Is there anyone who can make a case that the video embedded below does not constitute a smoking gun in the case of the current credit market meltdown? Here we have calls for increase oversight on a quasi-government organization that was already known to have cooked the books.
A New York Times story on June 23, 2003 titled, "Fannie Mae's Accounting Finds Critics Of Its Own," states that, "Regulators, lawmakers and investors have battered Freddie Mac, the country's second-largest mortgage financier, since it fired its president two weeks ago, after the company said he failed to cooperate with an internal inquiry into its accounting."
The hearing shown below took place in 2004.
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