Tuesday, May 23, 2006

Enron x 19 = Fannie Mae

Today, it was announced that Fannie Mae has been fined up to $500 million for falsifying accounting records in order to "facilitate executive bonuses." That is, fake accounting to provide senior executives with bonuses in the tens of millions of dollars. No indictments or anything yet, but a fine, I guess, is a start.

As I wrote about a year ago, Fannie Mae's accounting misdeeds add up to a total of $11,000,000,000. That's 11 BILLION dollars!!! Compare that to Enron's comparatively paltry sum of $576,000,000., about 19 times less.

In terms of media coverage, you would think that Fannie Mae would be front page news! Perhaps a whistleblower would be named "Person of the Year" for their courage like the Enron whistleblowers! At least the news coverage should surpass Enron, right? Not with the fifth column press we have in this country. You see, Enron contributed to George Bush and was based in Texas. Fannie Mae, on the other hand, is a government sponsored company to provide lower-income families mortgages. A darling little cause of the left and therefore, no criminal activity is worthy of criticism.


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