McLEAN, VA: Accounting woes have yanked Freddie Mac from the list that most every company would love to land on: the Fortune 500.
Last year, the mortgage giant ranked 32nd on the Fortune 500, with $39.7 billion in revenues. But then it admitted it fiddled with its books to make its earnings look less volatile, forcing it to restate earnings for three years.
Right now, the company has no official earnings for 2003. No earnings, no listing.
As of November, Freddie Mac had restated earnings through 2002. Michael Cosgrove, Freddie Mac's director of investment business communications, said that it hopes to release 2003's earnings by June 30 and then start tackling 2004.
Cosgrove said the company was informed several weeks ago that it would not be on the prestigious list this year. "We're disappointed, but we understood the rules. Our top priority is to get current in our reporting."
The case of the missing company was reported in Washington Business Journal.
Freddie Mac and sibling Fannie Mae hold $4 trillion in mortgages. Concerns about their size have led some in Congress to call for tighter oversight.