Timely Wachovia GSE Stock Sales Draw Attention

Davis, Paul; Terris, Harry
September 2008
American Banker;9/11/2008, Vol. 173 Issue 176, p20
Trade Publication
The article reports that many analysts have questioned the sale of preferred stock in U.S. government-sponsored enterprises (GSE) Fannie Mae and Freddie Mac by banking company Wachovia Corp. The GSEs were seized by the U.S. government on September 7, 2008. On July 21, 2008, shortly after Robert Steel was hired as chief executive officer (CEO) of Wachovia, all of Wachovia's stock in Fannie and Freddie was sold. Some analysts believe this was a case of insider trading.


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