Month: May 2006

Bad Culture at the Top Equals Accounting Fraud at Fannie Mae

Fannie Mae reached a settlement in its $11billion accounting scandal with the Securities and Exchange Commission and the Office of Federal Housing Enterprise Oversight (“OFHEO”).  Under the terms of the settlements the company agreed to pay a total civil penalty

$15 million penalty imposed resulting from failure to produce e-mails

In the most recent case imposing sanctions for failing to produce e-mail,  Morgan Stanley agreed to the entry of a consent decree which imposed a $15 million fine on the firm for failing to produce responsive e-mails in the SEC’s

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