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When folks think Ralph Nader they think consumer watchdog or -- presidential spoiler they don't often think stockholder.
But as a stockholder -- both Fannie and Freddie Mac.
Ralph Nader is ticked off he's upset because he -- shareholders have been misled.
And haven't been able to share in the recent good fortune of the two mortgage giants joining us now and a first on Fox Business.
Is -- Ralph Nader he's consumer advocate and author of told -- -- all of the big book.
Of weekly columns Ralph close to -- -- when he says this is a quite a bit.
When -- turned out to be wrong and he turns out to be right okay Ralph yes shareholders how have they been misled Fannie and Freddie shareholders.
Well it's you know in 2008 and thereabouts and the federal government bailed out Citigroup and AIG but it preserved the shareholders.
Although they had -- in value tremendously.
They had a chance to recover in your recovery now in the essential comparison is -- they build out Freddie and Fannie.
And they took almost an 80% control the government and they left the rest of it in the hands of the common shareholders.
Because if they didn't.
They would have to assume further Uncle Sam all liabilities -- Freddie Freddie make -- deficit even mark.
So -- over -- they're using another abusing these common shareholders because in 2000.
Almost block stepped chairman Bernanke Treasury Secretary Paulson.
Regulator locker -- in the summer of 2008.
That the -- Fannie and Freddie were adequately capitalized on and all the year old -- -- thought it was a second safest investment in order beyond treasuries.
We're surprise were just a few weeks later.
-- -- Well surprise surprise they were saying that the whole economy was fine we'll be able to us swallowed a sub prime mess without any big problems -- they were they were wrong and a whole bunch issues but.
-- you're saying that shareholders because recently has as a housing market is gone up Fannie and Freddie have been doing spectacularly well making billions.
You think instead of giving some of that money back to the treasury they should be giving it to you and other shareholders.
No they should pay the treasury off first and that can happen before the end of this year or early next year.
-- So you're right what do you want that you're not getting or what to shareholders want.
Similar yeah simply not -- expropriated shareholders who preferred and the common and give him a chance to recover.
After the taxpayers fully repaid.
Starting next year and that's what they -- for Citigroup shareholder -- budgeted for AIG.
By the way I'm curious Ralph did you stand up for the GM bondholders who were shafted in the auto bailout.
Yeah -- yes I know I could I don't like injustice anywhere whether it's in government in the marketplace wherever.
Military -- Consistent on that which is why I want to ask another question about the -- scandal.
Yet you you know very well like few -- because you're right there pushing -- the second article of Richard Nixon's 1974.
Impeachment the draft.
Of his impeachment had to do with him using the -- arrests as a political tool to go after political enemies.
Do you think that this administration has done the same.
We don't know the full story before we know they did discriminate -- what's called liberal and conservative applications for 501 C three no one was denied.
And I think this is being exaggerated by the Republican.
But you have no doubt do you that a lot of these Tea Party I mean even the president admits that there was a scandal here.
That in fact.
Groups were singled out because they have the word they're the phrase Tea Party ended because they -- implied that they were conservative groups they were singled out even the president admits that.
Well -- -- it to covers you know what.
Did he did -- fast but -- New York Times reporters quite clear that some of these groups were so overtly political and involved in supporting candidates that they deserve special.
Scrutiny by the terrorist but we need more facts coming out but they also -- guys.
I -- chief visited the White House you have 150.
Staff and tied his predecessor.
Visited the White House once in three years.
-- or -- or -- -- what was at the Easter egg rolls is these are we're under an agreement that would let me ask one more question on -- -- the spying.
On reporters and charging them with conspiracy.
Merely because they were doing their job that must upset you.
Absolutely -- mean there's no doubt there that was a huge overreach they chilling -- depressed.
And a violation of their first amendment rights and the right of the American people to know.
And -- both holder and Obama are backing off pretty fast on that and they deserve to do so because of the press cannot investigate the government.
Remember -- Jefferson's -- yet to choose between a government.
Or free press -- accused of repressed one last thing quickly we don't want -- organized becoming shareholders of Fannie and Freddie because when the policy goes to the congress we want to make sure.
But -- -- at least given the chance to recover because they've been used and abused.
They've been delisted in 2010.
And the final point is is this.
Is that if Fannie and Freddie are -- to recover under whatever organization.
They should not -- X expropriated.
Tens of thousands of common kuril.
OK we agree on that Ralph.
Ralph always a pleasure to talk to you thanks so much for coming in but I.
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