senior executives who had been accused for manipulating the books for six years
to meet profit and bonus targets, have all agreed to pay $31.4m (£15.7m) to
settle the allegations of accounting fraud in 2004.
Franklin Raines, former head of Fannie Mae, who worked in the Clinton
administration and will pay the lion’s share of $24.7m, has denied any
wrongdoing, while Timothy Howard, ex-chief financial officer, has agreed to pay
$6.4m; and ex-controller Leanne Spencer, former controller, $275,000, BBC
The penalties are nowhere near the $215m sought by the Office of Federal
Housing Enterprise Oversight, the government regulator of the US mortgage
The multi-billion dollar accounting scandal at Fannie Mae, which finances or
guarantees one of every five home loans in the US, left Wall Street
shellshocked, resulting in restriction of its capital requirements until
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements