Fannie Mae, Down 11%
From the WSJ,
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Investigators combing through Fannie Mae's finances have found new accounting violations, including evidence that the company may have overvalued assets, underreported credit losses and misused tax credits, according to people close to or previously involved in the inquiries.Fannie Mae[...]
the people indicated that the alleged new accounting violations were designed to embellish the company's earnings and are in addition to the violations that the company and its regulator have already disclosed.
[...]
News that investigators may have found new accounting irregularities triggered a selloff in Fannie Mae stock, which dropped 11%, the largest percentage decline since the stock-market crash of 1987. The stock was off $4.99 to $41.71
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Posted by movermike on
Wednesday September 28, 2005 at 5:40pm
