A petition to "restore fairness to Fannie Mae and Freddie Mac common shareholders" was created at the White House's Website on Saturday, requesting the government "provide fairness and protection to GSE shareholders." The petition compared the bailout of Fannie and Freddie to the government bailouts of American International Group (AIG) and Citigroup (C), raising the prospect for a conversion of government-held preferred shares to common shares.
That type of conversion enabled American International Group to move past its bailout and the company's repurchases and other sales of converted shares enabled the Treasury to claim a profit of $5 billion.
The petition Thursday afternoon was still far from its goal of 100,000 signers, with only 3,357 signatures at 4:0 p.m. ET, but that was three times as many as the previous day.
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