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Monday, April 04, 2011
Case Dismissed Against Freddie Mac
A nearly three-year-old class-action lawsuit against Freddie Mac has been dismissed. The suit accuses Freddie Mac executives of misleading shareholders about its exposure to sub-prime mortgage risks. The Washington Business Journal reports that the federal judge says the plaintiffs failed to prove their case, and dismissed the suit. The judge also dismissed claims of misrepresentation about Freddie Mac's capital, internal controls, and underwriting process. The plaintiffs have sixty days to file an amended case.
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3 comments:
I really wish they would indict Snagglepuss, er, I mean, Barney Frank.
I suppose losing hundreds of billions of dollars while never saying a word to shareholders about the financial disaster he was presiding over didn't qualify as prima facie evidence that he mislead shareholders. Some judges just need hangin'. The wealthy and powerful protect the wealthy and powerful. The citizens? Merely serfs on the plantation. Is ANYONE looking out for the average citizen? Answer? Hell no. But we keep voting, believing the current crop of 'we're gonna change things!!" crowd really means it....
They realy don't want you to see where all the money leads to. That is the problem. The democratic leadership have their fingerprints all over this scandal including the one sitting in the White House.
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