00:00It's Benzinga bringing Wall Street to Main Street
00:02Bill Ackman and Michael Burry urged Trump to end the conservatorship of Fannie Mae and
00:07Freddie Mac, warning that the continued sweep of profits threatens U.S. banking stability.
00:11In a public statement, Pershing Square's Ackman said the company's fully repaid $193 billion
00:17in bailout funds, plus $25 billion more.
00:20Ackman said the Treasury still holds the liability because the net worth sweep sends all profits
00:26to the government, calling the policy unconstitutional.
00:29He argued that it blocks recapitalization, arguing shareholders want the government
00:33to honor bailout terms and recognize the $301 billion already repaid.
00:39Burry said fair treatment of F2 shareholders has broader implications beyond just the two
00:44companies.
00:45Ackman warned that the precedent deters private rescues of failing banks and cited Silicon
00:49Valley Bank.
00:50The appeal comes as the administration uses the firms to support housing markets.
00:54Ackman cited Trump's past criticism of the sweep as a scam and urged him to stop the steal.
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