November 22, 2003
Cooking the books
Robert B. Reich: Risking Your Future
"But this cheery story has a darker side. Just like other major corporations, Fannie and Freddie have shareholders who want high returns on their investments. And they have executives who get multi-million dollar paychecks?even higher when the corporations show big profits. Earlier this year, Freddie got caught up in an accounting scandal that requires an estimated $4.5 billion earnings restatement. Last month, Fannie reported a $1.3 billion accounting mistake.Posted by fightingdem at November 22, 2003 1:45 PMThese problems might not be worrisome under normal circumstances. But we?ve had two years of revelations about cooked books and shady dealings on Wall Street, so everyone?s a bit nervous..."
