Fannie May and Amtrak,,Simaler Corp. stucture owned by the Fedaral goverment?

Trains Magazine General Discussion
1

Regulators May Oust Fannie Mae Management

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By MARCY GORDON, AP Business Writer

WASHINGTON - Federal regulators have raised the possibility of removing the management of mortgage giant Fannie Mae after finding accounting problems they described Thursday as more serious than those that brought the ouster of top executives at rival Freddie Mac.

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The findings by the Office of Federal Housing Enterprise Oversight warrant “immediate remedial action,” the agency’s director said in a letter to the Fannie Mae directors that was released Thursday.

In addition, “we must consider the accountability of management and whether we have sufficient confidence in management to fully implement these corrective measures and bring about broad cultural and operational changes,” Armando Falcon wrote in the letter dated Monday. “The analysis and findings of this report make it difficult to assert such confidence.”

The Securities and Exchange Commission (news - web sites) also is investigating the accounting of government-sponsored Fannie Mae, the second-largest U.S. financial institution behind Citigroup Inc.

The OFHEO regulators’ report, made public Wednesday following an eight-month-old investigation, found pervasive accounting problems the agency says cast doubt on the company’s past earnings reports and even its financial soundness.

Management at Fannie Mae “deliberately developed and adopted” inappropriate accounting policies, supported widespread violations of generally accepted acc

2

So Fannie may and freddie mac and sallie may would be crown corperations in Canada?

3

I don’t think so. However I think the federal government might send them to oblivion with major fines and criminal prosecution.

4

Somebody explain to me what the precise point of this set of posts is supposed to be?

Amtrak’s problem isn’t fraud, and CERTAINLY isn’t salting away more money than they said they earned. And the last time I looked, SEC had no quarrel with Amtrak’s financial structure, and what the “Office of Federal Housing Enterprise Oversight” might have to do with them is unclear at best; what agency or group would you consider to be in a comparable position for passenger rail?

The entities aren’t even remotely in the same line of business, either, but that probably doesn’t bother the previous posters in this thread.

5

Actually Amtrak might have more in common with the Federal Reserve Bank, as they are both quasi-governmental entities. But Amtrak is a unique animal.

6

I’m reminded of an old Canadian Tire commercial slogan that describes the difference between Amtrak and the Federal Reserve Bank.

“Spend like Santa, Save like Scrooge”.