Steve's Serendipities

Comments and Links from my Internet travels. -- My comments are in bold blue italics. -- Clickable Links are in bold orange.

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Just a reminder: the Guantanamo Bay detention camp is still open; capacity is 800. Hmmmmm...

Monday, June 26, 2006

Media - A $40 billion scandal

We're not hearing much about this.
This article speculates as to the reason we're not...
Dan Gainor has the story at the Washington Times:
"Welcome to Fannie Mae, the government-sponsored mortgage giant. As part of a scandal that's been running nearly two years, Fannie Mae has "misstated earnings" to the tune of $10.8 billion. That's some tune.
So far, the Fannie fiasco has cost Chief Executive Officer Franklin Raines and several other top executives their jobs. The stock has dropped from nearly $80 a share to around $50 -- roughly $30 billion in lost value. And the company recently settled with the federal government and agreed to pay $400 million in fines, stemming from allegations the firm fiddled with the books to ensure bigwigs got performance bonuses.
To top it off, the Fannie Mae leadership was quite well-connected in D.C., especially to the Democratic Party."
posted by Steve @ 10:34 PM

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