The March 2008 "For your eyes only" Memo was cited in the Mike Kelly -FBOP lawsuit. I believe Kelly has the same lawyers as Washington Federal. It is on Page 14 - Paragraph 41 of the Kelly complaint filed in the US Court of Federal Claims.
Just a reminder Kelly and his holding company FBOP had $ 898,448,392 invested in GSE JPS.
The Conservatorship not only caused the investment loss but caused the failure of several community banks owned by Kelly. Many of these community banks here held up as examples of community minded banks which provided credit and banking to underserved communities. About as close as possible to a real life George Bailey.
Kelly would have undoubtedly have sold his JPS position before the Conservatorship if he would have known about the "For your eyes only " Memo because he would have had to because the JPS market would have imploded if the market knew that the National Economic Council was advocating for a nationalization of the GSEs in March 2008. FBOP was using its JPS position to meet regulatory capital requirements so he would have had to sell to deleverage.
Also the public offering of JPS in May 2008 would not have been successful. Buy at 25 in May and worthless or near worthless in September.
The Kelly-FBOP case can be accessed on Glen's website and was posted on October 7, 2021.
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