Mortgage Giants May Be in Trouble; A recent accounting scandal at Freddie Mac has critics questioning whether it and Fannie Mae should remain exempt from legal and regulatory rules others must follow.(THE NATION)

From: Insight on the News | Date: July 8, 2003 | Copyright information

Byline: John Berlau, INSIGHT

It was reported as another chapter in the saga of great corporate scandals. Highly paid executives allegedly enriching themselves by using questionable accounting tactics involving complex financial instruments called derivatives. Possible criminal probes were announced as the board of Freddie Mac forced out its three top executives, claiming they had obstructed a probe into the company's accounting. But a growing number of critics say this is more than a typical corporate scandal: It is a government-policy scandal for which taxpayers could be left ...

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