Jonathan Weil: SEC Fannie, Freddie Lawsuit Fails To Hold Regulators Accountable

12/22/2011 09:14 am ET

Let’s boil down the Securities and Exchange Commission’s claims last week against six former Fannie Mae (FNMA) and Freddie Mac executives to their essence. Every disclosure that the SEC says amounted to fraud is something the government blessed or turned a blind eye to as it was happening.

So who is holding the regulators accountable for letting these alleged frauds go on? No one, naturally.

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