Here we go #Fanniegate Fans, Ps cross examination of DeMarco from Aug. 8, 2023. Cross examination continued into Aug. 9th, but I wasn't there for that so you'll have to check other sources. From what I understand the best stuff came at the beginning so let's get started! DeMarco confirms that the email says he became more passive about the 3rd amendment since Geithner raised the Principal Reduction idea and "DeMarco no longer sees the urgency of amending the PSPAs" and FnF "will be able to pay the dividend well into the future".

My Dear #Fanniegate Fans, this may be my final trial summary and by pure coincidence it was a pretty exciting day with DeMarco's testimony on the NWS and the beginning of Ps cross. If you are expecting the same thing as last time you are in for a few surprises! Ps will continue cross tomorrow, then Ds will have their redirect. I think Ds will rest after that, and Ps will have a short rebuttal case of about 2 hours. That will probably finish off Wednesday, so that puts closing arguments Thursday with jury deliberations late Thurs prob.

Ok #Fanniegate Fans, time for the long notes from Ds opening statement. Sadly I won't be able to provide the same coverage I did last time, so I wasn't able to be there today and can't make it tomorrow either. Through the grapevine I understand that today we had shareholder representative witnesses, who aren't able to say much, although Lamberth's unsealed motion seems to have allowed them to say a tiny bit more, but I wasn't there so I can't say for sure.

Buckle in #Fanniegate Fans, today we have a classic tale of hubris vs moxie. I've said since November that we have the advantage in Lamberth 2.0 b/c we learned what worked and what didn't, and now we know Ds strategy going in and can preempt their arguments. I fully expected Ps to press this advantage but I was not at all prepared for what was, without question one of the most genius moves I've seen so far.
To set the stage, recall in Lamberth 1.0 that the pillar of Ds strategy is confusion, Ds must complicate and obfuscate to win.

Last Day of Arguments #Fanniegate Fans!

Let's pick up where we left off, in the middle of Ps closing. We'd just seen plaintiffs trilemma, and any one of them proves their case. Of course DeMarco's selective memory has deleted all his meetings with Geithner, so Ps need to rely on emails discussing those meetings to show the jury what really happened. But critically we don't need to prove ill will or malfeasance here, gross negligence is sufficient.

This is it #Fanniegate Fans

Closing Arguments Hamish Hume for the Plaintiffs
First, I want to thank you and I'm sure Mr Stern will agree, your lives have been disrupted and I know at times it seems messy and confusing and boring, and I know how hard you've worked, we've seen you taking notes, and this is how our system works

Long day #Fanniegate Fans, in a long trial.

Too much time spent on motions meant we only got half the closings, but let's review them a bit. There was a brief discussion of the issues to be addressed after the rebuttal case finished, but we'll see that when we get to it. Dharan was here for his cross examination. Ds brought up the draft issue but Dharan explained it again for them.

You're in for real treat today #Fanniegate Fans!

Today we start the rebuttal case with Dr Dharan re-taking the stand, he's been here the since day 2, has heard every word of the Ds case, and this time the gloves are coming off... Ps: Did you hear Attari's and Satriano's testimony about the DTAs?
Dha: Yes
Ps: And did that change your opinion?
Dha: No
Ps: Attari said something about the DTA being only temporary?
Dha: He wasn't very clear, but got the accounting wrong. Once it comes in it stays as an asset

Vincere Aut Mori #Fanniegate Fans!

Cooper & Kirk's [on of Ps reps] motto seems appropriate going into Monday. Let's see what else happened Friday so we're prepared. Ds call their last witness, Satriano, head of accounting at FHFA for the last 10 years, and worked there and at their predecessor, OFHEO, for the last 19 years. Started his career at GAO [I think DeMarco did too, would be interesting to see if they overlapped there].

Alright #Fanniegate Fans, lets start with a summary of Lamberth jury trial Day 1. First, apparently a juror didn't show up (or maybe 2?) and their are now 9 jurors seated (probably a jury of 6 with 3 alternates but not 100% clear). This delayed the start of opening arguments until after 11:30am. Some brief argument over a tsy document but it was included.