They seems to be less then perfect honest or just perfect honest mistake when the history is scutinized.
US authorities are investigating Fannie Mae, Freddie Mac, Lehman Brothers Holdings Inc and American International Group Inc as part of a probe into the collapse of the sub-prime-mortgage market, a senior law-enforcement official said.
Fannie and Freddie, as well as AIG, already restated their books earlier this decade and corrected billions of dollars in accounting errors.
Fannie Mae paid a record US$400 million fine to the SEC and its regulator in 2006 to settle charges that executives fraudulently used 'cookie jar' reserves and other accounting gimmicks to hide US$10.3 billion in losses from 2002 through 2004 and maximise bonuses.
Freddie paid US$125 million in fines in 2003 and restated earnings from 2000 through 2002 after it replaced long-time auditor Arthur Andersen and discovered errors related to derivatives. Regulators accused the company of manipulating its accounting to push of some US$5 billion in earnings to future quarters.
Freddie ousted chief executive Leland Brendsel in June 2003 and Fannie's Franklin Raines left in December 2004.
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