Fueri
Platinum Member
- Nov 16, 2015
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FFS- I never said it did. What I said the fraudulent accounting at fannie did was misrepresent fannies position.
WELL IT NO IT FUCKING DIDN'T YOU IDIOT.
THERE WAS EXACTLY ONE AND ONLY ONE THING ONLY THAT AFFECTED GSE'S POSITION - DETERIORATION OF THEIR HOLDINGS DUE TO REAL ESTATE COLLAPSE, ESPECIALLY SUBPRIME BACKED SECURITIES THAT WERE ORIGINALLY RATED AS AAA.
How many times does that need to be repeated for it to sink into your little narrow one track mind?
Oh, you're right. False accounting records don't misrepresent an entities position. Gawd, you really are that fucking stupid, aren't you.
Let's look then at what those investigative bodies found, shall we.
"On Sept. 22, 2004, OFHEO released results of its continuing investigation. The "Special Examination of Fannie Mae" was a dense 211 pages packed with technical accounting details. But the message was clear: OFHEO accused Fannie Mae of both willfully breaking accounting rules and fostering an environment of "weak or nonexistent" internal controls. OFHEO focused on exactly the issue that the skeptics had earlier noticed, which was Fannie's use of accounting rules to defer derivative losses onto its balance sheet. Except OFHEO said that Fannie hadn't just bent the rules, it had broken them.
What got the most attention, though, was OFHEO's charge that in 1998, when an internal model said Fannie would need to recognize a roughly $400 million expense, Fannie only recognized $200 million. That, OFHEO charged, allowed the company to report earnings of $3.23 per share, which meant that Fannie paid out a total of about $27 million in bonuses. Both the SEC and Justice quickly announced their own investigations."
In other words they misrepresented their financials, so the management could reap bonuses. The SEC also found the same. Of course I already provided that information, but it raced in one of your ears and out the other, as there was nothing there to stop it.
I'll now point out the fact that this is exactly the information in the post of mine you grabbed to start this conversation, in other words it's exactly what I've been saying all along and while I have offered one fact after the next to back up what I've said, all, literally ALL , you have done is sputter.
You may now go fuck yourself, moron.