Washington Federal filed an unredacted copy of its brief yesterday, and a copy is attached to this e-mail message. The text that’s been revealed says:
— BlackRock’s independent analysis, issued three days later, likewise concluded that Freddie’s “long-term solvency does not appear endangered . . . even in stress case.”
— The September 4 letters followed a planned governmental script to suggest the Boards would face significant personal liability to shareholders if they did not consent to the conservatorships. Leveraging an unusual HERA provision, the Government observed that, by statute, the Companies’ directors would be immunized against liability if they simply consented to FHFA’s appointment as conservator.
— According to internal Treasury documents, the plan was for Secretary Paulson, FHFA Director Lockhart, and Federal Reserve Chairman Ben Bernanke to meet with the Companies’ directors not to seek their consent, but “to tell them what will happen.”