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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: russwinter who started this subject11/18/2003 8:37:25 AM
From: russwinter   of 110194
 
The market seems to continue to trade as if these "slash and burn" financial institutions are untouchable, and will merely continue to get, "now you be good boys"?

Freddie Mac Regulators to Look Into Banks' Roles, WSJ Reports
Nov. 18 (Bloomberg) -- Federal regulators investigating accounting irregularities at Freddie Mac want to look into what role Morgan Stanley and Citigroup Inc. may have played, the Wall Street Journal reported on its Web site.

Investigators want to examine the actions of ``counterparties'' in transactions the mortgage financing company used to hide big gains and smooth out its earnings, the newspaper said, citing Corinne Russell, a spokeswoman for the Office of Federal Housing Enterprise Oversight.

Regulators are at least a month away from deciding whether actions by the securities firms endangered the safety and soundness of Freddie Mac, in which case Freddie Mac and Fannie Mae may be barred from doing business with the firms, the newspaper said.

Citigroup and Morgan Stanley declined to comment, the Journal reported. Freddie Mac is the second-largest source of mortgage financing in the U.S., after Fannie Mae.

Citigroup spokeswoman Leah Johnson and Morgan Stanley spokesman Raymond O'Rourke didn't immediately return calls to their offices and cell phone numbers by Bloomberg News Monday morning before business hours.

(Wall Street Journal 11-18 online
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