Almost every key executive and board member in every public company of any size is granted an indemnification agreement covering any legal issues arising from their employment (with some exceptions for certain types serious offenses). Threats of legal action, if that were ever part of the FnF scenario in 2008, would not void any such indemnifications. So, if nobody did anything wrong, there is no threat to their contesting any aspect of the conservatorship. And no need for any capitulation to any government demands.
As for Enron, Jeffry Skilling stepped down but continued to defend his actions and was extremely outspoken about the appropriateness his actions and critical of other Enron employees that he claimed threw him under the bus as a scapegoat. Kenneth Lay did not depart prematurely and defended his actions right up to the bitter end of prosecution. While many other Enron bigwigs plead guilty to charges, both Skilling and Lay plead not guilty and fought to establish their innocence.
If what the government did to Fannie boards and executives was so inappropriate and unfounded, I can't believe there wasn't at least ONE of them with the guts and self-pride to stand up and confront Paulson.
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