WHY isn't TV news giving the Fannie Mae scandals the same level of coverage that it gave to Enron?Read more from The New York Post.
Fannie Mae, the government-sponsored mortgage association, has been battling a mounting scandal since last year. It has accounting errors of about $11 billion. That's more than 19 times larger than Enron's $567 million error. Fannie faces a Justice Department inquiry, an SEC investigation and an Office of Federal Housing Enterprise complaint.
The mess has caused the departure of CEO Franklin Raines and several other top executives. And Fannie Mae stock has dropped roughly 30 percent, from nearly $80 a share to around $55. That's an added loss of more than $20 billion.
All of this is news — $30 billion worth of news — but the only journalists out there covering it on a regular basis are print reporters. TV news is out to lunch...
Thank you to Walter Yannis and Original Dissent.
1 comment:
Shameful.
Thank you for the heads up on that, larswife. It is going to get much worse before it gets better.
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