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Hit fast forward and tell me how this ends? My guess is endless appeals.
Recapping will be a multi-year process if given an opportunity, that may happen in this administration depending on the outcome of the court cases or after 2024. My biggest concern is if scotus takes the takings case and they payoff shareholders pennies on the dollars for their remaining interests in the stock and the govt will then have full ownership. The derivative takings is a new theory but if that is successful that will be an opportunity to have the biggest and most immediate impact for shareholders who will then have ownership interests and the companies would get a substantial amount of money back. Rop or Bhatti could also provide some relief. At some point you can't appeal no more so there is no such thing as endless appeals.
Does anyone know what the OS is for FMCC, on Ihub it's 250M and Yahoo it's 650M. The FMCC website is working for some info and down for others, it's weird. FMCC
I don't see it moving much until a whale starts buying millions of shares or the NWS stops! It's going sideways until them. Even a win in Lamberts court, there will be an appeal then appeal to SCOTUS so we looking at another 2 or 3 years maybe.
exactly what were conservatorship goals? special interests? death to shareholders? certainly zero goal had to do with conserve. golden years for GSEs was completely stolen by self dealing treasury and FHFA.
low volume lately, needs to pick up for anything good to happen to share price with so much in the float. oh to see the days of 100m or more, and green.
Iceland Has Jailed 29 Bankers. Why Can't the UK and US Do the Same?
By Stefan Simanowitz, Contributor Writer, journalist and campaigner
Jan 5, 2016, 12:10 PM EST Updated Jan 5, 2017
Just before Christmas, the former CEO of Iceland's Glitnir bank and two other senior bankers were sentenced to jail terms of up to five years for market manipulation and breach of fiduciary duties. This brings the total number of senior Icelandic bankers so far sentenced for crimes in the run-up to the 2008 banking crash to 29.
By contrast not a single senior banking executive in the US or the UK has been jailed for their role in the financial crisis. Whilst banks - such as the five found to be rigging the Libor rate - have been hit with substantial fines, the individual bankers behind the fraud, market rigging and irresponsible lending that led to the economic meltdown have all avoided time behind bars.
On top of this came news last week that Britain's financial watchdog, the Financial Conduct Authority, has shelved a planned inquiry into the culture of banking. Whilst this inquiry was never going to hold the guilty to account, it was hoped that it might at least provide a level of transparency and analysis to help shape more rigorous future regulation.
The clearest example of why such regulation and cultural change are essential in the banking and beyond, presented to me some years ago, and in an unexpected way. I was at a weekend music festival, in a sunny field talking with friends outside a double-decker cider bus when my eye was drawn to a boy who could not have been older than ten. He was hanging around a nearby table surreptitiously eyeing-up a full but unattended pint. After glancing around to check no one was looking, he picked up the drink. But instead of indulging in a bout of underage binge drinking, the little tyke emptied it onto the grass beneath the table.
This may appear to be strange behaviour but in an attempt to be environmentally friendly this festival, like many others, offered a small refund on plastic glasses. At 10 pence the refund did not provide incentive enough for most adults to return their glasses, hence the festival was filled with battalions of children weaving through the crowds, their wobbly stacks of plastics protruding like glistening shark fins.
Whilst the activities of these mini-entrepreneurs, eschewing face-painting in a field or story-telling in a yurt in favor of earning hard cash, may be dismissed as a harmless if depressing sign of the times, the actions of the boy at the cider bus offer something more.
I'm sure that there was nothing inherently bad about the boy. He had not grown up in a moral vacuum and was perfectly aware that what he was doing was wrong. He almost certainly did not begin the day tipping out full pints of cider. Instead, he probably set out that morning collecting empty glasses with rosy-cheeked enthusiasm. But as the day went on he became more avaricious and his boundaries began to shift. It is this shift in moral boundaries and the circumstances under which it happens that hold the key to understanding where societies go wrong.
By pouring away someone else's £4 pint in order to get 10p in his pocket, the boy was displaying the same instincts as the bankers who maximised their profits, heedless of the damage being caused to the global financial system. He was showing the same motivation of those working for big corporations that exploit our planet's natural resources regardless of environmental and human costs. He was showing the same behaviour of governments who prop up brutal dictators, sell arms to the highest bidder or wage wars of aggression for the sake of power and profit.
This is not to say this boy had somehow taken his lead from those around him or that the corruption at the top our society mysteriously trickles down. Instead, it illustrates how the baser elements of human nature will emerge and flourish in certain conditions. The conditions in this case are an unregulated free-market within a materialistic, consumer-driven culture. For bankers, risky sales were incentivised with enormous bonuses, and bad debt was insured against with credit default swaps.
Like the boy, the bankers thought they could get away with it. And like the boy, the bankers - other than those in Iceland - were right.
If I could step back in time I wish I had acted more swiftly. I wish I had confronted that boy outside the cider bus and told him that the pint he had just tipped away was mine. I would have liked to have seen his shame at being caught and his discomfort at having to hand over four of his hard-earned pound coins. Perhaps he might have learned a valuable lesson. Instead, he skipped off across the field looking for someone else's pint of scrumpy to pour away.
Bankers doing what bankers do to eliminate the competition. Treasury under complete control of the banksters and "We The People" under complete control of the IRS, a division of Treasury. Banksters also responsible for starting wars to profit off the sales of weapons to the military industrial complex. They also set interest rates and control the printing of money. How's that for totalitarian control. And our leaders in Gov bow down to these criminals.
Correct. I have been saying for years plaintiff attorneys totally screwed up not just on the damages but on several other issues like failing to state a claim upon which relief can be granted. These cases were botched up from the beginning. Almost feels kind of like intentional sabotage.
It's also possible the jury decides to award plaintiffs more than $2.6b because they feel $2.6b shortchanges the damages caused by the breach of contract, and may agree that $27b was the total value lost as our lawyers are making it a point to repeat over and over so far.
It’s in the court docs filed by plaintiffs for damages. Familymang explained it here ! On in pacer and see the filing read it or navy posted it last week
Damage context:
$1.6b is NOT all we ever asked for (btw the real number is $2.6b when accounting for prejudgement interest), they originally asked for MUCH more. We asked for 4 unique damage models in total, 2 were dismissed by Lamberth in the motion for SJ (expectancy + restitution), and 2 were dismissed after SJ ($2.9b loss share value + reliance).
1. Expectancy ($15b+ in damages): Requested this from day one. A DCF of the dividends shareholders should have received. This was dismissed by Lamberth in motion for SJ because it contained too many assumptions that weren't reasonably certain to occur (such as Treasury paying down snr pfds and/or approving divs to shareholders).
2. Restitution ($27b+ in damages): Requested this from day one. Refunding the jr preferred share cost at issuance ($33b), minus the divs they received ($5b). This was dismissed by Lamberth in motion for SJ because he ruled that HERA bars this kind of relief (retiring/refunding shares).
3. Loss share value model ($1.6b vs $2.9b in damages): Defendants expert calculated the $1.6b originally during motion for SJ. Plaintiffs only requested the $2.9b AFTER the motion for SJ ruling was issued. $2.9b represents the total market cap value the day prior to NWS, not just the market cap decline which is what $1.6b is, as plaintiffs claimed the NWS zeroed out the economic value of their shares forever. The issue with this one is that Plaintiffs should have requested this immediately in response to the defendants expert $1.6b calculation during the motion for SJ briefings and not AFTER the ruling was issued, but they didn't, so plaintiffs are stuck with the $1.6b number. If Plaintiffs expert immediately calculated it during SJ briefings we would be fighting for $2.9b+interest = $4.6b today.
4. Reliance ($27b+ in damages): Considered a backup to the expectancy model as it shifts the burden of proof to the defendants as to how much value the shares would have lost regardless of the NWS. Again the issue here is the shareholder lawyers only requested this AFTER the motion for SJ ruling came out, and not up front from day one along with expectancy and restitution.
So there you have it, all plaintiffs lawyers are allowed to ask for at this stage is $1.6b (which was calculated by defendants own damage expert, not even our own, because our damage expert and lawyers didnt bother countering that number immediately).
It's still possible if we win $2.6b ($1.6b+interest) and assuming defendants appeal the damages verdict, shareholders will be able to appeal to have all 4 of these higher damage models put back into place, so there are still scenarios where shareholders can receive a lot more than the $2.6b total. It's also possible the jury decides to award plaintiffs more than $2.6b because they feel $2.6b shortchanges the damages caused by the breach of contract, and may agree that $27b was the total value lost as our lawyers are making it a point to repeat over and over so far.
Dr Mason never put a number the the damages the plaintiffs are asking for! If shareholders win this case the Judge has Jury instructions as to damages model and guide lines. ( that’s the point of making sure the Jury understands what the Government stole)
It won’t be $1.6 billion!
It will be from 2012 to 2Q 2022 plus 6% interest and ( NWS reversed ) maybe!
If you are part of the class you waived your rights to sue in the future as it relates to Freddie common and preferred, Fannie preferred against the corporations and FHFA. If you did not opt out you are screwed and you are bound to the outcome of this case. The only other case you can join in potentially is the takings case if it gets accepted or the outstanding illegal appointments case.
It’s a case ( must win) to Setup other cases and to argue the case against that this court and jury have found harm To Shareholders and lost value from the NWS. Then new cars or current can alter there complaint etc etc.
If you are all expecting a massive payoff from this trial you all will be disappointed (just like always). I have always been on target with my facts and in reading the actual documents. The payoff will be limited if any. Only measurable and quantifiable relief will be share price. As I have stated numerous times before. Read my previous posts that were not deleted and you will see a track record of the facts.
I agree that the sweep 'dividend' funds are untraceable in a way but there should be some insight because those are funds not from: excise tax, IRS, deficit.....
Other money which may be hard to follow are all the fire sale assets which in my mind probably were worth more than F&F sold them for. Wind down between sweep day and Dec 2017 undoubtedly had sweet deals abound also.
No one questions that the government, the U.S. Treasury, is entitled to receive the first set of profits that come out of Fannie and Freddie, because it agreed to provide emergency funding in 2008.
This should be questioned too. Emergency funding was never needed. In fact, it was FORCED upon the GSE's by Paulson himself. COERCION! Sealed docs will prove this. I hope plans are in the works to push this issue as well.
It may be interesting to follow all the "royalty" money enriching current NIH officials
You know what they say, "follow the money". Placing GSE funds in the Treasury general fund has made that more difficult, but not impossible. There needs to be accountability in where all those funds were spent. Anytime there's not, it's a virtual guarantee of fraudulent use. Politicians in general are masters at this, more so with the DEM's and their pet projects. Pelosi is always sneaking mischievous stuff into bills followed by a rush to pass with insufficient time to review. This "mischievous stuff" gets funded from somewhere, highly likely Treasury general fund. This has to stop.
Those documents seem to suggest that certain government officials knew that Fannie Mae and Freddie Mac were on the verge of making big profits in 2012. Do you think that will have any bearing on how courts handle litigation relating to the Net Worth Sweep?
I think it was helpful to us. I think the more that is unsealed, the better for our side, and I think those specific documents show that Fannie and Freddie and the government and Treasury all knew that they were likely going to become more profitable and that the Net Worth Sweep was going to be very good for Treasury and very bad for private shareholders.
turned out that Fannie and Freddie were even more profitable than expected in August 2012, but they knew they were going to be profitable, and they knew they were not in a "death spiral." That's what those documents proved, and they are very helpful to us and we're very grateful for the ability to present them to the court and to the public.
Plaintiffs can prove ( with those emails) Governments intent to steel miss lead shareholders
…..BOOM……
I take it as a very, very good sign for the class of plaintiffs I represent that the court is spending this much time on it. That is especially true because the defendants had no answer to the points I made about the merits of our breach of contract claims, and the flaws in the district court’s analysis of those claims.
Harm done is by the Government and NWS of August 2013 to those shareholders who brought pre-2008
One thing I would note that came up at the end of the argument is we represent all of the shareholders, but some of them purchased stock in 2008 when Fannie and Freddie were issuing new shares of preferred stock to raise capital at a time when it was clear they were under significant pressure and some distress. Our shareholders relied on the terms of their contractual certificates, as did all investors, and what the government did in 2012 is a direct nullification of those contractual terms.
…….BOOM……
Post NWS August 2012 the Government thinks it can tear up legal contracts of shareholders and write there own! ( The class action) will win this argument!!!! As Hamish Hume won it against the Government in the Barclays case!!!!!
What we're saying is the government can't change the deal four years later so that it takes everything and nullifies the rights of the private shareholders.
Defendants just want to overlook or ignore the plain meaning of the contracts governing the investments made by private shareholders into Fannie Mae and Freddie Mac, as well as the plain meaning of the original contract entered into by the Treasury when the enterprises went into conservatorship
At least in theory, these guys were working for one or the other. It may be interesting to follow all the "royalty" money enriching current NIH officials
NWS. All those GSE funds were swept by Obama to Treasury general fund as testified by former Treasury Secretary Jacob (Jack) Lew where they were used for pet projects. One of these projects was 5G which has been under accelerated deployment that has bypassed all medical studies regarding the negative effects on human health as testified before Congress and The UN. FCC was directed under Obama to fast track 5G deployment and ignore all the associated risks as testified publicly by FCC Director Wheeler. We're looking at a human extinction level event. Watch before criticizing. Be objective and patient while wading through the technical portions.
But, is FHFA really acting in the best interest of themselves AND the public? To date, it's all been in the best interest of the agency, period. We all know too well how Gov agencies seek to grow their footprint and expand control well beyond what is considered reasonable in a free and just society. Robbing Peter to pay Paul is never a good idea, especially when deterrence to a crime of the century has not been addressed in the least. Superadd massive Gov cover-up of key evidence under false national security pretenses and stacking of executive Gov positions with severely compromised ex-banking chiefs and you have the makings of the old Soviet communist dictatorship which gets attacked daily in the media. At what point is enough, enough?
This was addressed in court who ruled that the FHFA can act as receiver AND conservator at the same time in the best interest of the agency and the public.
My Gut feeling is he’s setting this up so it is Iron clad verdict. Hard to appeal or over turn! Read his rulings and reply’s so far. He’s being very by the book and getting to the hard facts etc.
We've really gotten off track as a country. First it was the GSE's, then American citizens, now Europe. Does leadership in Washington really think they can get away with this? This is way beyond embarrassing. It's next level.
U.S. CONTINUES TO BUILD MILITARY PRESENCE IN EUROPE - BECAUSE EUROPE MUST BE KILLED
WORLD HAL TURNER 03 OCTOBER 2022
A decision was made inside the United States last year to "kill off the competition" and as a result, Europe must be industrially killed. War was the means chosen; Ukraine is the theater in which it is to take place.
Today, 12 US Air Force F-15E Strike Eagle fighter-bombers, as seen in a file photo above, are expected to arrive in the UK.
In total, there are already fifty (50) F-35s:
and the same number of F-15s of multi-role modifications on the territory of European countries.
For months, the world has watched as the U.S. and its NATO vassals, take deliberate steps to engage Russia in direct war. Russia has not taken the bait . . . yet.
The reasoning behind the militant actions of the U.S. and NATO escaped most folks. Sure, the whole "protect democracy" nonsense has been spewed endlessly and the dupes in the general public believe that, but slaughtering hundreds of thousands of people through war is never a good option.
So what is the __real__reason for the whole blow-up?
Well, Ukraine has a well-earned reputation for being the most corrupt nation in Europe and likely, the world. Politicians launder "foreign aid" money through Ukraine, then filter it back to their own pockets through non-governmental organizations and then into shell corporations they control. So that's a reason the powers-that-be want to keep Ukraine in existence; it feeds their cash.
Child sex trafficking is another reason. Ukraine is a literal hub for kidnapped children being forced into the sex trade for deviant, degenerate, perverts that infest the so-called "elite." The upper classes of society have become so evil, so filthy, that rich perverts enjoy sexing children. So that's another reason the rich and powerful want Ukraine in existence.
Cocaine and Heroin trafficking throughout Europe and into the USA is very lucrative and Ukraine is so saturated with illicit drugs that even their President has a reputation for being a coke-head. So that's another reason the rich and powerful want Ukraine around.
But while these activities and the cash they generate are sizeable, something much, much, bigger had to be in the works.
I have found out what that "something" is.
Europe Must Be Killed
The real goals of the US in Ukraine are the destruction of Europe and its economic leader: Germany.
Why?
Let's describe the world situation at the beginning of 2022 (immediately note that I give inaccurate figures to do justice to MMI and @Spydell_finance, but the approximate figures do not affect the disposition itself or the conclusions):
China: GDP: $16.9 trillion. Industrial sector ~30.5%, or $ 5.1 trillion. Export economy 15.3% with an export degree of 1.35 (easily interchangeable, technologically not advanced, but massively price-elastic, requires low profit margins of producers and not expensive labor, as well as agglomeration of producers).
Germany: GDP $4.2 trillion USD. Industrial sector ~27-30%, or $ 1.1-1.3 trillion. 35% with the world's highest export ratio of 2.07 (only Japan has an even higher ratio of 2.49). That is, exports are irreplaceable, technologically complex and therefore VERY HIGH MARGINS)
The EU as a whole. GDP 17 trillion USD (suddenly !!! more than China, or at least the same amount). Industrial sector ~25%, or $4.1 trillion. (suddenly a little less than China). Only this branch of industry, as already written above, is a high-tech sector, that is, a marginal area that allows rapid positive capital growth.
US. GDP $22.9 trillion USD. However, the industrial sector accounts for only 18%, or $ 4.1 trillion. (Suddenly less than China and just as much as the EU)!!! And the financial sector is over 20%, as is the entire service sector with 77% of the economy. But even this industrial sector accounts for only 7.7% of exports and has an export development index (ECI) of only 1.57 (just like China).
To go back to the beginning of the year, the accumulated imbalances in Quantitative Easing (QE) by the federal reserve are accelerating inflation and could bury the entire dollar system.
The end of QE and the beginning of the Fed's balance sheet reduction would guarantee the collapse of the services sector, the near-death of the financial sector and a large part of venture capital IT as zombie companies with negative revenue margins or without cache flow.
In order to survive, the United States urgently need to develop the real economy, i.e. industry.
However, since the world has become global, no new markets are foreseen. The system cannot conquer Mars and then sell to Martians, so therefore it will have to grow on intensive investments, which means negative capital work. Since aggregated venture capital investments on intensive investments do not pay off, which has been obvious since 2009, the U.S. is staring at an economic dead end.
So what to do?
Kill the competition.
To get more industry, the US has to get it from somewhere it already exists. Let's look at each possible candidate for the US to grab industry:
Option 1: China. But, firstly, China is a subject (sovereign), secondly, the Chinese and US economies are too intertwined, and thirdly, the development of an industry comparable to China means low profit margins, long payback periods and falling personal incomes. And a decrease in personal income is a revolution in the USA. The option is not suitable.
Option 2: EU. Fits perfectly, no subjectivity and high margin business.
However, the business is so profitable because it is very technological, i.e. it has a high and long entry threshold. It takes decades of development, thousands of patents and the construction of a team of specialists.
But the patents, specialists and companies do not belong to the EU.
The US has to force these companies in their entirety to move to the USA, just as, for example, low-margin production migrated to China in the 90s.
To do this, you need to create unbearable conditions for the economy: war, hunger and cold.
News 1: German industrial production fell by 1.8% in the first 8 months of 2022 due to sanctions against Russia, and the German chemical-pharmaceutical sector (high gas dependence) recorded a decrease of 10.7%.
News 3: Explosion at branches of Nord Stream 1 and 2.
To those watching closely, all these things are links in a single chain of events: The EU must be destroyed. At any cost.
It doesn't matter how many people get killed, there's $4+ TRILLION dollars a year (of real industry) at stake.
It doesn't matter how many cities or even countries get wiped out, there's $4 TRILLION dollars a year (of real industry) at stake.
People will breed, so they can replace whatever war dead take place. Cities and countries can be rebuilt. But the $4 TRILLION a year (of real industry) absolutely, positively, must -- and will -- come to the US.
Period. Full stop.
This war is about money. $4 TRILLION a year in real industry. Anyone who gets in the way of that will be steamrolled.
"Power tends to corrupt and absolute power corrupts absolutely. Great men are almost always bad men, even when they exercise influence and not authority; still more when you superadd the tendency of the certainty of corruption by authority."
- Lord John Emerich Edward Dahlberg Acton (1834-1902)
"Goons" does not adequately describe these scheisters. They make "evil" hedge funds look like saints. It is the job of our attorney's to unveil this reality to the Jurors.
Death spiral talk started at the high in the 4s a few years ago. This talk was shorts coming in to invent receivership stories and par galore. Nowaynohow as Larry B used to say. Lol.
Surely Lamberth sees the consequences of all this if we don't get the right ruling. You'd have to be blind not to see it. The whole world is taking notice. Militaries around the globe will not stand for it.
Thanks for that link. Now, if just one judge or jurist has the fortitude to follow the law, this c-ship (nws) could be voided and all monies returned to the GSEs…
As the higher court said, it will not be an easy job to unscramble the egg, but it must be done to fix this problem.
I wouldn't sweat about thinking on getting awarded any substantial damages. not because it can't happen (I hope it does happen); but a win (no matter if big or small) will be one for the books to start undoing the conservatorship and get rid of the warrants making them illegal in the first place.
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