870: The confiscation of $29 billion. @RichardAEpstein @HooverInst
Image: Treasure trove The confiscation of $29 billion. @RichardAEpstein @HooverInst Richard Epstein: @RichardAEpstein, Chicago Law, NYU Law, Hoover Defining Ideas, in re: A tour down memory lane. Remember 2008? Advice to invest in Fannie and Freddy? A lo of money disappeared into the government. Collins v Mnuchin: where did the $29 billion go? Property rights and fiduciary duties, and arcana. Treasury was told to make a loan to bail out Fannie & Freddie with attention to the citizens’s funds. Not so the fellow in charge, who attended to the shareholders. Case starts in 2014, judge gives a horrible opinion on technical grounds. Conservators. By February 2017, begins Perry v Mnuchin. SCOTUS blog: Issues(1) Whether the Federal Housing Finance Agency’s structure violates the separation of powers; and (2) whether the courts must set aside a final agency action that FHFA took when it was unconstitutionally structured and strike down the statutory provisions that make FHFA independent.