FC NOW: The Fast Company Weblog
December 22, 2004
See Ya, Franklin!
Back in July, our "CEO See-ya" column called for the ouster of Fannie Mae CEO Franklin Raines, citing his company's consistently poor financial performance and an investigation of its questionable accounting practices.
At the time Fannie Mae challenged our position, defending Raines and countering that the company's financials actually were quite strong. It said nothing about the accounting.
We're happy to report that Fannie Mae's board, with considerable assistance from the Office of Federal Housing Enterprise Oversight (pesky accounting!), has come around to our thinking.
Posted by Keith Hammonds at December 22, 2004 1:58 PM | Category: news + current events |
1 Comment
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How about a SeeYa for KPMG. The Big 4 accounting profession continues to shoot itself in the foot post Sarbannes/Oxley. Soon there will be a big 3. Then a big 2 then lots of CPA auditing firms competing in a true free enterprise system (no monopolies) where the loss of a client really means something.