Fannie Mae was involved in a scandal in 2004 where the Securities and Exchange Commission (SEC) ruled that it overstated its earnings by $9 billion since 2001. CNN said, "It employs more high-powered lobbyists than just about any organization in Washington. It hires people for their political juice, including Duane Duncan, former chief of staff of Republican Congressman Richard Baker of Louisiana (a Fannie critic, as it happens) ..." In a review of Washington D.C.-based lobbyists The Hill wrote about Duane, "He has fended off threats to Fannie Mae before; this year will be the true test."
- Jeffrey H. Birnbaum and David A. Vise, "Fannie Mae Takes New Approach in Crisis ", Washington Post, September 27, 2004.
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