
The staffer shifts in his chair. Glen opens his briefcase. Pulls out a thick document. Slides it across the desk.
Glen
This is every quarterly dividend payment from Fannie and Freddie to Treasury since the Net Worth Sweep. Three hundred billion dollars. The bailout is paid back three times over. Where does the money go?
The staffer doesn't touch the document.
Congressional Staffer
(carefully)
I'll make sure the Congressman sees this.
Glen
(standing)
You do that. And tell him there are a few million shareholders watching.
CUT TO:
INT. GLEN'S FIRST APARTMENT — NIGHT — 2010 (FLASHBACK)
A younger Glen. Staring at a screen. CCME stock is at zero. His portfolio is at zero. His hands are shaking. The room is dark except for the monitor glow.
Glen
(V.O., present day)
People ask me why I fight so hard on Fannie and Freddie. They don't understand. I've been here before.
FLASHBACK: Glen on the phone. Pacing. His voice is barely controlled.
Young Glen
(into phone)
What do you mean the revenues were fake? The auditor signed off — what do you mean the auditor was —
He puts the phone down. Sits on the floor. Stares at the wall.
Glen
(V.O.)
I made my first million by 24. Then I got defrauded. Chinese stock frauds. Not “lost it.” Got defrauded. There's a difference. Losing money means you were wrong. Getting defrauded means someone lied to you.
CLOSE ON Young Glen's face. He looks at himself in the bathroom mirror.
Young Glen
(to his reflection)
Glen, buddy… you're not as smart as you think you are.
Long beat. Then something changes in his eyes. The self-pity hardens into something else.
Glen
(V.O.)
That was the moment. Not when I lost the money. When I decided I was going to fight fraud for the rest of my life. When I decided: do not lose.
END FLASHBACK
CUT TO:
INT. GLEN'S OFFICE — NIGHT — PRESENT DAY
Glen at his desk. Three monitors. One shows his brokerage account. One shows Twitter. One shows a legal filing. His handle: @DoNotLose.
The Twitter feed scrolls: 50,000… 75,000… 100,000 views this week. Replies flooding in. Other Fannie/Freddie shareholders. Lawyers. Journalists.
Glen
(typing, reading aloud)
“The conservatorship has lasted 17 years. The companies have paid back the bailout three times over. The government keeps every dollar. This is not a conservatorship. This is theft. And I own about 1% of FMCCS to prove I'm not bluffing.”
He hits send. Leans back. His phone buzzes. Another notification. And another. And another.
Glen
(to himself, almost smiling)
Do not lose.
CUT TO:
INT. FEDERAL COURTHOUSE — DAY
A courtroom. Wood paneling. An American flag behind the judge's bench. Lawyers in expensive suits on both sides. On one side: the United States Government. On the other: a team of shareholder lawyers.
Glen sits in the gallery. He's not a party to the case. He's just a shareholder. One of millions. But he's here. He's always here.
Government Lawyer
Your Honor, the Net Worth Sweep was a reasonable exercise of the conservator's authority to preserve the safety and soundness of the enterprises —
Shareholder Lawyer
(rising)
Objection. The enterprises were profitable. Massively profitable. The Net Worth Sweep didn't preserve them — it stripped them. Every dollar of profit, every quarter, in perpetuity. That's not conservatorship. That's confiscation.
The judge looks at both lawyers. Then down at the papers in front of her.
Glen watches from the gallery. His hands are folded. His jaw is tight. He's been to a lot of courtrooms.
Glen
(V.O.)
The legal fight has been going on for over a decade. Different courts. Different judges. Different theories. Sometimes we win. Sometimes we lose. Every time we lose, I lose a million dollars. I've lost a million dollars quite a few times since the Chinese frauds.
CUT TO: Glen walking out of the courthouse. Sunlight hits his face. He squints. Puts on sunglasses.
Glen
(V.O.)
But I'm still here. And I'm not going anywhere.
CUT TO:
EXT. OCEAN — DAY
WIDE SHOT. Turquoise water. Wind whipping. A kite surfer launches off a wave, ten feet in the air, silhouetted against the sun.
It's Glen.
He lands. Cuts through the water. Launches again. Higher this time. For a moment, he's weightless.
Glen
(V.O.)
People who know me from Twitter think I'm some guy in a dark room staring at stock tickers. And I am. But I also do this.
He crashes into a wave. Goes under. Comes back up. Grabs the bar. Goes again.
Glen
(V.O.)
You can't half-kite surf. You commit or you drown. Same with fighting the government. Same with everything I do.
CUT TO:
INT. GLEN'S OFFICE — NIGHT
A bookshelf. Nine books lined up. “Act As If.” Then eight volumes of the Fanniegate series, spines facing out. One for each year. Glen runs his finger across them.
Glen
Nine books. Three hundred articles on SeekingAlpha. A decade of my life documenting the biggest fraud in American capital markets history.
He pulls the first Fanniegate book off the shelf. Opens it. Pages through.
Glen
Writing is thinking. And I've been thinking about this for a very long time.
He puts the book back. Sits at his desk. Opens his laptop. Starts typing.
Glen
(V.O.)
The tenth book? An AI wrote it. Because I was too busy building a Salesforce app that ships 85 releases in 8 months. But that's a different movie.
CUT TO:
INT. GLEN'S OFFICE — BROKERAGE SCREEN — CLOSE UP
The screen fills with ticker symbols. Row after row. Twenty-six series of preferred stock. The camera slowly scrolls down the list:
FNMAS… FNMFN… FNMFO… FMCCH… FMCCI… FMCCS… FMCCJ… FMCCT… FMCKO… FMCKP… FMCKI… FMCKJ… FMCKK… FMCKL… FMCKM… FNMAT… FMCCN… FMCCP… FMCCR… FMCCO… FMCCM… FMCCL… FMCCG… FMCCK…
Glen
(V.O.)
My entire net worth. Every dollar. Twenty-six series of junior preferred stock in Fannie Mae and Freddie Mac. I am approximately a 1% holder of FMCCS. I am approximately a 1% holder of FMCCJ. One out of every hundred shares.
Beat.
Glen
(V.O.)
People call me crazy. Maybe I am. But the companies are real. The profits are real. The fraud is real. And I'm not selling.
CUT TO:
INT. GLEN'S BATHROOM — MORNING
Glen looks at himself in the mirror. Older now than the kid who lost his first million. But the same eyes. The same intensity.
He splashes water on his face. Looks up.
Glen
(to his reflection)
You know what you're doing. You've done the research. You've read every filing. You've written nine books about this.
Beat.
Glen
(quiet, firm)
Act as if.
He straightens up. Walks out of the bathroom. Sits at his desk. Opens Twitter. Opens SeekingAlpha. Opens the brokerage screen.
Another day. Same fight.
CUT TO:
INT. GLEN'S OFFICE — DAY
Glen's phone rings. He picks up.
Voice on Phone
Mr. Bradford? This is calling from [REDACTED]. We're working on the shareholder case and your research has been… very thorough. We'd like to discuss some of your findings.
Glen leans back. A small smile.
Glen
I've been waiting for this call.
CUT TO:
EXT. GLEN'S PARENTS' HOUSE — MISHAWAKA — DUSK
The same quiet street from the beginning. The flag still on the porch. Glen sits on the front steps. His parents are inside. He can see them through the window, moving around the kitchen.
Glen
(V.O.)
I am proud of my parents for raising me. That sounds simple. It's the truest thing I've ever said.
He looks up at the sky. The sun is setting over Mishawaka. The same sunset he watched a thousand times as a kid.
Glen
(V.O.)
Indiana is not Wall Street. Mishawaka is not Manhattan. I didn't grow up with connections or trust funds. I grew up with parents who taught me that you don't quit.
He stands. Walks to the flag on the porch. Touches the fabric.
Glen
(V.O.)
That's why I fight. Not because I'm going to win. Because I refuse to lose.
CUT TO:
INT. GLEN'S OFFICE — NIGHT
Glen at his desk. The glow of three monitors. One shows his Twitter feed. One shows the brokerage account. One shows a SeekingAlpha article draft, half-finished.
He types. Stops. Reads. Deletes. Types again.
His phone buzzes. A court filing alert. He reads it. His expression doesn't change.
He goes back to typing.
Glen
(V.O.)
The conservatorship has lasted 17 years. My entire net worth is in two companies the government seized and never gave back. I've lost a million dollars quite a few times.
He finishes the article. Hits publish. Leans back.
Glen
(V.O.)
But I'm still here. I'll always be here. Because you can't steal from shareholders forever. Not in this country. Not while I'm breathing.
He picks up his coffee. Takes a sip. Sets it down. Opens a new tab. Starts writing the next article.
@DONOTLOSE
HOLD on Glen's face, lit by the monitor glow. Working. Fighting. Not stopping.
FADE TO BLACK.
As of 2026, the conservatorship of Fannie Mae and Freddie Mac is still ongoing.
The companies have transferred over $300 billion to the U.S. Treasury — nearly double the original $187 billion bailout.
Shareholder lawsuits remain pending in multiple federal courts.
Glen Bradford continues to hold junior preferred shares in both companies.
His entire net worth is still riding on this.
THE END