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Sunday, June 01, 2014 12:20:42 PM
Remember the FHFA has already postulated that in its capacity as Conservator its not "government".
So, is it or isn't it?
If it is a non public entity then there is no "executive privilege" that can be extended. Last I saw, IBM didn't have such luxury.
If it is an agency of the US Government then - there are other serious consequences. One would be the fact that the Governement took control of Fannie and Freddie and "gave themselves" 80% ownership through free warrants and then swiped 100% of the "Net Income" on the reversals of all the phony accruals all in a deal negotiated with themselves.
It don't get any better than this.
Again, pick your poison.
Put a tent over it and sell tickets. This circus is just starting.
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