Flashback 2004:OHIO IS SUING FANNIE MAE FOR SECURITIES FRAUD

NY Slimes ^ | Published: November 20, 2004

[11th_VA]

Fannie Mae, the home mortgage company, was sued yesterday for securities fraud by the attorney general of Ohio, who accused the company of manipulating its earnings to inflate artificially the price of its common stock. The suit was filed on behalf of the Ohio Public Employees Retirement System, the State Teachers Retirement System of Ohio and the Ohio Bureau of Workers' Compensation, according to the attorney general, Jim Petro. Mr. Petro was seeking class-action status for the suit, which would enable him to proceed on behalf of investors who held Fannie Mae shares during the period of the suspected fraud. Franklin Raines, the chief executive of Fannie Mae; and its chief financial officer; and its controller were named as defendants in the suit,

[11th_VA]

This should make for a good TV spot in Ohio ...

[Nachum]

It would be interesting to see if Obama was connected to Fannie Mae at this time.

[WilliamofCarmichael]

The Congress and the Bush Administration do nothing about the corruption and fraud at Fannie Mae. It's the citizens who must act and are acting.

David T. Aronberg filed a lawsuit on [a client's] behalf in the U.S. District Court for the Southern District of Florida against Fannie Mae's board and former executives.

Those multi-million-dollar bonuses paid to the Rat Party (formerly the traditional, patriotic Democratic Party) hacks depended upon the stock price.

$0.74 Fannie Mae common stock on Friday.

$68.60 Fannie Mae stock at its peak in October.

$0.46 Freddie Mac common stock on Friday.

$65.88 Freddie Mac stock at its peak in October.

This year's bonus range for $0.01 to a quarter. I bet.