Depending upon whether the preferred stock is cumulative or non-cumulative (discussed in M2T1), even preferred shareholders may not be sure of receiving dividend payments on a regular basis.

优先股股东并不确定会收到固定的优先股股息，可能是累积股息或非累积股息。

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He said he thought Fannie Mae would never fail, but he denied that he told the client that there was an implicit guaranty that the government would pay the dividend on the preferred stock if Fannie couldn't pay it.

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