Fannie Mae leader cites damage from Freddie Mac turmoil
Fannie Mae chairman Franklin Raines says his firm has suffered collateral damage from Freddie Mac accounting failures and leadership shakeups. He blames market uncertainty for higher mortgage rates while Freddie Mac defends its actions and faces federal probes.
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Poindexter to resign over futures market flap
Retired Adm. John Poindexter will resign from his Pentagon post after a DARPA project to create an Internet futures market on Middle East events drew sharp congressional criticism. The plan could have let traders bet on assassinations and terrorist strikes, prompting Senate calls for his departure amid privacy concerns linked to DARPA programs. Poindexter, once Reagan’s national security adviser and a central figure in Iran Contra, faced mounting pressure as lawmakers condemned the idea.
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