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Freddie Mac settles the court
Freddie Mac will shell out $50 million to settle federal charges. An accounting scandal erupted at the government-sponsored mortgage finance company in 2003. That's when it was disclosed Freddie had misstated earnings by some $5 billion for the years 2000-to-2002 to smooth over some volatility and meet Wall Street expectations. The company's top brass was ousted when that happened but Freddie Mac still neither admits or denies wrongdoing. It does, however, agree to refrain from future violations of securities laws.
Posted on September 28, 2007 4:49 AM PT | Permalink
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