The 10,000+ discovery documents will be available to the United States District Court of Appeals in Washington D.C. and the United States District Court.
Rafferty Capital Markets analyst Richard Bove called it a “big win” for Fairholme in a note to clients.
Thank You Judge Sweeney..
Sentiment: Strong Buy
Excellent work eckgar1 only if the mainstream media would spend as much time researching as what you put together they would understand whats really going on behind the scenes. All they do is put together total garbage lies without the true facts. This is America we want the the true facts and leave fiction out of it.
Good Job and excellent research....
Very well written article with solid numbers.
For the folks who don't know who is Mario Ugoletti.
Mario Ugoletti will be very busy answering questions in court for the foreseeable future.
Ugoletti served as the U.S. Treasury's director of the Office of Financial Institutions Policy and participated in the drawing up of the government's agreement to bail out Fannie and Freddie, while later serving as a special adviser to former acting Federal Housing Finance Agency Director Edward Demarco and helping draw up the subsequent agreement through which nearly all of the government sponsored enterprises' profits are being swept to the government, leaving private investors in the cold. Ugoletti now serves as a special adviser to FHFA Director Mel Watt, who assumed his post in January 01, 2014
Ugoletti's written testimony will raises many questions about the government's decision to take nearly all of the profits of Fannie Mae and Freddie Mac in the form of dividends, a well as the timing of the decision.
Congressman Steve Cohen Applauds Innovation and Environmental Sustainability Efforts at FedEx World Hub
MEMPHIS, Tenn., April 9, 2015 — FedEx Corp. (NYSE: FDX) in collaboration with the U.S. Department of Energy, Plug Power Inc. (NASDAQ: PLUG), and CharlatteAmerica, today rolled out the ‘world’s first zero emissions, hydrogen fuel cell ground support equipment (GSE).’ Under a $2.5 million grant awarded from the Department of Energy, FedEx is operating 15 hydrogen fuel cell-powered Charlatte GSEs and a Plug Power Inc. hydrogen fueling station.
U.S. Congressman Steve Cohen joined the project team for a test drive demonstrating the capabilities and performance attributes of the GSE tractors.
“Whether helping secure the $15 million TIGER grant that is funding the Main2Main project or promoting forward-looking clean energy programs, I have long worked to make Memphis a more sustainable and innovative community,” said Congressman Cohen. “I am pleased that FedEx and Fred Smith share these goals, not just with their cutting edge air cargo and distribution efforts, but with environmentally advances projects like these that improve our environment by reducing carbon footprints while bolstering our economy. I was proud to vote for the American Recovery and Reinvestment Act which provided the start-up funds for the fuel cell industry and other forward-looking technologies.”
The 15 hydrogen fuel cell powered GSE cargo tractors are now part of a fleet of more than 1,500 gas, diesel, and electric cargo tractors at the FedEx World Hub that move an average 20 million pounds, approximately 2 million shipments, every day. The units are fueled by hydrogen, dispensed directly into the fuel cell systems by the truck driver from a 15,000 gallon liquid hydrogen fueling infrastructure located on the airport ramp.
“While these hydrogen fuel cell powered cargo tractors may not look big, they are capable of pulling 40,000 lbs. of cargo on airport dollies in even the harshest weather conditions; and they embody our strong commitments to innovation and to reducing our environmental footprint,” said John Dunavant, vice president of the FedEx Express World Hub in Memphis, Tennessee.
This is not the only project that FedEx has worked on with Plug Power and the Department of Energy. Recently, FedEx worked with Plug Power and the Department of Energy to install and test GenDrive brand hydrogen fuel cells in 35 forklifts at a FedEx Freight facility in Springfield, MO.
“GenDrive hydrogen fuel cell-powered equipment offers significant values – they are incredibly efficient and have zero emissions, only producing heat and water as by-products,” said Plug Power Inc. CEO, Andy Marsh, whose company installed the GenFuel hydrogen fueling station and retrofitted the GSEs for GenDrive hydrogen fuel cell-power. “We are proud to be working with FedEx and US DOE on innovative applications that are expanding the use of hydrogen fuel cells across the country.”
According to the Annual FedEx Global Citizenship Report released on April 2, FedEx Express has improved its overall vehicle fuel efficiency by an additional 2.5%, bringing the cumulative improvement to 29.5% from a 2005 baseline. Having nearly achieved its goal of 30% by 2020, the company expects to surpass and then revisit that goal in 2015.
“We believe that we can decrease our environmental footprint while simultaneously expanding our business – and the data backs that up,” said Mitch Jackson, vice president of Environmental Affairs and Sustainability, FedEx Corp. “This year, we continued to reduce our emissions even as our revenue and the number of items we deliver have gone up.”
Application of Joseph Orlando for Access to Protected Information.
Mr. Joseph A. Orlando, also known as Joe, serves as the President of Limestone Merger Sub, LLC. Mr. Orlando serves as Vice President and Chief Financial Officer at Leucadia LLC. Mr. Orlando served as the Chief Financial Officer of Leucadia National Corporation from April 1996 to August 31, 2014 and served as its Vice President since January 1994. He served as a Director at Allcity Insurance Company since October 1998. He is a Certified Public Accountant.
NOTICE OF FILING OF APPLICATION OF
JOSEPH ORLANDO FO
R ACCESS TO PROTECTED INFORMATION
Pursuant to Paragraph 7 of the Protective Orde
r (Doc. 73) issued by the Court, Plaintiffs
respectfully file the attached
application of Joseph Orlando for access to Protected Information.
In accordance with the procedures established u
nder Paragraph 7 of the Protective Order, Plain-
tiffs have consulted with counsel
for Defendant regarding this a
pplication, and counsel has in-
formed Plaintiffs that Defendant does not oppose
Mr. Orlando’s access to Protected Information.
Date: March 31, 2015
From timhoward717 Blogger
March 31, 2015 at 7:42 pm
Fianally wsj opinion article sounds like th717. William Issac of FDIC writes …
Fannie and Freddie May Need More Bailouts
The federal policy to ‘sweep’ the housing giants’ profits sets them up for more trouble.
The Inspector General for the Federal Housing Finance Agency (FHFA) recently reported that Fannie Mae and Freddie Mac might need more government bailouts if housing markets decline. The problem: lack of capital reserves to serve as a buffer against future losses.
The FHFA’s warning wasn’t the first. Last month on an earnings call, Fannie Mae CEO Tim Mayopoulos also warned that the company’s lack of capital “increases the likelihood that Fannie Mae will need additional capital from Treasury at some point.”
This problem is no accident: It is the result of a deliberate decision in 2012 by the Treasury Department to sweep Fannie’s and Freddie’s profits into the federal government’s coffer. Treasury’s “net worth sweep” is illegal and economically dangerous. It needs to end.
It’s not difficult to understand concerns over another bailout of Fannie and Freddie. In 2008 Treasury rescued the mortgage giants from insolvency, ultimately with $187 billion of taxpayer money. Treasury was acting under the 2008 Housing and Economic Recovery Act, which created a framework for the government to decide what to do with the two companies.
The government could have put them into receivership, but nobody wanted the taxpayer to assume the $5 trillion in liabilities on the their balance sheets, and the U.S. needed to reassure bondholders (mostly foreign) that they weren’t about to be wiped out. And so, after being rescued, the two companies were placed into a conservatorship administered by the FHFA, with a mandate to “conserve and preserve” Fannie and Freddie for their shareholders while the companies rebuilt their capital.
Nearly seven years later Fannie and Freddie remain in conservatorship. As of Dec. 31, 2014, they have repaid the government $227 billion—roughly $40 billion more than they were originally loaned. Yet instead of allowing the companies to build a capital reserve like any large financial institution, the Obama administration is stripping both companies of 100% of their profits. This is based on a change to the conservatorship agreement made by Treasury in 2012 requiring Fannie and Freddie to pay a 100% dividend to Treasury each quarter.
The government had every right to impose harsh terms on private investors when it saved the two companies from failure in 2008. It did that by taking 79% of the company from private stockholders and taking senior preferred stock with a 10% dividend.
No problem so far. But for the government to come back four years later and unilaterally change the terms of its deal is troubling—and it will cause significant problems for regulators in getting the private sector to help in a future crisis.
Fannie and Freddie’s investors are justifiably outraged, and some of them have sued the government for its actions. But the public should also be concerned. By denying Fannie and Freddie the ability to accumulate capital, the government is putting taxpayers on the hook for any future losses they may incur.
The Obama Treasury is ignoring the threat. A senior Treasury official, Michael Stegman, told a Goldman Sachs conference earlier this month that recapitalizing Fannie and Freddie would come at taxpayer “expense.” The only logical reading of this analysis is that a dollar going to rebuilding capital is one less dollar going into the Treasury’s general fund. Mr. Stegman has it backward: The risk of another massive taxpayer bailout, arising from undercapitalization, is precisely why Treasury must end the net-worth sweep and allow Fannie and Freddie to emerge from the limbo of conservatorship.
Some would argue that recapitalizing Fannie and Freddie would itself present a threat to the taxpayer, given the troubled history of these institutions and the role they played in the financial crisis. This is a farcical argument: We can allow the two government-sponsored enterprises to recapitalize and then, if policy makers develop a better alternative, wind them down in an orderly liquidation process.
Policy makers can disagree about what future role there should be for Fannie and Freddie in housing finance. But there should be no disagreement about the need to observe and respect the rule of law.
Mr. Isaac, a former chairman of the Federal Deposit Insurance Corp., is a senior managing director at FTI Consulting. He advises Investors Unite, a shareholder group opposed to the Treasury’s sweep of Fannie Mae and Freddie Mac profits.
How this person explain to me the Leader would recruit underneath him and the more he recruited the high % the Leader would receive from everyone underneath him.
Thanks for the pointer and the reply back.
Take me behind the barn and shot me. I meant pyramid scheme..
My bad what the hell was I thinking...
Thumb me down on that one...
I for one knew someone in that business and how they descibed it to me it sounded like ponzi scheme to me. And this was about 10 plus years ago when this person told me about the business model. "Its a way of life and not a diet" Anyone see this will know what I mean by the quote. I could go on for ever on this topic.
Sorry I wasn't debating information. I was only posting for the general public view. You have your rights of opinion like every American Citizen. By far every American has lost their faith in our Lawmakers. I would be first in line. We Americans need to make better decision who we vote into office. They are there to serve the American People and not for their own personal agenda.
Also show support to H.R. 1036 The Let the GSEs Pay Us Back Act
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H.R. 1673 To amend the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish a secondary reserve fund for a housing enterprise under conservatorship to protect taxpayers against loss in the event of a housing downturn, and for other purposes.
To amend the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish a secondary reserve fund for a housing enterprise under conservatorship to protect taxpayers against loss in the event of a housing downturn, and for other purposes.
This bill was assigned to a congressional committee , which will consider it before possibly sending it on to the House or Senate as a whole. The majority of bills never make it past this point.
Voice your opinion as well at
Taxpayers, homeowners, and stockholders of Fannie Mae (OTCQB:FNMA) and Freddie Mac (OTCQB:FMCC) have something to cheer about thanks to House Republican Marsha Blackburn. On Thursday, she sponsored a bill that would end the potentially illegal acts being committed by the U.S. Treasury to sweep away capital from our housing finance system for deficit reduction. The bill is titled ''Enterprise Secondary Reserve Taxpayer Protection and Government Accountability Act of 2015'' and will be filed as HR 1673.
The stated purpose of the bill is to
"amend the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish a secondary reserve fund for a housing enterprise under conservatorship to protect taxpayers against loss in the event of a housing downturn, and for other purposes."
The secondary reserve could also be referred to as an escrow account, where funds are held until a resolution is created on GSE reform. The text of this bill is available at this link.
The bill would establish a secondary reserve by inserting the following language into the existing statutes:
''(E.) SECONDARY RESERVE.-
''(1) ESTABLISHMENT-Notwithstanding any other provision of law, rule, regulation, order, or agreement, the Director shall, by regulation, establish for any enterprise operating in conservatorship pursuant to section 1367 a secondary reserve fund and shall deposit in such fund from any revenues of the enterprise an amount equal to the amounts enumerated under subsection (A.) for the enterprise.
''(2) MAINTENANCE.-Amounts in the secondary reserve fund shall be held in escrow by the enterprise until-
'' the Director uses such amounts pursuant to paragraph (3); or
''(B.) the Director abolishes the secondary reserve fund pursuant to paragraph (4).
''(3) AVAILABILITY OF AMOUNTS.-If the Director determines, in accordance with regulations issued under paragraph (5), that losses of an enterprise operating in conservatorship pursuant to section 1367 will exceed amounts available for the enterprise under subsections , (C.), (D.), or (F.), the Director shall make a determination, in accordance with such regulation, whether to use funds held in the secondary reserve for the enterprise.
''(4) ABOLISHMENT.-Upon the dissolution of the conservatorship of an enterprise, the Director shall abolish any secondary reserve established under paragraph (1) for the enterprise and amounts remaining in such reserve upon such abolishment shall revert to meet capital requirements under subsections , , , and then to earnings of the enterprise.
It also continues to provide the Federal Housing Finance Agency (FHFA) with the authority to establish a capital restoration plan for the entities.
''(6) TREATMENT OF SECONDARY RESERVE.-
Any secondary reserve established under this Act for an enterprise shall not be considered capital, a capital reserve, or otherwise an asset of the enterprise, other than as part of a capital restoration plan for the enterprise approved under section 1369C, during the pendency of a conservatorship for the enterprise.''.
For several years, the Government Sponsored Entities (GSEs), Fannie Mae and Freddie Mac have existed in a quasi-legal state. The Treasury successfully used them, under FHFA's discretion, to prop up the housing market by modifying millions of mortgages. Then, as Fannie and Freddie began to regain profitability, Treasury and FHFA enacted a 3rd Amendment to their Senior Preferred Stock Purchase Agreement, which assigned 100% of their net worth gains to deficit reduction. The result of these changes is that Fannie and Freddie have repaid taxpayers with interest and that the companies are operating with razor-thin capital levels.
This bill does not resolve all of the issues around Fannie Mae and Freddie Mac, but it does solve one problem. It eliminates any conflicting interests between Treasury and Congress on GSE reform goals. As long as the two companies were sweeping all available capital to Treasury for deficit reduction, there was no mechanism to build up reserves against future losses. Establishing a capital reserve fund will protect taxpayers and ultimately provide capital for the future of the housing finance system.
Shareholders should note that this escrow account bill does not preclude Congress from acting with other priorities on GSE reform. Policy-makers will note that the process of rebuilding capital at the GSEs will be a long one and they have plenty of time to rethink legislation on the issue.
In the end, this should be seen as a positive step towards a win-win solution with Fannie Mae and Freddie Mac. A significant overhang would be removed and uncertainties resolved regarding private property rights.