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Must be time to take the dog to the dog park. Doesn't get better than that Mierto!
The New York Court of Appeals revived a bond insurer’s $120 million lawsuit claiming Goldman Sachs Group (GS) lied about a pool of securities backed by subprime mortgages during the period leading up to the financial crisis, according to an article in Reuters.
In a 5-2 decision, it was decided that the suit by ACA Financial Guaranty Corp should move forward because the insurer had raised issues about the role of billionaire John Paulson's hedge fund in a collateralized debt obligation called Abacus, the article said.
ACA Financial said Goldman had deceived it into believing hedge fund Paulson & Co was a long investor in Abacus when it knew Paulson was betting the underlying mortgages would fail.
http://www.housingwire.com/articles/33825-goldman-sachs-faces-120m-mortgage-securities-lawsuit?utm_source=dlvr.it&utm_medium=twitter&utm_campaign=housingwire
FMCC 250,000 shares @ $2.75 [15:30:05]
FMCC 500,000 shares @ $2.80 [14:42:42]
Let's go Fannie, Freddie! $$$$
Freddie CEO explained the derivative thing pretty well in the previous ER. So, what's your point? :)
Thanks Rey!
FMCC 250,000 shares @ $2.80 [14:00:55]
FNMA 250,000 shares @ $2.90 [13:41:52]
deadline for defendants to post response. I'm assuming Sweeney will give her decision quickly after that.
In regards to if the government went out of it's way to treat AIG unfairly, Goldman Sachs made out at the top of the totem pole (best terms), followed by the other banks, AIG, second to bottom, and Fannie, Freddie at the very bottom.
Monumental decision! Hope we hear something soon.
Article from February, but a good reminder of what Judge Wheeler has to review! :)
"As the New York Times reported Friday, Greenberg’s 520-page brief on the factual record cites a handful of potentially momentous documents that were shielded by attorney-client privilege until the last days of the trial. Among them: a Sept. 17, 2008 email in which a partner at Davis Polk & Wardwell, which was advising the Federal Reserve Bank of New York, said that the Treasury Department has “no express authority” to acquire equity as a condition of making a loan and that the government “is on thin ice” in asserting that demand; an Oct. 28, 2008, email from New York Fed general counsel Thomas Baxter to Davis Polk partner Marshall Huebner in which Baxter said that the trustees of the AIG credit facility “should not care about the AIG minority shareholders”; and a Sept. 23, 2008, email from Huebner to Baxter, in which Huebner said the “real joy” of the government’s $85 billion loan to AIG “comes when we get back the $85, with $10 +++ in fees and interest and make the Treasury tens of billions it deserves (and needs!) on the equity.”
http://blogs.reuters.com/alison-frankel/2015/02/23/the-lawyer-who-talked-too-much-and-lost-the-fed-privilege-in-aig-bailout-suit/
"Actual results, and future projections, could be materially different from what is set forth in the forward-looking statements as a result of: home price changes; interest rate changes; unemployment rates; other macroeconomic and housing market variables; ...................actions the company may be required to take by FHFA, as its conservator or as its regulator, such as changes in the type of business the company does or the implementation of a single GSE security; the conservatorship and its effect on the company’s business; the investment by Treasury and its effect on the company’s business; the uncertainty of the company’s future; challenges the company faces in retaining and hiring qualified employees; ..................and many other factors, including those discussed in the “Risk Factors” section of and elsewhere in the company’s annual report on Form 10-K for the year ended December 31, 2014 and the company’s quarterly report on Form 10-Q for the quarter ended March 31, 2015, and elsewhere in this release."
http://phx.corporate-ir.net/phoenix.zhtml?c=108360&p=irol-secText&TEXT=aHR0cDovL2FwaS50ZW5rd2l6YXJkLmNvbS9maWxpbmcueG1sP2lwYWdlPTEwMjU2ODYyJkRTRVE9MiZTRVE9JlNRREVTQz1TRUNUSU9OX0VYSElCSVQmZXhwPSZzdWJzaWQ9NTc%3d
T-trades Fnmas
$ 4.83 175,000
16:23 $ 4.83 75,000
16:07 $ 4.81 Low 90,000
16:05 $ 4.84 12,500
16:03 $ 4.875 High 39,500
16:02 $ 4.85
FMCC 250,000 shares @ $2.78 [15:24:15]
That was my first question!
Thanks Hvpatel!
Things can always happen sooner, but they have to keep the pressure on from every angle. Now we can be updated with each filing.
I'm guessing these ones.
Judge Henderson was appointed United States Circuit Judge in July 1990. She received her undergraduate degree from Duke University and her law degree from the University of North Carolina. Following law school, she was in private practice in Chapel Hill, North Carolina. From 1973 to 1983, she was with the Office of the South Carolina Attorney General, ultimately in the position of Deputy Attorney General. In 1983, she returned to private practice as a member of the firm of Sinkler, Gibbs & Simons of Charleston and Columbia, South Carolina. In June 1986, Judge Henderson was appointed United States District Judge for the District of South Carolina where she served until her appointment to the D.C. Circuit.
Judge Kavanaugh was appointed to the U.S. Court of Appeals on May 30, 2006. Judge Kavanaugh graduated from Yale College in 1987 and from Yale Law School in 1990, where he was a Notes Editor of the Yale Law Journal. After law school, he served as a law clerk to Judge Walter Stapleton of the U.S. Court of Appeals for the Third Circuit and then for Judge Alex Kozinski of the U.S. Court of Appeals for the Ninth Circuit. In 1992-93, Judge Kavanaugh worked as an attorney in the Office of the Solicitor General of the United States. During October Term 1993, Judge Kavanaugh served as a law clerk to Justice Anthony M. Kennedy of the U.S. Supreme Court. From 1994 to 1997 and for a period in 1998, Judge Kavanaugh was Associate Counsel in the Office of Independent Counsel Kenneth W. Starr. Judge Kavanaugh was a partner at Kirkland & Ellis in Washington, D.C., from 1997 to 1998 and again from 1999 to 2001. From 2001 to 2003, Judge Kavanaugh served as Associate Counsel and then as Senior Associate Counsel to the President. From July 2003 until his appointment to the court in 2006, he was Assistant to the President and Staff Secretary to President Bush. Since joining the Court, Judge Kavanaugh has taught full-term courses in Separation of Powers at Harvard Law School (Winter Terms 2008, 2009, 2010, 2011, and 2012), in National Security and Foreign Relations Law at Yale Law School (Fall Term 2011), and in Constitutional Interpretation at Georgetown University Law Center (Fall Term 2007). He has been named the Samuel Williston Lecturer on Law at Harvard Law School during Winter Terms 2009, 2010, 2011, and 2012.
Before joining the bench, Judge Kavanaugh argued cases in the Supreme Court of the United States, the U.S. Courts of Appeals for the D.C. and Fifth Circuits, and other state and federal courts. He has published in the Yale Law Journal, the Georgetown Law Journal, the Minnesota Law Review, the Wall Street Journal, and the Washington Post. By appointment of the Chief Justice, Judge Kavanaugh serves as a member of the Committee on the Judicial Branch of the Judicial Conference of the United States. Judge Kavanaugh is Liaison Representative from the Judiciary to the Administrative Conference of the United States and ex officio representative from the Judiciary to the American Bar Association's Section of Administrative Law and Regulatory Practice. He is President of the Edward Coke Appellate Inn of Court. He serves on the Board of Directors of the D.C. Circuit Historical Society. Judge Kavanaugh is a member of the American Law Institute, the Lawyers Club of Washington, the John Carroll Society, and the Federalist Society. Judge Kavanaugh was born in Washington, D.C., in 1965, is a graduate of Georgetown Prep and Mater Dei School, and is a member of Blessed Sacrament Catholic Church in Washington. He and his wife Ashley have two daughters, Margaret and Liza.
Yes, Olson, Boies, etc will be busy! I say invite them to Thanksgiving dinner too! :)
I agree! Nice to see judges assigned to it also!
Perry Capital Appeal
05/06/2015 Open Document PER CURIAM ORDER filed [1551023] setting the following briefing schedule: JOINT BRIEF FOR INSTITUTIONAL PLAINTIFFS (not to exceed 17,000 words) due 06/30/2015. JOINT BRIEF FOR CLASS PLAINTIFFS (not to exceed 11,000 words) due 06/30/2015. APPELLEES' BRIEF (not to exceed 14,000 words each) due 08/14/2015. REPLY BRIEF FOR INSTITUTIONAL PLAINTIFFS (not to exceed 8,500 words) due 09/04/2015. REPLY BRIEF FOR CLASS PLAINTIFFS (not to exceed 5,500 words) due 09/04/2015. DEFERRED APPENDIX due 09/18/2015. FINAL BRIEFS due 10/02/2015. Before Judges: Henderson and Kavanaugh. [14-5243, 14-5254, 14-5260, 14-5262]
@carney: This is fascinating: "The purpose of the warrants was to drive the stock price down to next to nothing." http://t.co/OJBTVhDvyD $FNMA $FMCC
@carney: Someone tell the $FNMA longs that they should be interested in the minutes from the Federal Accounting Standards Board from October 2008.
@carney: " The intent of Treasury is not to exercise the warrants
that provide 79.9% ownership." http://t.co/OJBTVhDvyD
Wow Carney won't let up! Last time when Bove called him out on his terrible, erroneous reporting, he then asked twitterers to not tweet him about Fannie, Freddie over the weekend. Then, he himself subsequently makes two tweets about Bove. Then, later that week, he starts sending messages about F&F again, and now his latest WSJ article slamming Fannie, Freddie shareholders, geez!!!
WH and politicians trying to take the focus off themselves, divert attention. I hope that "protected" status is lifted on the 11th!
May 6, 2015
10:00 AM EDT
May 2015 Quarterly Refunding Press Briefing
U.S. Department of the Treasury
Media Room (4121)
1500 Pennsylvania Avenue, NW
Washington, DC
This event is open press. A live webcast will also be available here: www.treasury.gov/press-center/Video-Audio-Webcasts/Pages/Webcasts.aspx. Media planning to attend must RSVP by 3:00 p.m. on Tuesday, May 4 to Charles Nwaogu at Charles.Nwaogu2@treasury.gov.
Thanks Hvpatel! more reading :)
http://www.valuewalk.com/2015/05/bill-ackman-sohn-slides/
Big blocks common and preferred going through, TLT down, feels like this is going to bust a move.
Pershing Square Capital Management, L.P.
1Q 2015 Quarterly Conference Call
Event Date: Monday, May 18, 2015
Event Time: 11:00am – 12:00pm EDT; 16:00-17:00 BST
Dial-in information and a link to the live audio webcast will be available on this page Friday, May 15, 2015.
Questions for Bill and the investment team may be sent to ir@persq.com.
Following the call, a replay of the event will be available by audio webcast until Monday, June 1, 2015 at midnight EDT/Tuesday, June 2, 2015 at 5:00am BST.
Hang in there Paula! Greenberg decision could come anyday. In Sweeney court they said no need for status conference tomorrow, so everything must be moving along. Cooper, Olson, Boies are busy putting pressure on the gov. They're just not sharing details with us! Viva Fannie, Freddie! Next stop Cancun!
I guess no Fannie, Freddie mention in presentation!
@ldelevingne: Ackman now talking about Valeant - "clearly been massively undervalued" $VRX #sohn2015
@KateKellyCNBC: Ackman's theme: How, and why, companies are chronically undervalued. Examples so far: $JAH and $PAH #Sohn2015
@ldelevingne: Next up, Bill Ackman #sohn2015
FNMA 250,000 shares @ $2.90 [15:18:59]
hour left of trading, Greenberg's 90th bday today, Ackman speaks at 5:20pm
Then they probably sold Fannie, bought Freddie.
and preferreds 500k's