{
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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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  "notes": "The slide uses a buildup approach to determine the capital gap.",
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      "kind": "callout",
      "text": "The GSEs will build capital through the retention of their earnings. To achieve a 2.5% capital level, the GSEs require ~$180bn of cumulative earnings",
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      "text": "Required Incremental Equity: $183bn",
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      "text": "Source: Company filings and Pershing Square estimates. Note: Adjustment for Excess Dividends to Treasury based on $124bn of dividends paid to Treasury above the original 10% dividend rate as part of the Net Worth Sweep. (1) Q4'13 Common Equity has been reduced by $18bn for the dividend paid to Treasury in March 2014",
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      "text": "Incremental Equity Requirement for a 2.5% Ratio ($ in Billions)",
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      "text": "Retained Earnings Will Build Capital",
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      "evidence": "The presentation emphasizes the potential costs to society of failing to reform the GSEs",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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