{
  "docId": "019dd923-622c-750b-8b9b-8504406ade5c",
  "docSlug": "73d490b5bd52",
  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-05-05 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 51,
  "pageCount": 111,
  "prevPage": 50,
  "nextPage": 52,
  "slideType": "before_after",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 24,
  "notes": "The chart illustrates the transition from losses to profitability followed by the implementation of the 100% dividend sweep.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bar_chart_grouped",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-8504406ade5c/51",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-8504406ade5c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-8504406ade5c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-8504406ade5c#slide-51",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.88,
        "x": 0.06,
        "y": 0.195
      },
      "kind": "callout",
      "text": "On Aug. 17, 2012, FHFA and Treasury amended the terms of the senior preferred stock to require the GSEs to pay dividends equal to 100% of their earnings",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d0a06e01-1858-45d9-90ea-244278d4d009",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "The government announced the net worth sweep just after the GSEs returned to profitability and were able to pay the cash dividends under the original agreement",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1d-76e6-86fc-306a5d833cf3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.82,
        "x": 0.09,
        "y": 0.345
      },
      "kind": "chart",
      "text": "Fannie and Freddie Quarterly Net Income Since 2011 ($ in Billions)",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "da138c45-e2f6-4d89-ac8e-cd2873ddda44",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Quarterly Net Income: $59",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f1d-76e6-86fc-34bfa17a71f3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.88,
        "x": 0.06,
        "y": 0.845
      },
      "kind": "paragraph",
      "text": "The government announced the net worth sweep just after the GSEs returned to profitability and were able to pay the cash dividends under the original agreement",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "79e38e29-a6d5-4581-8f1e-a432171d59dc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.88,
        "x": 0.06,
        "y": 0.935
      },
      "kind": "source-note",
      "text": "Source: Company filings and reports. Net Income includes the reversal of the DTA valuation allowance for Fannie Mae in Q1 '13 and for Freddie Mac in Q3 '13.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ff2fadbc-74b1-4c52-9f28-c68960fbc7b0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.45,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "The Net Worth Sweep",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7ed9dcaa-2e57-4e20-81d2-5819072cb49d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "dbdd1e6f-84cf-46b6-ad87-b0e3b05e5efa",
      "evidence": "The slide contrasts the period before and after the Net Worth Sweep announcement to imply a strategic timing by the government.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 52,
      "from": 33,
      "beatId": "3ed0ec52-f4e3-42be-a59d-05fefefe0753",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "The presentation provides evidence and data to support the proposed solution",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 111,
      "from": 32,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "198631e9-e687-442b-9dcb-9984e64d4f5c",
      "evidence": "The presentation emphasizes the potential costs to society of failing to reform the GSEs",
      "position": 0,
      "objective": "Highlight the risks of not reforming the GSEs",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.8,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}