securities exchange

Financial Sector Update: March 17, 2011

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Financial shares are mixed as regulators eye several big sector names for possible manipulation of the LIBOR, which is used to set adjustable interest rates on a wide variety of loans. In mid-day news, the Securities and Exchange

By FNNO Staff
fnnonline@gmail.com

Freddie Mac's Former Chief Exec Richard F. Syron May Face Civil Action

Syron received a so-called Wells notice from the SEC. He is the most recent executive in the government's examination of the two government-controlled companies.

The SEC is looking into how Freddie and Fannie publicly disclosed their exposure to risky loans and whether those depictions were inaccurate.

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Freddie Mac's former chief executive Richard F. Syron may face a civil action as the government ramps up an investigation of disclosure practices at the company and Fannie Mae, according to people familiar with the matter.

By Christie Duffy
cduffy@fnno.com

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