I had no idea Mr. Farrell had his securities license suspended back in '94 for cooking the books.
That explains everything that is going on with CIM.
CIM is a scam.. it has been paying its "dividends" using the money from the SPOs.. all the while management pay themselves millions of dollars each quarter.
For more info search the this article "Can Investors Trust Annaly and Chimera?"
In 1994, Annaly's founder, chairman, and chief executive officer, the aforementioned Michael Farrell, was censured and had his securities license suspended by the NASD, the predecessor to FINRA, for failing to "maintain its minimum required net capital," filing "incomplete and inaccurate annual audit reports," and failing to "maintain accurate books and records."
of course he is the head man.. he *is* FIDAC, he owns a small chunk of CIM, and he pays his own company (FIDAC) millions each quarter for "managing" the company.. i.e. cooking the books and obfuscating how CIM's junk rated portfolio is rated.