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Friday, January 06, 2017 5:58:49 PM
Similarly, the auditors do not create the numbers. They can only confirm that the reports were compiled in accordance with generally accepted accounting standards or issue a qualified opinion.
Any adverse verdicts for accounting fraud would only support court delivery of claims to be paid by the GSEs to claimants in a class action suit... as happened during the earlier accounting scandal and change-out of the BOD.
So, if you are a stockholder and are hoping for an accounting fraud payment for damages, please know that you will wind up paying yourself out of corporate income for your windfall, and your S/P will fall in accordance with the financial "hit" recorded to pay out that settlement. Some victory. The government pays ZERO for serving as conservator.
JMHO.
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