Yesterday Fannie Mae released the report of its internal investigation of the company’s accounting, corporate governance and internal controls. The investigation on behalf of Fannie Mae’s board was conducted by a team of Paul, Weiss lawyers led by of counsel and former U.S. Senator Warren Rudman.
Today’s Washington Post reported that the inquiry found that “Fannie Mae senior managers manipulated accounting in 1998 to trigger millions of dollars in bonuses, part of a pattern that for years misled investors by masking the volatile nature of the mortgage finance company’s business.”
The Washington Post also notes that the firm’s findings were based on more than 240 interviews with current and former Fannie Mae employees and on a review of more than four million documents. The Paul, Weiss report was turned over on Wednesday to Fannie Mae’s board and to federal government officials, who are still investigating the company. The New York Times, The Wall Street Journal and other major newspapers also have published reports on the investigation in today’s editions.
The Paul, Weiss team included of counsel Warren Rudman; partners Dan Kramer, Alex Young K Oh and Robert Parker; counsel Erika Birg and Richard Elliott; associates David Berman, Douglas Burns, Sarah Epstein, Aaron Futch, Brett Kitt, Adav Noti and Eryn Starun; staff attorneys Jeff Campagna, Diane Charles, David Cohen, Peter Cohoon, Lisa Gluckman, Kurt Jerome, Mark Laramie, Nada Maloof, Ella Matthews, James McDonald, Andrew Meier, Kayo Naruse, Derek Nicoletto, Joshua Schnell, Valencia Smith and Amanda Wilson; and paralegals Laverne Bender, Tameca Brooks, Urmika Chatterjee, Lyndsey Estin, Richards Johnson, Courtney Lenhart, Adam Lippman, Erica Stadler and Natasha Waglow.
