You Want Investigations? They’ll Give You Investigations!
I was wondering when it was going to happen, and now it is. The FBI has officially announced that they’ll be looking into what exactly happened at the one-time mortgage saviors Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE).
Depending on how far they’re pushed, this could get very ugly… yet oh-so interesting. It’s like a train wreck. You don’t want it to happen, but once it does, it’s really hard to look away. And with CEOs and political figures alike aboard this train, the results could be enlightening, to say the least.
Of course, investigations into financial institutions are nothing new this year. Fannie and Freddie simply join the growing list of companies that came under public scrutiny for suspected fraud. Bear Stearns, Lehman Brothers, AIG, Countrywide Financial and well over a dozen others have all felt the icy hands of investigation rifling through their records.
And for Fannie and Freddie especially, corporate scandal is nothing new. In December of 2003, FRE was forced to oust its CEO, Gregory Parseghian, due to severe accounting irregularities. The following year, FNM gave their own CEO, Franklin Raines the boot for the same reason. So with that sketchy recent past, the charges of potential fraud this time around ring a familiar bell.
While the actual inquiries will focus only on the financial institutions and the individuals who ran them allegedly from 2007 onward, my guess is that we’re going to see a lot of dirt uncovered. So American Taxpayer out there complaining about corporate greed and mismanagement: You might just see your justice.
http://www.smartprofitsreport.com/archives/2008/invest-in-financial-stockssw.html
Tuesday, September 30, 2008 — by Jeannette Di Louie, Assistant Editor of Mt. Vernon Research
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