People Really Didn’t Like Fannie Mae and Freddie Mac

Can the government commit securities fraud?” is one question that is raised by Gretchen Morgenson’s column about Fannie Mae and Freddie Mac this weekend. Fannie and Freddie seem to be having a cultural moment, with their hedge fund defenders — Perry Capital, Pershing Square and, I guess, Fairholme — being joined by otherwise non-hedge-fundy types like Ralph Nader and Gretchen Morgenson to demand justice for Fannie and Freddie’s shareholders, because I guess if anyone needs justice it’s Fannie and Freddie shareholders.