"That was a big problem because only FHFA had the statutory power to put Fannie and Freddie into conservatorship. We had to convince its people that this was the right thing to do, while making sure to let them feel they were still in charge."
He abused immense gov powers to take revenge on rival private companies and CEOs. He brought down not only US economy but also world economy causing immense pain and suffering to all for the benefit of his cronies. At the end of it he had the temerity to boast about it. For all this work taxpayers paid him more than $200M in tax savings.
Basically he is stating, instead of letting the regulator regulate(who was not answerable or fireable by the president at the time, correct me if I'm wrong). Hank is yelling: We Are Nationalizing!
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