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Monday, June 28, 2021 6:10:25 AM
That may be a blessing in disguise. If there is a party split in the legislature and after an election the executive wants funds they can devise a scheme to sell their stake to the public, right now potus gets whatever funding he wants because of the current power structure. But I wouldn't rule out a plan under biden and the current power structure either.
That type of administration solution seems like it would take place after all the major litigation cases have been resolved. Typically inertia in Washington is the norm and housing finance reform doesn't seem to be the headline grabber it once was and they may have to wait to see what to do after the dust settles in the major litigation cases.
Collins basically said that the Government Conservator under HERA need not worry about self dealing so long as it may be in the best interests of the agency itself or the public good.
As someone who works in restructuring don't you find that a little unsettling, since nongovernmental Conservators who self deal are almost always required to return their self dealing gains and their acts are often in violation of criminal statutes?
It seems under Collins that the court has said that the FHFA can self deal or do things for the public good BUT the FHFA is not shielded from unconstitutional Takings and Separation of Powers claims since the anti-injunction and Succession clauses in HERA don't apply.
There is still a better than one for one conversion on jps to common, do you recommend that jps convert at least 10% to hedge against the possibility of a multi year litigation track, organic capital rebuild via retained earnings and any litigation recoveries, and a favorable resolution of the LP?
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