Ralph Nader, the 70 year old consumer activist, was sounding like an activist hedge fund manager. He was railing against a company’s management, which he called a “dictatorship,” explaining that “shareholders were stripped of their rights, his “longstanding support of shareholders rights and that he wants “to get shareholders to come forward” to join his crusade on their behalf.
He wasn’t talking about Apple or Sotheby’s, but was actually referring to Fannie Mae and Freddie Mac, of which he owns a combined $160,000 worth of common stock.
Nader’s latest cause is protecting the common shareholders of the two mortgage companies who are worried that they will never get a piece of their new and huge profits. “If you’re going to bail out a company like that, you shouldn’t treat Fannie and Freddie’s shareholders differently,” he told reporters, “they should be given a chance to share in the recovery of these institution.”