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Oh, and another thing (while I remember); I mentioned the "chatter" that is doing the subterranean rounds about likely abuse of accounting for subsidiaries by Fannie Mae.
Well, after I published this mnorning's USRant, I found a link on PrudentBear to the subscriber section of the Wall Street Journal (WSJ subsciption required to access the story), to the effect that the OHEO is going to investigate the accounting that Fannie uses to account for its Trusts.
I'm not a subscriber, so I haven't read the story - I never read financial journalism unless it's written by Gretchen Morgenstern of the NYT or Martin Hutchinson of UPI. (I read a lot of writing done by good analysts... definitely NOT the same thing as "journalism").
Still, it's the first "journalistic" radar-screen blip about Fannie Mae this week, so I will start looking at out-of-the-money call options over FNM tonight; there will be an e-mail if anything worthwhile is in the offing. When FNM bounces it will be a corker.
