Buy custom The Fannie Scandal
Essay's paper info
| Topic: |
Business
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| Number of pages / Number of words: |
3 / 593 |
Essay's paper body
Senator of New Hamsphire Warren Rudman pointed to J. Timothy Howard as mainly being responsible for the accounting failures. In December 2004, CEO Franklin Raines and CFO Timothy Howard were forced to resign. The company also dismissed its auditor, KPMG.
Conclusion
Fannie Mae was forced to pay out $400 million dollars in a civil penalty for the choices they made in writing the books in their favor...
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The information in the article has really helped me to understand that if an individual puts their fate in the hands of a company without taking any action themselves, they may be in for a fall of finances. They may not be getting the best accounting of what's in their best interest but instead it may be "what's good with the company...
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General points of the essay
To Howard, Or Not To Howard, That Is The Question
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