Listening to parts of the hearing and the antagonism of the judge to the government operating as both conservator AND profits sweeper, she clearly stated that she has never seen any such conservatorship in her more than 30 years of investigating large banks and S&L's in these cases.The terms of the original conservatorship back up the judge. I think it's quite possible the en banc ruling may nullify the propriety of the NWS. That could shake things up in a major way.
If the En Banc judges look at this with the right eyes they will see the government was acting like the mafia. They sabotaged Fannie and Freddie and then gave them a deal they could not refuse to fix the problem the government caused. Even if the judges just look at this from the perspective that there is no way for the companies to pay back their loans and be freed of the government, the judges would do the right thing and say the debt was paid and the warrants are null and void. Shareholders have rights too. Shareholders didn't get to vote on the deal.
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