Scandal Raines Down on Fannie Mae
by: Leslie K. Paige

The unfolding accounting scandal at Fannie Mae has now led to the exodus of two high level executives, Chief Financial Officer Timothy Howard and Chairman and Chief Executive Officer Frank Raines, as well as the dismissal of the company's accounting firm, KPMG. The company violated accounting standards, manipulated earnings to project a smooth image to Wall Street, and engaged in ???cookie jar??? accounting to trigger huge bonuses for company executives.

Microsoft Gets Euro-Trashed
by: Tom Finnigan

Last month a European court handed down a senseless decision that will have far-reaching, damaging consequences for prices and innovation in Europe and the U.S. Microsoft must comply with expensive antitrust penalties even though the original ruling against the company may be overturned. In addition to damaging Microsoft, the ruling hurts small software developers, discourages innovation worldwide, and does nothing to benefit consumers or taxpayers.