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1. THE FREDDIE
MAC FRAUD:
UNCOVERING
THE
SCANDAL
Krishna

2.  Introduction
 Origins of the Scandal
 Uncovering the Scandal
 Impact of the Scandal
 Lessons Learned
 Conclusion
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3. INTRODUCTION
• Freddie Mac is a government-sponsored enterprise
that was created to expand the secondary mortgage
market in the United States. However, it has been
involved in one of the biggest financial scandals in
history known as the Freddie Mac Scam.
• The scandal involved fraudulent accounting practices
that were used to manipulate earnings reports and
deceive investors, leading to billions of dollars in
losses for shareholders.
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4. ORIGINS OF THE SCANDAL
• The origins of the Freddie Mac Scam can be traced
back to the late 1990s when the company's executives
began using aggressive accounting practices to meet
Wall Street's expectations for earnings growth.
• They used a technique called 'cookie jar' accounting,
which involved setting aside reserves during good
times and then releasing them during bad times to
boost earnings. This practice gave the appearance of
steady growth and stability, but it was unsustainable
and ultimately led to the collapse of the company.
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5. UNCOVERING THE SCANDAL
• The Freddie Mac Scam was uncovered in 2003 when
the company was forced to restate its earnings for the
previous three years. It was revealed that the company
had understated its earnings by $5 billion, and that
executives had received millions of dollars in bonuses
based on fraudulent earnings reports.
• The scandal led to the resignation of several top
executives, including the CEO and CFO, and the
company was fined $125 million by the SEC for its role
in the fraud.
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6. IMPACT OF THE SCANDAL
• The Freddie Mac Scam had far-reaching
consequences for the US housing market and the
economy as a whole. The collapse of the company led
to a loss of confidence in the mortgage industry, and
many investors suffered significant losses.
• The scandal also highlighted the need for stronger
regulations and oversight of government-sponsored
enterprises like Freddie Mac, and led to reforms aimed
at preventing similar fraud from occurring in the future.
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7. LESSONS LEARNED
• The Freddie Mac Scam serves as a cautionary tale
about the dangers of greed and unethical behavior in
corporate America. It highlights the importance of
transparency, accountability, and strong regulatory
oversight to prevent fraud and protect investors.
• It also underscores the need for individuals and
organizations to prioritize ethical decision-making and
to consider the long-term consequences of their
actions, rather than focusing solely on short-term
gains.
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8. CONCLUSION
• The Freddie Mac Scam was a devastating blow to the US
economy and a wake-up call for the financial industry. It
exposed the flaws in the system and the need for greater
transparency and accountability in corporate America.
• While the scandal was a dark chapter in the history of Freddie
Mac, it also provided an opportunity for reform and
improvement, and serves as a reminder of the importance of
ethical leadership and responsible business practices.
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