Freddie Mac Cornered - 2003-11-21
Mortgage giant Freddie Mac admitted Friday tweaking up 2001 earnings by nearly $1 billion, the first acknowledgment in its months-long accounting crisis that it overstated profits.
The company said it may not be able to complete its accounting for 2003 until next June, but that its overall earnings over a three-year period are being restated higher by $5 billion in a long-awaited adjustment.
Read the full story at CBS News