Fannie Mae, the $53.8 billion home mortgage giant, recently told all of its 5,000 employees they cannot trade its stock until the embattled mortgage giant finally files its delayed and restated results.
“The company felt it was prudent to avoid the appearance of inappropriate activity,” confirms Janis Smith, a spokeswoman for the mortgage giant. She would not say how long the blackout will remain in effect, stressing that many Fannie Mae employees have access to material non-public information, or are working on something sensitive as the company prepares its financial filings.
