Roger Barnes v. Fannie Mae
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Roger Barnes v. Fannie Mae case
Debra Katz, representing Roger Barnes, a former Fannie Mae accountant and whistlebower, sent a detailed letter to former Senator Warren Rudman demonstrating that the report commissioned by Fannie Mae, known as the Rudman Report, painted a false picture of the events that led to the investigation of accounting failures at the nation's second largest financial institution. -
Fannie Mae whistle-blower feels vindicated by SEC decision
Roger Barnes, a former Fannie Mae accounting manager, leaped onto the national stage when he accused the mortgage-finance giant of cooking its books and of retaliating against him for complaining about it. Bolstered by his allegations, the agency that regulates Fannie Mae concluded that Fannie manipulated its earnings through "cookie jar" accounting. The Securities and Exchange Commission said Fannie had indeed violated accounting rules and must restate earnings. Fannie says it will comply with the SEC's request. -
Accountant Says Fannie Mae Pressured Him
According to Roger L. Barnes, Fannie Mae, the giant mortgage finance company where he worked as an accountant for more than a decade, used "threats, intimidation and reprisal" against him and others who raised concerns about the company's accounting. -
Growth of Financial Manager's Power 'Undermined' Checks and Balances
The controller's office under Spencer was hit hard by Rudman's report. The 230-employee division was the main compiler of financial data at the company, key to the accuracy of financial reports both internal and to investors. Yet Rudman found it was woefully understaffed and had a paucity of qualified staff. It also had inadequate systems to do its work. Both of these assertions were central to allegations made by a former comptroller's office employee, Roger L. Barnes, who first raised questions about Fannie's accounting policies in 2003 and is considered a whistle blower by the Office of Federal Housing Enterprise Oversight, the government agency that oversees Fannie Mae and Freddie Mac. Barnes quit in 2003 and threatened to sue Fannie for racial discrimination; he and Fannie Mae reached a settlement.