Just desserts

Breaking News from the Associated Press:  "The government on Monday filed civil charges
against former Fannie Mae chief Franklin Raines and the mortgage
giant's former finance chief and controller, seeking fines and the
return of millions in bonus money said to be tied to an improper
accounting scheme.
   The Office of Federal Housing Enterprise Oversight announced
that it filed 101 charges against Raines, former chief financial
officer Timothy Howard and former controller Leanne Spencer.
   Raines and Howard were swept out of office two years ago in the
multibilllion-dollar accounting scandal at the government-sponsored
company, which finances one of every five home loans in the United

Our editors, meanwhile, have many provocative thoughts about private equity and some interesting moves by Iran.  Check back soon. 

The Daily Reckoning