Posted on 12/12/2006 2:52:24 PM PST by AdamSelene235
NYSE to Permit Fannie Mae to Keep Trading but Must Meet March 15 Deadline for Filing 2005 Financials
WASHINGTON (AP) -- Fannie Mae has until March 15 to file its 2005 annual report, the New York Stock Exchange said Tuesday. The exchange will permit the mortgage giant's shares to continue trading if it complies with additional listing requirements, as expected, in the interim, according to a Securities and Exchange Commission filing from Fannie Mae.
If the annual report has not been filed by Dec. 31, 2007, Fannie Mae's shares face delisting, the exchange said.
Fannie Mae is delinquent in filing its 2005 report, which was due March 16, and its quarterly reports for the first three quarters of 2005 and 2006.
The mortgage giant is restating its earnings for the past five years because of accounting irregularities.
Fannie Mae said in a telephone call with investors last week that it plans to file its 2005 report within the next nine months.
Exchange regulations permit a company's shares to continue trading for six months after a company has missed a filing deadline.
In this instance, the exchange is extending the grace period, according to the filing.
The mortgage company filed its 2004 annual report last week.
Shares of Fannie Mae gained 9 cents to $59.93 in afternoon trading on the NYSE.
Investors don't seem too concerned.
A lot has been said as to the reasons why this particular
MASSAVE, HUGE, BAHEMATH, GIANT, ETC. department has been
afforded the UNBELIEVEABLE amount of time to "FESS-UP"
and "COME CLEAN" and looks like it's STILL going to be
allowed to continue because it's better to pretend every
bloody thing is fine in this house of cards we are surrounded by. IMHO
More specifically, Capital Group, AXA, Citigroup, Morgan Stanley, et. al. seem convinced that the taxpayers will bail them out if anything goes wrong.
Isn't this the quasi-governmental organization that a buddy of the Clintons was in charge of, and he made huge, multi-million dollar bonuses, even though the org was losing money hand over fist?
Mark
5.56mm
Sounds like the same kind of "deadline" that the UN keeps giving to Iran.
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