{
  "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": 52,
  "pageCount": 111,
  "prevPage": 51,
  "nextPage": 53,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "The slide uses a structured list to present legal grievances, concluding with a status update on ongoing litigation.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bullet_list",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-8504406ade5c/52",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-8504406ade5c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-8504406ade5c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-8504406ade5c#slide-52",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.19
      },
      "kind": "callout",
      "text": "The net worth sweep was an illegal action that we believe will ultimately be reversed by the courts",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b3562371-ea07-4a7c-ab08-be869c9db1ea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.835
      },
      "kind": "callout",
      "text": "Several of the GSEs’ shareholders have sued Treasury and FHFA, and their lawsuits have experienced favorable developments",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f7e3ee36-df2c-4572-afe3-4db9fb1bd956",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.88,
        "x": 0.07,
        "y": 0.395
      },
      "kind": "list",
      "text": "Amounts to an unconstitutional taking without just compensation; Violates the 5th amendment",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2bcae365-2cbc-4dae-ac49-6ba32656e87e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.13,
        "w": 0.88,
        "x": 0.07,
        "y": 0.665
      },
      "kind": "list",
      "text": "Exceeded Treasury’s investment authorization; Substantively amounts to a purchase of a new security; Treasury’s authorization to purchase new securities ended on Dec. 31, 2009",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6745479f-67e4-4e4c-91fd-8c6d7531d951",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.88,
        "x": 0.07,
        "y": 0.515
      },
      "kind": "list",
      "text": "Exceeded the scope of FHFA’s authority as conservator; Effects a wind-down, which is inconsistent with the responsibility to preserve and conserve Fannie and Freddie’s assets",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8cc42076-63b9-4049-8af7-96e30d481c4b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.58,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "Net Worth Sweep Was Unlawful",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "68cbcbd6-d466-4337-ae25-463ebd7d553e",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Audience Definition",
      "slug": "audience-definition",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "92f3dc56-43ca-443d-8c14-f7365780ccc6",
      "evidence": "Several of the GSEs’ shareholders have sued Treasury and FHFA, and their lawsuits have experienced favorable developments",
      "confidence": 0.7
    },
    {
      "name": "Thesis archetype",
      "slug": "thesis-archetype",
      "agent": null,
      "layer": "slide",
      "matchId": "d5054097-96e7-4a94-973f-06bc504ece51",
      "evidence": "The net worth sweep was an illegal action that we believe will ultimately be reversed by the courts",
      "confidence": 0.8
    }
  ],
  "frameworks": [],
  "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
}