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Saturday, April 29, 2017 11:11:21 AM
But others here have detailed how such "losses" were largely manufactured so I am not going to go over that. But if you think they were down to bad business practice, goo luck to you...
If you think the company didn't operate itself poorly, I'd suggest you enroll in a basic accounting course.
You realize that in 2007, Fannie Mae produced a diluted earnings loss of $2.63 per share....BEFORE the government ever got involved with companies? $4 billion of their losses were attributed to derivatives contract losses. As a result of those losses, their DTA's increased $4.4b which offset a major decline in their book value. Instead of dropping $4b in equity, it only dropped $500m due to GAAP accounting rules. Talk about accounting chicanery. FASB has everyone beat on that game.
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