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» The Ornery American Forum » General Comments » SEC charges ex-Fannie, Freddie CEOs with fraud

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Author Topic: SEC charges ex-Fannie, Freddie CEOs with fraud
philnotfil
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Great news, now let's go after the rest of them, Citigroup, Bank of America, Lehman Brothers, everyone who committed fraud needs to be on trial.

boston.com

quote:
The Securities and Exchange Commission has brought civil fraud charges against six former top executives at Fannie Mae and Freddie Mac, saying they misled the government and taxpayers about risky subprime mortgages the mortgage giants held during the housing bust.

Those charged include the agencies' two former CEOs, Fannie's Daniel Mudd and Freddie's Richard Syron. They are the highest-profile individuals to be charged in connection with the 2008 financial crisis.

quote:
"Fannie Mae and Freddie Mac executives told the world that their subprime exposure was substantially smaller than it really was," said Robert Khuzami, SEC's enforcement director. "These material misstatements occurred during a time of acute investor interest in financial institutions' exposure to subprime loans, and misled the market about the amount of risk."

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