The secret diary of David Glenn
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Opinion

The secret diary of David Glenn

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Never mind who dies in the new Harry Potter book - the literary subject inspiring the most avid speculation is what was in David Glenn's diary.

The board of Freddie Mac requested the diary of Glenn, ex-president of the mortgage company, as part of an internal investigation into accounting irregularities at Freddie.

Glenn dragged his heels with the investigation, and eventually handed in a diary out of which several pages had been ripped. Presumably it was quite easy to spot - "Monday, Tuesday, Friday, Saturday" etc.

As a result the board fired him last month, forcing the resignation of the CEO and CFO too. Their dismissals knocked around $7 billion off Freddie's market capitalization, as investors worried that another Enron-style meltdown was on the way.

That danger appears to have passed, but one question remains weirdly unanswered by Freddie Mac: what was in the diary that was so terrible that Glenn had to sacrifice his job and Freddie's share price to conceal it?

Freddie, like JK Rowling, doesn't want to give the plot away. Freddie officials say they are completely ignorant of what was in the diary.

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