One can only be outraged by the series of government missteps which led to the collapse of FBOP Corp, a $19 billion banking enterprise.
FBOP had almost $900 million invested in Fannie Mae and Freddie Mac preferred stock. When federal authorities put the GSEs into conservatorship in September 2008, they wiped out the value of that stock. Owner/CEO Michael Kelly scrambled but was never able to come up with additional capital to make up for the loss and regulators shut down his banks about a year . . .
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