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  "docSlug": "73d490b5bd52",
  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "conference-presentation",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-05-05 00:00:00",
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  "pageNumber": 106,
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  "notes": "The slide uses a scenario-based valuation approach to demonstrate the upside potential of GSE reform.",
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      "kind": "callout",
      "text": "By reforming the GSEs, taxpayers could receive more than $600bn over time from Treasury's original $187bn preferred stock investment",
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      "text": "By reforming the GSEs, taxpayers could receive more than $600bn over time from Treasury’s original $187bn preferred stock investment",
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      "text": "Total Value for Taxpayers: $621bn",
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      "text": "Source: Company filings and Pershing Square estimates. (1) Based on $65bn adjusted remaining balance of preferred stock and 10% annual dividends and assumes preferred stock is repaid in 3 years",
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      "text": "Illustrative Total Return Potential to Taxpayers ($ in Billions)",
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      "name": "Cost Of Inaction",
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