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Saturday, February 25, 2023 5:51:45 PM
What would have made sense was to create a sensible captial rule, and immediately push back on the letter agreements with treasury, allow the companies to retain all earnings going forward (but UST would have fought that in court - which again nullifies your misconception that Calabria truly had the power to release them from conservatorship - UST believes the letter agreements, NWS, SPSPA - all that nonsense are legally binding). Statutory power cannot be treated as a single line item that nullifies all other practical aspects as to what the agency is charged to do before exercising that power, or what other liabilities had to be discharged before acting on that power.
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