Regarding the Duty of Candor issue - how do you look at the liability will play out in a Derivative claim. Am I right to assume that the Company probably fully indemnified the Board so pursuant to the indemnification the Company is liable for the breach of the Duty? How would this work in a Derivative claim since damages will be paid to the Company?
It seems clear that the Fiduciary interest is for the benefit of Shareholders for FNMA since it is Delaware law. How about under Virgina law for FMCC?
Doesnt the breaches relating to the Board really go to the heart of the quote from Judge Sweeney about Hank Paulson and UST acting like "thugs". How can a BOD uphold its fiduciary duties when the first thing they hear is their heads hitting the ground?
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