From Bruce Berkowitz’s Fairholme Capital
The D.C. Circuit Should Upend Treasury’s Net Worth Sweep
Legal scholar Richard Epstein urges the U.S. Court of Appeals for the District of Columbia Circuit to upend the Net Worth Sweep in a Forbes piece published this week.
At this year's Sohn Investment Conference, Dan Sundheim, the founder and CIO of D1 Capital Partners, spoke with John Collison, the co-founder of Stripe. Q1 2021 hedge fund letters, conferences and more D1 manages $20 billion. Of this, $10 billion is invested in fast-growing private businesses such as Stripe. Stripe is currently valued at around Read More
He contends that “a close examination of the [Senior Preferred Stock Purchase Agreement] supports the conclusion that the entire Third Amendment was an elaborate device to strip the private shareholders of all their wealth in Fannie Mae and Freddie Mac, by devices so crude that if there has been adopted by private parties, all of them would have gone to jail.”
After analyzing the oral argument in Perry Capital v. Lew in the D.C. Circuit, he says “it becomes clear that the earlier opinion of Judge Royce Lamberth on September 30, 2014—which wrongly sustained the government’s position on all counts— should not be allowed to stand given its incurable internal weaknesses.”
To view the article, please click the following link: http://www.forbes.com/sites/