The (supposedly final) report on the wrongdoing of Fannie Mae (FNM) management has been released.

“‘The image of Fannie Mae as one of the lowest-risk and ‘best in class’ institutions was a facade,’ James Lockhart, the acting director of OFHEO, said. ‘Our examination found an environment where the ends justified the means. Senior management manipulated accounting, reaped maximum, undeserved bonuses, and prevented the rest of the world from knowing.’”

The FNM offenders are members of the political elite. That’s how they got the jobs in the first place. As such, they are immune from prosecution for all practical purposes. They may receive a slap on the wrist and have to return a small portion of their bonuses, but, mark my words, they won’t go to jail. Although they should.