From Bruce Berkowitz
GSE Plaintiffs Request Further Judicial Notice and Supplementation of the Record
In August, Mohnish Pabrai took part in Brown University's Value Investing Speaker Series, answering a series of questions from students. Q3 2021 hedge fund letters, conferences and more One of the topics he covered was the issue of finding cheap equities, a process the value investor has plenty of experience with. Cheap Stocks In the Read More
Last week, in a U.S. Court of Federal Claims filing (Fairholme Funds, Inc. et al. v. The United States), the White House formally invoked the Presidential Communications Privilege to prevent the disclosure of documents related to its decision to expropriate all the assets of Fannie Mae and Freddie Mac.
Who knew that years-old information pertaining to a mundane topic such as housing finance policy would require such extraordinary secrecy?
We are pleased to share a brief in a closely related case that was filed in the U.S. Court of Appeals for the District of Columbia Circuit yesterday evening. The plaintiffs have asked the D.C. Circuit to take note of relevant documents that were unsealed in April and May. This brief contends that, “Defendants’ oppositions are consistent with their broader litigation strategy, designed to obscure the true purpose and effect of the Net Worth Sweep while claiming that no court may question their self-serving and demonstrably false account of the relevant facts.” Moreover, the brief highlights that, “discovery in related litigation has revealed a much more accurate picture of the information Defendants considered when they decided on the Net Worth Sweep, at precisely the point when the Companies became fabulously profitable,” while asserting that, “This is no mere coincidence.”
To view the full brief, click the following link: http://www.fairholmefundsinc.
We anticipate that this will be the final document submitted to the D.C. Circuit before their ruling in the coming weeks.