Fannie Mae-No Politics (FNMA)

[Achilles deFlandres]

Clarification has been made. In closing arguments something like "liquidation preference has value" was stated explicitly because council understood that the Judges didn't understand. I still don't believe the Judges have read the statute or even the complaints fully. It would seem to me that page limits and 1hour time limits are an open gate for complex violations against complex statutes in the courts. It would follow that there is another limit: how much research is required in 1 page limited case with 1hr or orals allowed? I also believe that they don't have a firm grasp on securities and finance laws and rights. Something like Roe may be easier from a legal standpoint because it is a simpler relationship of statute to the constitution. All of these GSE lawsuits seem to have been mired in endless minutia.

The GSE saga really looks like a RICO case mob shakedown at least from my standpoint. The classic definition of a racket includes cases where the remedy is actually harm to the victim.

Conservatorship to save you from yourself? Harm. The conditions for conservatorship had not been met and further harm was inflicted during.

Help with the books uhhh we meant three-shell-monte? HARM

10% dividend? HARM! who gets 10%? What benevolent investor gets 10%? It doesn't matter that the statute prevented distributions.

Uhhh record profits? $60B????!!!??? Uhhhh Let us help you with that death spiral (which we caused). Give us everything...What? Don't worry all the cash quarterly and liquidate as you can over 6years. Its all good G! You have a life line no more worries. Irreparable harm.