Too Big To Delist?

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Today Fannie Mae disclosed two more accounting errors, on top of the dozen previously disclosed, adding that the financial impact of the new errors “could not yet be quantified.”
If Fannie Mae was your company, it would be delisted by now. But, of course, it’s not your company. Earlier this year the NYSE exchange got approval to be a little more, uhm, flexible when it came to delisting Fannie Mae companies in certain circumstances. Previously, the NYSE listing standards required the start of delisting procedures for companies that failed to file an annual report within a year of the report’s due date. When Fannie Mae missed the filing deadline for its 2004 report, the NYSE changed the rules. And then the SEC approved this change.
This totally makes sense. You see, it’s totally in the public’s interest to keep the mortgage giant with a half-dozen or so years of unreliable reports listed on the exchange. No, really, it’s got to be. I mean both the NYSE and the SEC say it is, right?
Fannie Mae discovers two new accounting errors [MarketWatch.Com]

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