Fannie Mae escapes criminal charges

The US Justice Department yesterday ended its two-year long investigation into $10.8bn (€8.4bn) dollar accounting irregularities of Fannie Mae, the giant US mortgage company.

The closing of the criminal investigation into Fannie Mae ends one of the most high-profile probes in US corporate history. Investigations began in 2004 on evidence that the company had manipulated earnings, partly in an effort to increase senior management bonuses.

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The Worst Performer in Billionaires’ Portfolios? Trophy Art.