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Bill Ackman
@BillAckman
CEO Pershing Square, Co-trustee @PershingSqFdn
1.2K Following    3.1M Followers
An alert: @JensenHuang is human. And he is an incredible human. Even incredible humans make mistakes. He takes full responsibility as he should. We should all support him and his family. Onward.
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An important read on Fannie Mae and Freddie Mac and the political implications of Democratic Party control of the two companies.
These comments deserve far more attention. The 18 year old conservatorship of $FNMA and $FMCC poses a long term risk to the housing market. @BillAckman highlighted these issues recently. He warned that leaving the GSEs in limbo leaves them vulnerable to inefficiency and political weaponization. At the risk of going into too much detail here is a synopsis or his talking points and perhaps a few of my own: Political Weaponization: F2 have a very large war chest and an indefinite conservatorship leaves trillions of dollars in cash generating mortgage capacity under absolute bureaucratic control. A change in administration can instantly weaponize this control to push social and political agendas, shifting the GSEs from neutral market utilities to partisan tools. Distorting credit allocations: When the federal government controls the flow of capital, mortgage access can be manipulated based on political favoritism rather than merit. It has been pointed out that using Fannie and Freddie to grant mortgages on highly favorable, non-economic terms creates massive structural instability. The spectre of the GFC: This exact dynamic precipitated the original 2007–2008 financial crisis. Prior to the crash, HUD progressively raised affordable housing quotas for the GSEs, forcing them to absorb toxic, unqualified loans to satisfy political homeownership agendas. Keeping them in conservatorship preserves the exact mechanism that allowed that crisis to happen. Spreads are historically wide: Currently, the spread between the 30 year mortgage rate and the 10-year U.S. Treasury yield is highly elevated; sitting near 215 to 217 basis points, well above the historical average of ~150 basis points. This massive gap heavily penalizes everyday homebuyers with higher borrowing costs. The fact that spreads are wider than before the GFC dispels the notion that conservatorship suppresses the spreads. An explicit line of credit backstop may be more effective. Government overreach widens the gap: Policy interventions such as mandates that alter mortgage callability or complicate refinancing rules increase risk premiums for MBS investors. This added policy uncertainty drives up the yields investors demand, directly widening mortgage spreads. Separately, nonpecuniary aspects like eleveated rates/duration risk up this demand and have nothing to do with F2. Privatization can actually remove uncertainty: Formalizing privatization, acknowledging the GSEs' massive capital buffers, and executing a structured exit would eliminate the "political risk premium" hanging over the MBS market. Restoring the GSEs to the private market under fixed capital guidelines is the most direct path to compressing today’s bloated spreads. The bailout is repaid: The narrative that Fannie and Freddie are a liability to the taxpayer is completely false. While the government injected $191 billion during the crisis, the GSEs have paid back over $301 billion to the Treasury. Unlocking 100s of billions in value: Rather than a rushed IPO that risks destabilizing the market, the administration can immediately exercise its warrants for a 79.9% common stock stake (Subject to the SPS/LP repayment stated above) and relist the companies on the New York Stock Exchange. This "walk before you run" strategy would safely remove roughly $8 trillion in liabilities from the federal balance sheet while netting taxpayers a massive "mark-to-market" windfall.
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Anti-Israel activist who linked the September 11 attacks to Islamophobia wins election to New York State Senate Aber Kawas, a Democratic Party candidate and member of the Democratic Socialists of America, has won the election in New York’s 12th Senate District. According to preliminary results, she received 74.5% of the vote. In 2017, Kawas said the September 11 attacks were one manifestation of a long history of racism, colonialism and Islamophobia. She also described demands for Muslims to apologise for terrorist attacks as unfair. A separate controversy erupted over a video from a 2016 rally showing Kawas displaying an armband bearing Hamas symbols. Kawas is also known for her anti-Israel stance, support for a boycott of Israel and association with Zohran Mamdani. She is a Palestinian-American and a Muslim.
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How can @MIT and President Kornbluth sit back and allow Kristin Knouse to remain on the MIT faculty when she has been found by a jury of her peers to have falsely accused him of rape, and intentionally destroyed his life and career with the help of co-conspirators in the MIT administration? How does this not violate MIT’s code of conduct? How can one continue to trust the research she produces? Why has MIT not immediately launched a formal investigation to reconsider the removal of @DMSabatini’s tenure and Knouse’s continued inclusion on the faculty? The evidence from the case is now in the public record. It is a straightforward process for MIT to review the facts. Justice must be served.
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Some thoughts on Fannie $FNMA and Freddie Mac $FMCC
$FNMA $FMCC 🔥🔥🔥 @BillAckman with epically bullish commentary on Fannie Mae & Freddie Mac this A.M. All the bases were beautifully covered. Thank you once again for your tireless advocacy, Mr. Ackman! No chance DJT leaves F2 up for grabs at the risk of a democratic administration potentially regaining control. Shout out to @CaliRefugee1 for continually banging that drum! Not if...but when. Tick, tock. GLTA.
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I want to make sure that a comment I made to the Israeli press is not misinterpreted. I spoke from my perspective as an American, and I don’t intend to weigh in on the upcoming Israeli election. Furthermore, I don’t know all of the candidates; I am not an expert in Israeli politics; and therefore I don’t know who is the best choice for the country. This is obviously a decision best made by the Israeli citizens. With respect to Neri, we agree on some politics and disagree on others. As an Israeli, she will vote in the election in a manner that she believes is best for Israel. One shouldn’t draw any conclusions about my remarks on Israel as somehow implying anything about Neri’s politics and whom she intends to vote for.
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🚨 THE ABDUL EL-SAYED STORY JUST GOT MUCH HARDER TO DISMISS The New York Times is now reporting that Michigan Democratic Senate nominee Abdul El-Sayed signed a 2012 letter supporting Egyptian President Mohamed Morsi’s “revolutionary decisions” during the Muslim Brotherhood’s brief rule of Egypt. The letter called on Morsi to “purge the media and the police as quickly as possible.” It was published just days after Morsi issued a sweeping decree shielding his decisions from judicial review — a move condemned at the time as an authoritarian power grab. El-Sayed has denied having ties to the Muslim Brotherhood, and his campaign declined to answer the Times’ questions about the letter. At some point, the question becomes unavoidable: How many documented connections does it take before voters are entitled to start asking whether there is a pattern? @realDailyWire @KassyAkiva
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I'm honored to receive the endorsement of the Retired Police Association of the State of New York. These men and women dedicated their careers to protecting New Yorkers. They know what it takes to keep our communities safe, and I'm proud to have their support.
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Saritha Komatireddy speaks the truth about NY crime — while Letitia James is too busy fighting Trump to keep her state safe
Good morning, New York! We were up bright and early greeting folks on their morning commute! You’ll ride safer when I’m AG. Thank you to our volunteers for helping to spread the word about our campaign.
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"Erin O’Shea, who was instrumental in firing David [Sabatini] from HHMI, dated and married someone who earned his PhD in her own laboratory. Ruth Lehmann, who forced David out of Whitehead, has a long-time partner who was a fellow scientist at NYU, where she worked. MIT’s president, Sally Kornbluth, is married to an MIT biology professor." The MeToo movement provided pretext for this cabal to force the resignation of one of the highest performing scientists for their own personal gain. The proof is that they were guilty of the same conflict yet meted out the highest possible decision -- not for abuse of power related to Sabatini's relationship, but for the possibility or appearance of it. Like the University of Cambridge's Arday matter, the Whitehead and MIT are not concerned about the public's loss of trust. They are so elite that they believe, "I could stand in the middle of Fifth Avenue and sh**t somebody, and I wouldn't lose any voters, OK?"
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True
There’s a huge political risk to inaction here. The administration keeps pointing out $FNMA and $FMCC are printing cash and worth a trillion dollars. If they do nothing and Democrats take back power in 2028, they’re literally leaving a massive war chest on the table for a liberal agenda. Regardless of Bessent’s risk aversion, moving soon is the only way to prevent the exact “waste, fraud, and abuse” they rail against.
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Sixteen prior arrests. A sex offender paroled months earlier. Amelia was just walking to class. This is public safety on Letitia James’s watch.
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🚨 DAVID M. SABATINI — FROM A POTENTIAL NOBEL LAUREATE TO NEARLY SIX YEARS OF PROFESSIONAL DESTRUCTION AND PERSONAL SUFFERING $6 MILLION IN DAMAGES — BUT WHO CAN RESTORE NEARLY SIX LOST YEARS OF AN EXCEPTIONAL SCIENTIST'S LIFE? @DMSabatini was once among the world's most celebrated biomedical scientists. His pioneering discovery of the mTOR signaling pathway transformed our understanding of cellular growth, metabolism, aging, and cancer. By 2018, he was being discussed as a promising candidate for a future Nobel Prize. In 2020, he received the prestigious Sjöberg Prize from the Royal Swedish Academy of Sciences. Then, his world began to collapse. Late 2020–2021: In October 2020, Kristin Knouse accused Sabatini of sexual harassment. Whitehead then ran an institute-wide climate survey. These steps led to an outside investigation.* * Participation from Sabatini’s lab (~40 people) was low — roughly five responses. Some lab members later said investigators pressured them to give negative accounts. August 20, 2021: The investigation found Sabatini violated Whitehead’s policies on sexual harassment and relationships. He resigned from the Whitehead Institute, was fired by HHMI, and was placed on leave by MIT. April 1, 2022: He resigned from MIT after officials recommended revoking his tenure. Later that month NYU considered hiring him; organized campus protests followed and he withdrew in early May. A scientist who had spent decades building an extraordinary research career was suddenly confronted with professional isolation, public condemnation, lost opportunities, and the dismantling of the institutional foundations supporting his research. The damage extended far beyond his appointments. It consumed years of his life, disrupted his scientific contributions, and subjected him to an ordeal whose personal consequences cannot be measured in financial terms. OCTOBER 16, 2026 — THE VERDICT After nearly six years of controversy and five years of litigation, a Massachusetts civil jury found that his former colleague, Kristin Knouse, had DEFAMED HIM AND TORTIOUSLY INTERFERED WITH HIS PROFESSIONAL RELATIONSHIPS, rejected her counterclaims, and awarded Sabatini $6 MILLION IN DAMAGES, with additional interest. His first public reaction was devastating in its simplicity: “Today I smiled for real for the first time in more than 5 years.” ⚠️ SIX MILLION DOLLARS? What monetary award can compensate for nearly six years of suffering, professional exclusion, shattered opportunities, and the interruption of a potentially Nobel Prize–winning scientific career? Money cannot return lost years. It cannot undo the anguish. It cannot recreate the discoveries that might have been made, the students who might have been trained, or the scientific advances that might have emerged. 🔱 SCIENCEGUARDIANS™ — THE ANATOMY OF A COORDINATED REPUTATION-DESTRUCTION CAMPAIGN Between May 25 and 31, 2026, ScienceGuardians™ published its seven-part investigative series exposing the mechanisms through which academic leaders can be subjected to systematic reputation destruction (🔗 see the link to the full investigative thread in the first comment): Target Selection → Recruitment of Insiders → Weaponization of Partial Truths → Media Amplification → Institutional Pressure → Reputation Collapse → Forced Resignation. The chronology of Sabatini's ordeal reveals disturbing parallels with all seven stages of the coordinated reputation-destruction framework exposed by ScienceGuardians™. For years, ScienceGuardians™ has been investigating the activities of the perpetrators we have identified within the PubPeer “PubSmear” Network Mob, alongside the damaging role that reckless or compromised journalists and editors can play in academic reputation-destruction campaigns. We are examining the extent to which these external actors contributed to the public narratives and institutional pressures surrounding Sabatini's case. Their specific involvement and any coordination must be established through documentary evidence, and our investigation will continue to scrutinize these questions. ⚠️ Malicious reputation attacks and compromised journalism are among the gravest threats to academic integrity. When allegations are amplified without sufficient scrutiny, the resulting institutional consequences can become irreversible long before the underlying facts are fully tested. The Sabatini verdict is a powerful reminder that accusations are not convictions, public condemnation is not due process, and reputational destruction is not scientific integrity. We stand firmly for the right of every scientist to fair treatment, independent scrutiny of allegations, and meaningful accountability when defamation is established. David M. Sabatini has won a significant legal victory. But no jury can give him nearly six years of his life back—or restore to humanity the invaluable scientific contributions he might have made during those lost years. @SciGuardians 🔱
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Something historic is happening across the West, and the legacy press can't see it, because the press is part of what is collapsing. Peoples who were told for forty years that they had nothing in common are converging. Americans, French, Italians, Danes, British, Dutch. Different languages, different histories, and the same conclusion reached at the same time. They have all seen the same thing at work in their own countries: what the French call islamo-gauchisme, the alliance between the radical left and political Islam. And they are all saying no. To understand why their hegemony is close to total collapse, you have to use their own concept. "Hegemony" comes from Antonio Gramsci, the Italian Marxist who understood that power doesn't rest on force. It rests on consent, on people accepting a worldview as obvious, as the only respectable one. That's why the left spent fifty years on what one German activist called the long march through the institutions. Universities, newsrooms, publishing houses, cultural ministries. Own the narrative and you own the country. But hegemony has a weakness Gramsci himself understood. It dies the moment consent dies. And consent is dying everywhere at once. They are losing the media war. In the 1970s, around 70% of Americans trusted the mass media. Today it's less than a third. In France, the gap between what the TV news says and what people see on their own street has become a joke. The gatekeepers lost the gate. An engineer with a phone can now reach more people than an evening news broadcast. The monopoly on the narrative, the foundation of the whole edifice, is gone. And reality is finishing the job. Look at France. A movement that started in high schools ended on October 17 with city halls stormed, Limoges city hall burning and looting across Marseille, while the radical left blamed the police. The French saw it with their own eyes, without a filter. Today's polls show the radical left's candidate losing a presidential runoff by roughly two to one. You can deconstruct a text. You can't deconstruct a burning city hall. Then comes the blow they can never recover from: abundance. Collectivism has always been a politics of scarcity. Its whole logic is that the pie is fixed, so someone's gain is someone else's theft, so the state must take and redistribute, ration and control. That's why its latest form is degrowth. Planners need scarcity the way fire needs oxygen. What is being built right now makes that logic obsolete. AI is collapsing the cost of intelligence. Robotics is about to collapse the cost of labor. Reusable rockets have already slashed the cost of reaching space. Elon Musk and thousands of builders like him are proving every day that the pie is not fixed. It can grow faster than anyone imagined. In a world of abundance, envy loses its grip and the planner loses his excuse. And AI does one more thing: it ends opacity. When any citizen can trace public money in minutes, the networks that live in the dark have nowhere left to hide. So what comes next? Two things, in this order. First, the reckoning, and this is where we have to be better than them. There will be no purges and no lists, and nobody will be prosecuted for having been wrong. Being wrong is not a crime, and we will never become what we fought. But aggravated corruption is a crime. Public money diverted to networks, fraud, abuse of office: those must be investigated, proven and judged one by one, by independent courts, with evidence, due process and the presumption of innocence. We don't jail people for their ideas. We jail people for stealing. That difference is the whole difference between a free civilization and the regimes we oppose. Second, the reunification of the West. That doesn't mean another supranational empire run by unelected officials, which is the model that failed. It means a West of strong, sovereign nations that choose to work together. Agreements between countries that control their borders, produce their own energy, build their own AI and defend themselves, and that trade and cooperate as equals because they share the same foundations: the free individual, the rule of law, the right to build. Gramsci's heirs spent fifty years winning the institutions. They are losing them in five, because they forgot that hegemony only lasts as long as reality cooperates. Reality has stopped cooperating. Now it's our turn to build.
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I believe Abdul El-Sayed is Muslim Brotherhood. If he were to win, Chuck Schumer could place him on the Senate Intelligence Committee. He would have access to the very highest level of classified materials. There would be an unacceptably high risk that the lives of American servicemen and women would be endangered, because there’s every reason to believe El-Sayed would share that classified information with Muslim Brotherhood terrorists.
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“Among voters who watched the debate, Komatireddy led 81% to 19%, while James led 59% to 36% among those who did not watch it. About one in five respondents said they watched the debate, according to the survey. Komatireddy also led among independent voters, 49% to 43%”
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Breaking 🚨 NEW YORK POLLS show a race that is tightening. Governor 🟦 Kathy Hochul 50.3% 🟥 Bruce Blakeman 45.9% Attorney General 🟥 Saritha Komatireddy 50% 🟦 Letitia James 48% Two races. Both tightening. Highest taxes in the country. Crime they refuse to fix. Sanctuary policies that put politics ahead of public safety. People still packing up and leaving. Hochul and James have had years. New Yorkers are done with the status quo. Blakeman + Komatireddy put taxpayers and law enforcement first. Vote November 3. Fire the incumbents. Take the state back. 🇺🇸
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