Sec'y of the Treasury caught in a big no-no

"Oops. A red-faced Treasury Secretary John Snow, who has been going around the country preaching the importance of financial literacy, can now point to himself as a glaring example of what not to do.

It turns out his investment adviser made a $10.87 million mistake. Snow didn't catch it because he didn't bother to read his financial statements for more than a year.

Snow had told the adviser to invest the money in U.S. Treasury securities. Instead, the adviser used the money to buy bonds held by the biggest players in the mortgage market: Fannie Mae (FNM), Freddie Mac (FRE) and the Federal Home Loan Banks.

These government-sponsored enterprises just happen to be the targets of an intense administration campaign led by Snow to bring them under tighter government regulation."

http://apnews1.iwon.com/article/20040527/D82QQF180.html

Ba dum bump. Psh. :D

This is the most qualified person in the country to control the nation's finances? :crazy:

always, always, ALWAYS read your statements. Uncle Sam said they didn't receive the last student loan repayment, so I whipped out my bank statement and they said,"oops, our bad, you're right".

Looks like Snow just got taken for a snowjob :evilgrin:

:eyes: