Well, Ms. Davis seemed to fire up the Jurors in her Opening. When the Government Attorney spoke to the Jurors they listened to him too but even as of yesterday they still seemed skeptical of the Government. FandF said it best the other day in his outstanding Tweets, the Government's Attack Plan here is to Confuse, Deceive, and limit the flow of information to the Jurors.
Yesterday, the Government Attorneys would get real excited talking about how the super generous federal government actually WAIVED the Periodic Commitment Fee for the EXTRAORDINARY Government Assistance here. The Government Attorneys voice pitch gets higher and he increases his voice level and leans in from the podium towards the Jurors to emphasize the point. Professor Thakor shot this down in flames, but does it create a seed in one or two Jurors heads? Who knows. Probably 99.99% of people don't even know what the hell a Loan Commitment Fee is much less in how they are priced in a situation like this involving tens of billions of dollars.
David Sterns, their lead guy (I think that's his name) and the other Government Attorneys (Ian Hoffman-crossed Professor Thakor) and some other dude that is their hyper focused Objection Guy who will easily Object 50 more times before the trial ends as he is ready to pounce and shout out OBJECTION! at the mere whiff of a remote possibility that it will be granted (this is used to disrupt the flow of the trial and break the concentration of the Plaintiffs Class Attorneys) and their team are planting little seeds of reasons for the Jurors to find for the Government here.
Right now, it's all about the presentation of the Plaintiffs Class Chief case, but the Government is trying to plant doubt. Their seeds of doubt: (1) the circular draws (aka the DEATH SPIRAL) that the Supremes took hook, line, and sinker. (2) Ed Demarco was saving the US Secondary Mortgage Market by signing off on the NWS, the UST holds all the cards and old Eddie (with his back against the wall) had to address the December 31, 2012 deadline, the Expiration of the UST Commitment, (3) the uncertainty by Freddie's CFO who said that they weren't positive that the future was as bright as some predicted in their 2012 10q (4) standard boilerplate language in the 10qs and 10ks (08-12) during the Conservatorships saying that the companies aren't sure when or IF they will be able to pay the draconian 10% quarterly interest payments (5) the massive accounting losses from 08-12 booked by the GSES, (6) the idea that all Shareholders had notice in HERA that the NWS could happen and we have no legal rights in Conservatorship and (7) probably a couple of other items.
We'll see what the Jurors think in the end.
