Moelis IS smart enough to tell FHFA that their plan is just a concept and the Agency needs to develop its own plan and capital standards in concert with FHFA's advisors and other experts. Parts of Moelis make total sense, I get that. Parts make very little sense except to big, late entry funds with a cache of heavily discounted JPS that think par value is heaven and common shareholders are expendable.
I am not a fan of Average Joe, either, though I never considered A/J as a developed concept, where at least Moelis put some major effort into their Blueprint approach and offers up some well-developed concepts.
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