WHEN: TODAY, MONDAY, MARCH 31ST
WHERE: CNBC'S "SQUAWK ON THE STREET"
Following is the unofficial transcript of breaking news from CNBC's Scott Wapner. All references must be sourced to CNBC.
SCOTT WAPNER: HEY CARL THANK YOU SO MUCH. BILL ACKMAN IS BOOSTING HIS STAKES IN BOTH FANNIE AND FREDDIE IN THE COMMON STOCK THIS MORNING. I'VE JUST LEARNED THAT I HAVE HAD A CONVERSATION WITH HIM AND YOU KNOW THAT THERE'S THIS JOHNSON AND CRAPO PLAN ON CAPITOL HILL THAT WOULD WIND DOWN FANNIE AND FREDDIE. YOU TAKE THIS AS BILL ACKMAN BETTING THAT THE LIKELIHOOD OF THAT HAPPENING IS OBVIOUSLY DECREASING AT LEAST IN HIS MIND THAT'S WHY HE HAS INCREASED HIS STAKES IN BOTH FANNIE AND FREDDIE FROM A COMBINED 9.8% TO MORE THAN 11% OF EACH OF THESE BUSINESSES WHICH IS QUITE INTERESTING JUST GIVEN WHAT'S GONE ON DOWN ON CAPITOL HILL THAT CONVERSATION HAS HEATED UP IN RECENT WEEKS ABOUT THE FUTURE OF BOTH FANNIE AND FREDDIE. AGAIN SENATORS JOHNSON AND CRAPO WANT TO WIND DOWN THOSE ENTITIES BILL ACKMAN HAD ALREADY BEEN IN THOSE NAMES AS HAVE A NUMBER OF OTHER HEDGE FUND MANAGERS NOW ACKMAN MAYBE NOT DOUBLING DOWN BUT CERTAINLY INCREASING HIS BET THAT THE LIKELIHOOD OF THAT HAPPENING HAS DECREASED JUST A BIT. SO WE WILL KEEP AN EYE ON FANNIE AND FREDDIE TODAY AS WELL.
About CNBC:
With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, CNBC World and CNBC HD, CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to approximately 371 million homes worldwide, including more than 100 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 16 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 8:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC at night is the all new CNBC Prime featuring a mix of new reality programming, CNBC's highly successful series produced exclusively for CNBC including "American Greed" and "Crime Inc." and a number of distinctive in-house documentaries.
CNBC also has a vast portfolio of digital products which deliver real-time financial market news and information across a variety of platforms. These include CNBC.com, the online destination for global business; CNBC PRO, the premium, integrated desktop/mobile service that provides real-time global market data and live access to CNBC global programming; and a suite of CNBC Mobile products including the CNBC Real-Time iPhone and iPad Apps.
Members of the media can receive more information about CNBC and its programming on the NBC Universal Media Village Web site at http://www.nbcumv.com/mediavillage/networks/cnbc/