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      "text": "An attempt to convert the SPS into common would be inconsistent with FHFA’s duties as a conservator",
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      "text": "Nor do federal conservators or receivers act for the benefit of a single preferred shareholder (the government) to the detriment of all of the institution’s other shareholders. Such 'unprecedented deviations from settled insolvency practices and creditor protections undercut one of the critical foundations of a market economy, and could call into question the reliability of the government as a resolution authority.",
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      "text": "Eighty-seven years of FDIC, FSLIC, and RTC history demonstrate that conservators are caretakers who are not meant to operate an institution indefinitely. A conservatorship is supposed to be a 'temporary measure' leading either to rehabilitation or to a receivership and ultimately payment of creditors and shareholders.",
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      "text": "“Eighty-seven years of FDIC, FSLIC, and RTC history demonstrate that conservators are caretakers who are not meant to operate an institution indefinitely. A conservatorship is supposed to be a ‘temporary measure’ leading either to rehabilitation or to a receivership and ultimately payment of creditors and shareholders.” “Nor do federal conservators or receivers act for the benefit of a single preferred shareholder (the government) to the detriment of all of the institution’s other shareholders. Such ‘unprecedented deviations from settled insolvency practices and creditor protections undercut one of the critical foundations of a market economy, and could call into question the reliability of the government as a resolution authority.” — Amicus Brief of Thomas P. Vartanian, 9/23/2020",
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