Dave, I think you are failing to appreciate the $50 bil that has left the building, and fannie may have taken on $50 bil in debt to make it happen. That has to affect the balance sheet.
I am not an accountant but I do know that nothing offset the DTAs that were brought back onto the balance sheet that increased net worth. This quarter an equal $amount to those DTAs is being sent off to the UST as a dividend. How they funded that payment we do not know. I guess we will wait till the actual financials to come out to agree.
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