.......... "Fannie Mae storm swirls around CEO," reads a Reuters' headline.
Rarely, dear reader, does a story so succinctly jive with the themes we explore here at the Daily Reckoning.
The public spectacle at Fannie Mae finds CEO, Franklin Raines, wonder-boy from a disadvantaged background, facing an "unexpected twist in his career that had seemed likely to vault him into a prominent role in national politics."
Of course, this doesn't come as shocking news to loyal sufferers of The Daily Reckoning:
"While Raines and Chief Financial Officer Timothy Howard said they believed they were using correct accounting," the Reuters article continues, "the Securities and Exchange Commission confirmed the errors last Wednesday and told the company to restate earnings from 2001 through mid-2004. Fannie Mae has warned investors the restatement could include after-tax losses of as much as $9 billion." .........
