FSA: sample exam; peter Langer's case: ROE like, question, solution, between, correct

CFA4Techie

there is a question ask" If langer is correct in his belief about Sequoia being a VIE, Masson's ROE in 2009 would be closest to:"

if Masson need to fully consolidate the b/s between Sequoia and Masson, should MI be added into equity to get new ROE?

the solution looks like does not donsider MI. any thought? Thanks.