Fannie Whistleblower Won't Be Testifying

The whistleblower at Fannie Mae who has been instrumental in helping federal regulators pinpoint accounting irregularities at the company will not be testifying at a congressional hearing Oct. 6.Roger Barnes, who worked in the comptroller's office, is believed to be a key witness in a criminal investigation of Fannie's accounting practices and efforts to smooth out the company's earnings. He left the company in November 2003. Fannie Mae chairman and chief executive Franklin Raines and chief financial officer Tim Howard are scheduled to testify. Ann Korologos, the lead independent member of Fannie's board of directors, is also scheduled to testify. The House Financial Services Committee authorized the committee chairman to issue subpoenas if Fannie executives refused to testify.