Yep, that's what he (David Lereah, chief economist for the National Association of Realtors) said. Check it out over at the Bubble Meter blog, or the Sonoma Housing Bubble blog, or the Housing Panic blog,...And be sure not to miss the blistering report (overview here; warning: both are PDFs; kudos to the Bubble Meter blog for these links) by the Office of Federal Housing Enterprise on Fannie Mae where it is said:
...an arrogant and unethical corporate culture where Fannie Mae employees manipulated accounting and earnings to trigger bonuses for senior executives from 1998 to 2004...Welcome to what may be the largest scandal in our life time; Enron's got nothing on Fannie Mae.
...a company whose prestigious image was phony...
The image of Fannie Mae as one of the lowest-risk and 'best in class' ’ institutions was a facade...
...an environment where the ends justified the means. Senior management manipulated accounting; reaped maximum, undeserved bonuses; and prevented the rest of the world from knowing...
1 comment:
thanks for the mention. :-)
David
Bubble Meter Blog
Post a Comment