So they didn't say they were not harmed, not even in those internal emails (which are pearl-clutching about the optics of the situation). After that, what we have left is an analysis by a third party which has been ripped to shreds:

https://reason.com/volokh/2023/05/06/new-report-on-state-sta...

When Adler says that the report is "carefully worded", what he means is that it is designed to mislead, and he's right.

> The authors of the report are essentially trying to argue that because MOHELA revenues are higher than they used to be, it does not matter that, without loan cancellation, they would be higher still.

Edit: Volokh -> Adler