Fannie Mae-No Politics (FNMA)

[kthomp19]

The National Economic Council and Hank's right hand guy at UST were planning to nationalize the GSEs in 2008

So what?

My overall point is this: what good does all this hand-wringing over the imposition of conservatorship do? Washington Federal was dismissed in its entirety and Kelly is on life support (will be dead if the Supreme Court doesn't reverse the CAFC's dismissal of all derivative takings claims).

Anyone who held shares in early September 2008 absolutely got screwed. Anyone who bought after conservatorship started has absolutely no leg to stand on when complaining about events from September 2008 (conservatorship, original SPSPAs, 10% dividend rate, etc).

The same goes for the NWS. If you held shares on August 16 2012 then the NWS really did screw you. If you bought afterwards, it didn't.

This is exactly why Washington Federal is only seeking money damages to be paid to shareholders of record as of September 5 2008. They recognize that the ones that truly suffered the damages of the government's conduct in 2008 are those who held shares on that date, regardless of if they sold later. The whole "rights travel with the shares" argument doesn't apply: that's for contract claims (which await retrial in Lamberth's court).