Wednesday, April 13, 2016

New Deposition Testimony Cuts The Legs Out From Under The 2012 Net Worth Sweep

New Deposition Testimony Cuts The Legs Out From Under The 2012 Net Worth Sweep


Don't let the truth get in the way of a good cover up!


The deposition of Susan McFarland, who had served as the CFO of Fannie Mae testified that on August 9, 2012, eight days before the net worth sweep, she informed high-level officials at Treasury that Fannie was, in fact, “now in a sustainable profitability, that we would be able to deliver sustainable profits over time.” Those are not the words of impending insolvency, and they were made to and known by Treasury three days before it did the sweep. How can Treasury officials claim that they had no knowledge of the bright prospects of Fannie and Freddie when they had this information in hand.

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