Fraud, fraud, fraud. Perpetrated by Democrat hack Frank Raines and his co-hack Jamie Gorelick. Fannie Mae had been manipulating its earnings for YEARS....using bizarre and arcane derivative hedges and inappropriately accounting for them in order to hit their earnings per share target that resulted in maximum bonuses for Fannie Mae executives....Gorelick got almost a million dollars. Raines raked in millions while donating thousands to Democrat candidates. It is taking the new regime at Fannie Mae an incredible number of man-hours to unravel all the fraud and go back and correctly account for everything. The earnings restatement may be upwards of $20 billion. It was a huge and complicated fraud scheme. Jamie Gorelick was the General Counsel while it was being perpetrated.
If FNM could in any way be tied to Republicans it would be considered the "new potential Enron" and be all over the MSM.
Backhoe has quiet an index on Gore Licker's involvement with the recently revealed Atta mess. Backhoe has labeled her wall and involvement there as Gorelick Gate.
http://www.freerepublic.com/focus/f-news/1117579/posts