Tuesday, October 21, 2008

Ben Stein speaks up

Good stuff, Ben But you missed a spot Great article by one of my favorite money men over at Yahoo! Ben, I know that you did not intend for this to be all encompassing, however, it should be added that a major accelerator (making the problem much larger than almost anyone could sense) was the bonus calculation used at Fannie:
"The Office of Federal Housing Enterprise Oversight, Fannie Mae's regulator, has suggested that the accounting errors may have been willful, in part to increase Fannie Mae's earnings per share and thus increase the bonuses available to senior executives." By Terence O'Hara Washington Post Staff Writer Thursday, March 31, 2005; Page E04
So, let us not forgot greed when trying to understand exactly where the wheels came off. -ski P.S. You (nor your assistant) ever did return my last email...
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