WASHINGTON, D.C. (February 4, 2014) – Please join Shareholder Respect, a project founded by Ralph Nader to highlight the mistreatment of shareholders, for a round table discussing the impacts of the conservatorship of government sponsored enterprises (GSEs), such as Fannie Mae and Freddie Mac. GSE reform will have an impact on shareholders, homeowners, industry stakeholders, and the broader economy. With lawmakers on Capitol Hill considering legislation that purports to reform the GSEs, and likely determine the fate of investors in Fannie Mae and Freddie Mac, this discussion is both timely and important.
What: Round Table Discussion; open to the public and the media
When: Wednesday, February 5, 2014
Registration and a light breakfast will begin at 9 A.M.
The program will run from 9:30 A.M. through about 11:30 A.M.
Who: Ralph Nader, consumer advocate
Theodore Olson, former U.S. Solicitor General
Sheila Crowley, President, National Low Income Housing Coalition
James Glassman, a fellow at the American Enterprise Institute
Ed Mierzwinski, Consumer Program Director at U.S. PIRG
Tim Pagliara, shareholder of Fannie Mae and Freddie Mac
John Taylor, President, National Community Reinvestment Coalition (NCRC)
David Berenbaum, Chief Program Officer, NCRC
Where: Carnegie Institution for Science Building
1530 P St. NW
If you can not make it in person, there will be a live stream which can be found here.
An article in The Street, following a hearing on the government sponsored enterprises (GSEs) in the Senate Committee on Banking, Housing and Urban Affairs, discussed Ralph Nader’s advocacy for Fannie Mae and Freddie Mac shareholders. The long-time consumer advocate is pushing for a hearing that would discuss Fannie and Freddie shareholders’ rights. Nader pointed out that the shareholders have been left without a seat at the table with regard to the discussion on how to proceed with regard to GSE and housing reform.
Nader points out that the shareholders of bailed out Citigroup and AIG were allowed to participate in their recovery. The GSEs’ shareholders deserve the same opportunity, he said. Though Nader is best known for his positions on consumer protection, he has advocated for shareholders and shareholder rights in the past when he wasn’t a shareholder himself – most notably on issues with GM and Exxon Mobil. To read the full article, click here.
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Buzzfeed published an in-depth article on Friday discussing Ralph Nader’s transformation from a consumer advocate to a shareholder activist. The article quotes Nader’s criticism of Fannie and Freddie’s management, saying it was a “dictatorship” and that “shareholders were stripped of their rights.”
The article touches on the government’s restructuring of Fannie and Freddie’s dividend payments, which now prevents them from recapitalizing. The article also points out that the Corker-Warner bill threatens the government sponsored enterprises’ (GSEs) shareholders. By contrast, Nader supports putting the GSEs under government control but allowing shareholders a chance to recover the value of their stock. You can read the full article here.