Ackman’s Plan To Free Fannie and Freddie From the Government’s Clutches Gets a Tepid Wall Street Reception
Shares slip after a run-up that followed December disclosure of Pershing Square chief’s plan to end government conservatorship of mortgage insurers.
Pershing Square’s Bill Ackman provided a 103-page slide show on Thursday to illustrate his proposal for the U.S. government to end its conservatorship of Fannie Mae and Freddie Mac. At first glance, investors were underwhelmed: Fannie share’s fell 13 percent to $5.40 and Freddie dropped 15 percent to $4.83 on Thursday. At midday on Friday they each recouped about 40 cents to $5.83 and $5.24.
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