"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary." ~ H.L. Mencken
US Charges ex-Fannie, Freddie CEOs with Fraud
Submitted by Melinda L. Secor on Sun, 2011-12-18 02:00
"The executives were accused of understating the level of high-risk subprime mortgages that Fannie and Freddie held just before the housing bubble burst. 'Fannie Mae and Freddie Mac executives told the world that their subprime exposure was substantially smaller than it really was,' said Robert Khuzami, SEC's enforcement director. Khuzami noted that huge losses on their subprime loans eventually pushed the two companies to the brink of failure and forced the government to take them over."
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