More Scandal at Fannie Mae? Shares Plunge over 10%

On a day when House Majority Leader Tom Delay is indicted,an even bigger scandal with much bigger implications could be brewing. Reuters is reporting:

Shares in Fannie Mae plunged on Wednesday after a report saying regulators found new accounting violations at the mortgage finance enterprise, which is already under scrutiny for bookkeeping distortions.

Fannie has lost over 10% today.Shares haven't traded this low since July of 1997. Housing prices have made all time highs the last 5 years,but you'll notice Fannie hast lost more than half its' value from the intra-day all time high.Here's a classic example of bad news followed by more bad news.Fannie will be facing lawsuits from powerful pension funds like the state of Ohio.So,the question arises where were all the anti-trust people when Fannie has such of huge percentage of the mortgage market??? Another question,will the New York Times ever consider this a much bigger scandal than Enron?? Enron obviously didn't have the politicians under their thumb like Fannie Mae.