The way the video was framed was inaccurate however it was correct. Just as CR was accurate in sense but also wrong. Life is full of paradoxes. It boils down to how One West interprets Shared-Loss agreement which appears to be differently than all other banks.
No conspiracy, just a bank interpreting the rules differently and probably has some good lawyers to back them up. Whether what they are doing is “wrong” is up to a judge to decide. Which boils down to their aversion to modifications which apparently could amount to fraud. Again, that is a legal interpretation on the word intent.
It’s the conspiracy of self interest backed up with lawyers. Pretty common in the business world.
