Captain, you're probably right about Fannie's bonds. But, I think it's for the wrong reasons.
You seem to be making the point that everybody's pushing the accounting envelope (ala ENRON, WCOM, and now you suggest Welch's GE). So why not FNM? That logic is specious at best.
To take taxpayer01824's concerns a bit further--why should we taxpayers be involved, in the slightest, in guaranteeing anything for an organization that provides huge bonuses to the "culprits" as reward for creative accounting.