Dear
Mr. Spitzer... Mr.
Eliot Spitzer, Attorney General Phone:
(518) 474-7330 RE: 8,000,000 shares of FNM that traded at 4:29 PM EST, after market close at 4:00 PM EST On December 21, 2004, several hours before the Associated Press news release of Mr. Franklin Delano Raines’ termination as CEO at Fannie Mae, made public by Associated Press through www.forbes.com at this url at 7:44 PM EST [See: http://www.forbes.com/infoimaging/feeds/ap/2004/12/21/ap1724797.html] This was documented on December 23, 2004 (effective December 22, 2004) on www.FinancialSense.com at this website link: [See: http://www.financialsense.com/editorials/reality/2004/1223.html].
Dear Mr. Spitzer, Attorney General for the State of New York: I am a Canadian, living in Toronto, Ontario, Canada. My name is Rob Kirby. I write to you, as a Canadian, imploring you to enlist the investigative services of your good offices to once again bring a measure of clear transparency to a seemingly opaque and quite possibly duplicitous situation. It sticks out like a sore thumb, as you Americans say, somewhat suspect trade in your Wall Street Equities Markets as of the after hours close of the American Stock Exchanges on 21 December, 2004. The particular suspect trade in question for us Canadians, is the 8 million shares of FNM [aka Fannie Mae] that were dumped on your American Wall Street prior to Mr. Raines’ dismissal from Fannie Mae [FNM] that you folks in the States refer to as the GSEs – the Government Sponsored Enterprises. The particular dealing of which I speak is a rather noteworthy transaction of 8 million shares of Fannie Mae [FNM, NYSE] conducted in the electronic marketplace [after the NYSE close] at 4:29 PM. on 21 December, in the year of Our Lord, 2004. Being a Canadian, and knowing your American History, I understand that timing is everything:
What do I find so troubling about this particular transaction as a Canadian… and an investor in your American Equities Markets? This 8,000,000 share FNM [Fannie Mae} trade is the very same day that CEO Franklin Delano Raines and CFO Howard both resigned from Fannie Mae [actually given the ax or the proverbial boot in the behind by the Fannie Mae Board of Directors]. In fact, their resignations were financial news headlines and were made public through a number of news agencies just prior to 8:00 p.m. EST – roughly four hours after the NYSE close, as you can see in the two links provided below: Associated
Press – Two
Top Execs at Fannie Mae Forced Out To this particular 8,000,000 share trade I question in December, I would like to point out, that FNM had traded in excess of 8 million shares, in the past month, on only three occasions [as evidenced below] on the NYSE for an entire day’s trade: 8,000,000 Shares of Fannie Mae Trade at 4:29 PM After Market Close:
DATE VOLUME
Data compliments of: www.Stockhouse.com Then, out of the blue, an 8 million share bock trade occurs in the electronic trading session [under the radar, so to speak] mere hours before these two supposed esteemed individuals’ resignations in your United States in America? Does this transaction not warrant a second look from a regulatory view point? To the best of my knowledge, the SEC has not commented on this situation. When I visit the SEC homepage on the Internet, they state, right up front in their mission statement that, “The primary mission of the U.S. Securities and Exchange Commission (SEC) is to protect investors and maintain the integrity of the securities markets.” This seemingly nefarious Fannie Mae after hours trade related to your US Housing Markets and the GSEs is rather suspect in our initial view. My question, Mr. Spitzer, is this: Are transactions such as the one detailed above congruous with protecting investors or maintaining any type of integrity in securities markets, that you faithfully charge your constituents in the State of New York to protect? After all, this lone transaction, which very nearly slipped into obscurity, amounts to $562,000,000 in your Federal Reserve Note Currency. Again, that is five hundred sixty- two million dollars worth of FNM stock. If the SEC does not feel that a transaction of $562 {US$s] million worth of FNM stock, under what might be construed as dubious circumstances, is worthy of a second look, I would hope that your good offices would see this suspect after hours electronic trade in a different light. I would very much hope that you would find this matter compelling enough to investigate and report back to all of us here in Canada as to its “fairness in global markets where Fannie Mae plays and trades” – identifying who knew what, how, when, where, why and to whom?!! To me, on the surface, it reeks of duplicity and this trade is suspect… in my view. I look forward to hearing from you in this matter. Most Warm Regards from Toronto, Ontario, Canada, Rob Kirby © 2005 Realty Reality |
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