Where Are The Prosecutors?
The testimony in Washington may be a revelation for congress but not for readers of this blog. According to Dow Jones Newswire, "Fannie Mae's federal regulator told House lawmakers Wednesday it found numerous instances, spanning several years, where managers directed low-level employees to modify database entries, characterizing the practice as 'pervasive.'"
"Investigators believe Fannie Mae executives manipulated the company's accounting and ignored internal policies." Surely felonies have been committed. Why does no one press criminal charges?
2 Comments:
I'd like to know why FNM's stock is up 2% after Greenspan's speach. Didn't he say that they were going to put hard limits on FNM's portfolio ? How can that be a good thing.
The real estate world still doesn't make sense. As long as we have people stupid enough to buy housing (or stock) at these levels and someone stupid enough to give them money to do so, the stupidity will continue.
(I'd like to know why FNM's stock is up)
The newswires are saying the new legislation will be watered down; probably a kneejerk..Ben
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