I agree that it made payments happen and occur in large numbers. I disagree with their "intent". The third amendment would have made the stock movement flat or slightly/significantly up(depending on analysis) if they would have left out the part where they said that any dividend payments over 10% would not be a return of capital. It is not what America was founded on. Not what it is about. It doesn't matter if both parties agree that it should be wound down(or not). Without a shareholder vote by all parties on any proposal, it is a circumvention of the constitution. I know many before have said the constitution is over-run all the time. I get it. It doesn't mean it is right. If this happens here, SLM will tank immediately and it may put the whole financial sector at risk. The next time there is a crisis, there will/could be the assumption that the gov't may try to take it all. It is not going to look good in court that the Treasury had an internal memo in 2010 saying to "take out the shareholders" when in public it was clear that if they "repaid" the monies(and got in a "safe condition", they would be released. They never respond to anything. Given that they did(respond to the press about the memo after publication), it tells me that it is a watershed event. There are more docs and plenty of witnesses. Not all of them are still on the gov't dole. They will try to get them all on the dole, though.... Watch them argue that FNF can "never be in a safe condition". I would say that no big commercial bank can be, either.
Mark my words. This is the beginning of the unraveling of the truth and the true intent of the 3rd amendment. The press loves salacious details if they can get them. They don't even care if the source is anonymous.
I agree that it accelerated payments. We'll see if the rule of law in financial markets is affirmed.
I know we agree on most everything, 2 cents. I just will never think the third amendment was a "good thing" even though it made payments come faster.
The intent was clearly to cut the legs off the speculation in the shares. Nothing in FNF dealings seems ethical when I look at the FHFA and gov't dealings I bought more on 8-17-12 since I thought that the third wouldn't change the rule of law.
It is still all about the end game. I may re-post that post(at some point) again when things look "golden" or when it looks "bleak". I posted it on 8-17-12 and a few times before and since.
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