Fannie Mae Manipulated Accounting (Trading Halted)

ap ^ | Tuesday May 23, 2005 | Marcy Gordon

[AdamSelene235]

Trading appears to be halted but I see no explanation on the newswires.

[trubluolyguy]

Employees at mortgage giant Fannie Mae manipulated accounting so that executives could collect millions in bonuses....

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Nope. No such thing as greedy businesses.

[McGruff]

Fannie Mae employees falsified signatures on accounting transactions that helped the company meet the 1998 earnings targets,...

That's it. Impeach Bush!

[AdamSelene235]

Report of the Special Examination of Fannie Mae - (May 23, 2006)

[RexBeach]

Another great Clinton appointee: Franklin Raines. This guy would steal hot soup if he had rubber pockets.

My word, if the stock reopens today it should fall like a brick through air.

[Petronski]

Anyone surprised by this announcement, stand on your head.

[AdamSelene235]

That's it. Impeach Bush!

By some incredible miracle, the Bush Administration has actually taken the correct position on this issue.

[Psycho_Bunny]

The WSJ has been hammering this story for years. 

People need to go to jail.

[rhombus]

Now they investigate Fannie's evil sister, Sallie.

[cinives]

A business is not human, therefore it cannot be "greedy". Place the blame squarely where it belongs - on unethical and probably criminal top management joes.

[AdamSelene235]

Anyone surprised by this announcement, stand on your head.

By the standards of the NYSE this company should have been delisted for lack of a financial statement many many quarters ago.

[BurbankKarl]

Anyone could have told you this was going on based on Raines actions at the top....

[redgolum]

But, but this isn't possible! They are only doing the jobs that accountants won't do! /sarcasm
(Ok, that was a stretch :)

[Lets Roll NOW]

I am sure the MSM will be all over the greed and corruption in this case just like they were in the Enron case. /sarcasm

[BulletBobCo]

I really prefer mine medium rare.

[caryatid]

This guy would steal hot soup if he had rubber pockets.

Any word on when we can expect to see an indictment? Or is the fix in on that, as well?

[RexBeach]

Nope. But I don't think the boys can get away with this. It's a public company and the government will prosecute. Even DOJ would have trouble screwing up this case.

I wonder what Mr. Raines did with his ill-gotten bonus money?

[staytrue]

someone needs to mention clinonista Jamie Gorelick.

[Wolfie]

Hell, we've given corporations human rights, why not human attributes?

[SAJ]

Sallie is way less a problem than Freddie Mac. Freddie is the next shoe to drop. They're levered out the wazoo (improperly and against their charter, btw), and dollars-to-doughnuts every bit as internally corrupt as Fannie.