Saturday, 28 March 2015
Last updated 17 hours ago
Feb 27 2014 | 11:38am ET
Fairholme Capital Management can collect evidence from the U.S. Treasury Department about the bailout of Fannie Mae and Freddie Mac.
Fairholme’s mutual fund arm sued the Treasury last summer after it moved to seize all of the profits of the mortgage giants, echoing a similar complaint from Perry Capital. Yesterday, U.S. Federal Claims Court Judge Margaret Sweeney gave permission for Fairholme to conduct discovery.
At issue is whether the future profitability of Fannie and Freddie—which the government has pledged to shut down—can be determined. The U.S. says it cannot, because both companies are currently under federal conservatorship.
But Sweeney wrote that “discovery will enable plaintiffs to confirm that such evidence exists with regard to profitability and additionally answer the question as to when, and how, the conservatorship will end.”
Sweeney said that after Fairholme had gathered its evidence, she would consider the government’s bid to have the lawsuit dismissed.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…