A damning report provides new evidence that the federal government is running roughshod over the rule of law as it seeks to rob Fannie Mae and Freddie Mac’s shareholders of their private property.
The confidential report at issue is a June 2011 recapitalization plan in which experts at Blackstone Group L.P. informed the U.S. Treasury Department that the two companies had value and could be saved. The Blackstone report, the existence of which was publicly revealed in July, runs contrary to Treasury’s assertion that the mortgage giants’ shares were worthless — and serves as an ominous prelude to the government’s defense as the discovery process broadens in the investor suit Fairholme v. United States, pending in the U.S. Court of Federal Claims.
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