The big $700 billion bailout is right in your face—something you can really get your arms around, like waltzing with an elephant. But added to and above and beyond this $700 billion bailout are billions in side bailouts, including the preferred stock bailout.

Currently, banking rules allow banks and financial institutions to own preferred stock in Fannie Mae and Freddie Mac. You may have owned some of this preferred stock yourself. Regardless of who owned the stock, when the government nationalized ... Log in to view full article.