The new provisions of the Act now authorize the FDIC to seize holding companies and their assets. Based on your assertion, are the actions of the FDIC in the 2008 seizure of WMI assets and WMI/WMB co-mingled assets made legal?
Is this so even though these actions were clearly illegal and in contravention to it's own rules at that time?
The retro-active application of the D-F act applies to civil and administrative wrongdoing where proceedings can be initiated but even in these cases the application is not absolute as evidenced in the matter of Mark Sherman (ADMINISTRATIVE PROCEEDING File No. 3-15992).
The same applies for any misconduct by the FDIC where the existing laws were flouted. They were not given "carte blanche" with regard to past actions taken. Hence Ms. Bair's insistence for the ability to seize Holding companies and their assets in addition to Banking assets.
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