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Wednesday, May 01, 2024 4:13:00 AM
If Fannie Mae states that
we had positive net worth under GAAP $82 billion.
Is because the figure if $82B is the only thing accurate under GAAP.
What is Financial Statement fraud is the components of this Net Worth. That is, the financial statement called Balance Sheet (picture of a company at a determined date).
Fannie Mae posts the same SPS LP, $121B.
The actual SPS LP outstanding stands at $203B, including the $4.3B SPS LP scheduled to be increased for free on June 30, corresponding to the $4.3B Net Worth increase in Q1. Under accounting rules, they must show up as of March 31, as no cash is expected to receive.
That is, $83B SPS LP and its offset with reduction of $83B in the Retained Earnings account, are missing.
Once both are posted, the statement:
we had positive net worth under GAAP $82 billion.
was true at the time, because the Net Worth is still $82B under GAAP.
What has changed is the existence of a Common Equity Sweep, when it's substituted for SPS LP.
A NWS 2.0.
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