What We're Hearing

Whenever I hear the phrase "The Pink Sheets" I think of the mob, as in organized crime and the five New York-based mafia families running penny stock scams. It probably just reflects my upbringing in the New York metropolitan area and too much time spent reading books about the mob and (of course) watching movies like 'The Godfather,' 'Donny Brasco,' and 'Boiler Room.' Where am I going with all this? In case you missed the news flash on the National Mortgage News website this morning, the Federal Housing Finance Agency is pushing Fannie Mae and Freddie Mac onto the pink sheets. So long New York Stock Exchange! (Who needs that NYSE snobbery, anyway?) FHFA is telling us that the move isn't a reflection of Fannie and Freddie's future, though that's sort of like saying, "Yes, there is an Easter Bunny." Why didn't Uncle Sam engineer a reverse stock split like they did with American International Group? They wouldn't say. Maybe it's more fun to watch the share price of the two plunge by 50% on the day. That's correct: 50% on the day…