SM is irresponsible. I am not sure he is coward or part of the conspiracy.
Administrative action is between FHFA and UST. Can be done by SM & MC in 2-3 days. Trump gave out the order in September 2019. As a minimum, SM should stop the NWS completely. But, he didn’t stop the LP along with removing the ceiling of Retained Earnings. And, I expected him to write down the LP completely.
I hope SCOTUS will do what is right. NWS is clearly unconstitutional and a clear case of highway robbery.
"They currently have $34.6 billion in CET1 capital. "
Try negative $100B+ billion.
Don't confuse GAAP equity with CET1 capital. Totally different animals. Nearly every comment I've read has been wrong. It's 20+ years of retained earnings to hit the mark b/c starting point is very negative.