more

In late 2004, Fannie Mae was under investigation for its accounting practices. The Office of Federal Housing Enterprise Oversight released a report [3] on September 20, 2004, alleging widespread accounting errors, including shifting of losses so senior executives could earn bonuses.
Fannie Mae was expected to spend more than $1 billion in 2006 alone to complete its internal audit and bring it closer to compliance. The necessary restatement was expected to cost $10.8 billion, but was completed at a total cost of $6.3 billion in restated earnings as listed in Fannie Mae's Annual Report on Form 10-K.
Concerns with business and accounting practices at Fannie Mae predate the scandal itself. On June 15, 2000, the House Banking Subcommittee On Capital Markets, Securities And Government Sponsored Enterprises held hearings on Fannie Mae [4].
On December 18, 2006, U.S. regulators filed 101 civil charges against chief executive Franklin Raines; chief financial officer J. Timothy Howard; and the former controller Leanne G. Spencer. The three are accused of manipulating Fannie Mae earnings to maximize their bonuses. The lawsuit sought to recoup more than $115 million in bonus payments, collectively accrued by the trio from 1998–2004, and about $100 million in penalties for their involvement in the accounting scandal.

所有跟帖： 

• more -noso- ♂ (6851 bytes) () 09/21/2008 postreply 10:15:29

• say hi to your big black brother (图) -noso- ♂ (97 bytes) () 09/21/2008 postreply 10:16:53

• 回复：say hi to your big black brother (图) -炖牛肉- ♂ (130 bytes) () 09/21/2008 postreply 10:22:17

• I have to agree with you on that, that's why I called -noso- ♂ (44 bytes) () 09/21/2008 postreply 10:26:36

• 回复：你是白痴。 -noso- ♂ (26 bytes) () 09/21/2008 postreply 11:16:04

• to yingling, 胡搅蛮缠大王 -niname- ♀ (0 bytes) () 09/21/2008 postreply 18:49:14