Skip to comments.Fannie Mae Gets Delisting Notice
Posted on 11/18/2008 1:38:22 PM PST by Attention Surplus Disorder
Notice of Delisting or Failure to Satisfy a Cont
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
(a) On November 12, 2008, Fannie Mae (formally, the Federal National Mortgage Association) received a notice from the New York Stock Exchange (the "NYSE") that we had failed to satisfy one of the NYSE's standards for continued listing of our common stock. Specifically, the NYSE advised us that we were "below criteria" for the Exchange's price criteria for common stock because the average closing price of our common stock during the 30 consecutive trading days ended November 12, 2008 was less than $1.00 per share. As a result, the NYSE informed us that we were not in compliance with the NYSE's continued listing criteria under Section 802.01C of the NYSE Listed Company Manual.
Under NYSE rules, we must notify the NYSE by November 26, 2008 of our intent to cure this deficiency by bringing the common stock share price and average share price for 30 consecutive trading days above $1.00, or our common stock and each of our listed series of preferred stock will be subject to suspension and delisting procedures. If we notify the NYSE that we intend to cure this deficiency, we will have six months from November 12, 2008, which is the date of the NYSE's notice to us, to cure the deficiency before the NYSE initiates suspension and delisting procedures. We are currently working with our conservator, the Federal Housing Finance Agency, to explore options relating to this deficiency and have not yet determined our response or any specific action we will take as a result of the Exchange's notice with respect to this deficiency.
(Excerpt) Read more at biz.yahoo.com ...
That means no more contributions to the RATS campaigns, huh?
You wonder, where is the “Ken Lay posse”.
All satire aside, FNM should have been delisted minimally four years ago, maybe more, when they were unable to come up with financials for the MRQ (most recent quarter). This would have happened as a matter of course for ANY OTHER company. Automatic, no notice needed, purely a matter of course.
Wonder if that would have averted anything? You know, that kooky “following the rules” crap? Naaaah.
History of Fannie Mae scandal
Associated Press, December 7, 2006
"Fannie Mae announces its long-awaited restatement, erasing $6.3 billion in profit from 2001 through June 30, 2004."
Guilty Party: ACORN, Obama, and the mortgage mess
Mona Charen, September 30, 2008
Bailout Politics: The Congressional Dems who enabled this crisis are now being trusted to fix it?
Thomas Sowell, September 30, 2008
Anyone who believes in the buy and hold or buy on the way down approach to stock ownership should take a glance at the FNM chart.
What stinks is that its MY company now, as a taxpayer.
Yeah, you got that right. By the time this mess is over, we’ll all have the worst losers in the market in our portfolios, won’t we?
Wrong! It is the ruling elites. We are just their subjects.
The elites along with the GSE's like Fannie and Freddie have helped millions of Americans participate in the American dream. Another flipper?