Tuesday, August 10, 2021 12:47:55 AM
This is a very old trick of loan sharks. They first burden the companies with the massive loans and then at most vulnerable time, cut off access to liquidity. This creates insolvency and creditors take control of the companies. Then creditors wipe out the existing shareholders.
But Hank&co used every trick and bureaucratic powers to make it worse for his adversaries (like Lehman, ML, AIG, FnF) and favor his cronies. Hank brazenly boasts about this in his book.
The big difference is loan sharks try the tricks within the framework of laws but Hank&co used banking laws (HERA) to violate framework of laws.
BTW what legal principles prevent Gov from using banking laws to regulate airlines or hospitals? The same legal principles should have prevented the Gov from using banking laws to regulate FnF (insurance companies). Unfortunately shareholders never understood the evil plans of Hank&co. Besides Hank&co mislead the shareholders with all kinds of false assurances.
Not sure why the attorneys for plaintiff have never challenged the use of banking laws (HERA) to regulate insurance companies (FnF). This is the heart of FnF conservatorship problem. Unless this blatant violation of legal principles is resolved, there is no judicial solution. Shareholders of Insurance companies can never get any justice under Banking laws.
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