Fannie Mae executives treated to golf

Sri Lankan News.Net
Tuesday 4th November, 2008

Mortgage finance company Fannie Mae has admitted to spending more than $6,000 on a golf tour for executives, after it was bailed out by the government earlier this year.

The company-sponsored event was paid for by Fannie Mae and involved 20 golfers, including several company executives.

The golf excursion to Texas was arranged for late September.

Fannie Mae was placed under government control on September 7th.

Fannie Mae described the event as a mortgage industry customer meeting but later said it was possible the event could have been regarded as “excessive.”

A company spokesman has said Fannie Mae has ceased all similar activities and regrets not having done so for the Texas event.

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