Fannie Mae-No Politics (FNMA)

[Wise Man]

Timothy Howard was accused of stealing money from the shareholders when he was fnma cfo, in a 248-page report by OFHEO, the predecesor of the FHFA:https://t.co/C2fk7Ba9yQ?amp=1
As a summary, these were the main allegations :
-Creation of illusion in the EPS reports.
-Manipulating accounting to hit EPS target bonus.
-They promoted an image of FNMA as a "best in class" financial institution.
-Lack of controls

Howard gathered too much power without controls and surrounded by unprofessional staff.

FNMA had to restate 4 years of earnings reports and pay a $400mll penalty.

He is a career conman.